<SEC-DOCUMENT>0001133228-25-011469.txt : 20251030
<SEC-HEADER>0001133228-25-011469.hdr.sgml : 20251030
<ACCEPTANCE-DATETIME>20251030070407
ACCESSION NUMBER:		0001133228-25-011469
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250831
FILED AS OF DATE:		20251030
DATE AS OF CHANGE:		20251030
EFFECTIVENESS DATE:		20251030

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04985
		FILM NUMBER:		251432157

	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-CSR
<SEQUENCE>1
<FILENAME>temf-efp18155_ncsr.htm
<DESCRIPTION>TEMPLETON EMERGING MARKETS FUND - N-CSR
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 10pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">Registrant&rsquo;s telephone number,
including area code: (<B>954) 527-7500</B>&#9;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">Date of reporting period: <B>August
31, 2025</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 10pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">ITEM 1.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">REPORT TO STOCKHOLDERS.</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">(a) The Report to Shareholders is filed herewith</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">&nbsp;</P>

<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="background-color:transparent;height:328.60px;left:0px;position:absolute;top:0px;transform:translate(71.859px,125.500px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:389.80px">

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAfIAAAA8CAYAAACdBDigAAAACXBIWXMAABcRAAAXEQHKJvM/AAABJUlEQVR4Xu3YsQ0DMQwEQb3xhblnF+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:-0.4px;white-space:nowrap">Annual
</div>

<div style="color:#004a98;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:1022.77px;white-space:nowrap">Report</div></div>
</div>

<div style="height:248.39px;left:0px;position:absolute;top:0px;transform:translate(100.319px,139.611px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:334.92px">

<div style="width:6698.4px;height:4676.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,13.57px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size: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">August
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:746.04px;white-space:nowrap">31,
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:1113px;white-space:nowrap">2025</div></div>
</div>

<div style="background-color:transparent;height:8.64px;left:0px;position:absolute;top:0px;transform:translate(46.440px,453.780px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:25.92px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGwAAAAkCAYAAABsbd/MAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAcklEQVRoQ+3RsQ3AIADAMOiJfMXV9ARWItlztsyx9hlkfLeAtxgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1jMD4v4AiLwIZE6AAAAAElFTkSuQmCC);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:25.92px;left:0px;position:absolute;top:0px;transform:translate(63.719px,453.780px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.64px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAABsCAYAAAACCxCZAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgklEQVRoQ+3OMRHAIADAQKhEXKGaSviNY8jPGTLH2mc85FNwW0PSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD8gNRHgKyHhR7QgAAAABJRU5ErkJggg==);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:33.12px;left:0px;position:absolute;top:0px;transform:translate(100.319px,393.660px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:154.80px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
</div>

<div style="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>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(395.920px,738.015px) 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="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(480.640px,738.015px) 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:223.54px;left:0px;position:absolute;top:0px;transform:translate(72.359px,491.881px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:449.28px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
</div>

<div style="height:223.54px;left:0px;position:absolute;top:0px;transform:translate(72.359px,491.881px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:449.64px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
</div> </div></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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:466.47px;left:0px;position:absolute;top:0px;transform:translate(36.000px,265.331px) 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>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:626.64px;left:3871.85px;white-space:nowrap">Subchapter
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1514.64px;left:5148.72px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:1080.35px;white-space:nowrap">long-term
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:1890.62px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:2460.94px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:2941.26px;white-space:nowrap">and/or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:4272.71px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:4572.95px;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:3938.64px;left:5159.97px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:6080.36px;white-space:nowrap">performance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:7140.85px;white-space:nowrap">from
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:7550.86px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:7851.09px;white-space:nowrap">amount
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:8501.48px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:8701.61px;white-space:nowrap">this
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:9031.73px;white-space:nowrap">distribution
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3938.64px;left:9952.21px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:410.01px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:710.24px;white-space:nowrap">terms
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:1210.25px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:1410.38px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:1710.62px;white-space:nowrap">Plan.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:2167.65px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:2527.82px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:2988.11px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:3288.08px;white-space:nowrap">send
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:3728.41px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:3878.53px;white-space:nowrap">Form
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:4348.48px;white-space:nowrap">1099-DIV
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:5158.92px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:5359.04px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:6449.68px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:6709.75px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:7009.98px;white-space:nowrap">calendar
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:7750.46px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:8150.63px;white-space:nowrap">that
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:8500.87px;white-space:nowrap">will
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:8800.84px;white-space:nowrap">describe
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:9531.21px;white-space:nowrap">how
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4154.64px;left:9911.43px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:0px;white-space:nowrap">report
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:520.22px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:820.46px;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:4370.64px;left:1407.48px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:2417.96px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:2678.03px;white-space:nowrap">federal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:3278.41px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:3908.67px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:4198.8px;white-space:nowrap">purposes.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:0px;white-space:nowrap">Please
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:600.38px;white-space:nowrap">see
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;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:4826.64px;left:1240.84px;white-space:nowrap">&quot;Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:2115.09px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:3065.54px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:3265.66px;white-space:nowrap">Shareholders&quot;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:4450.25px;white-space:nowrap">section
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:5070.59px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4826.64px;left:5330.65px;white-space:nowrap">additional
</div>

<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>
</div> </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:5369.08px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-variant:small-caps;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">1</div></div>
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</div>

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<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:675.41px;left:0px;position:absolute;top:0px;transform:translate(54.000px,29.392px) 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: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">6</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">9</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:4659.79px;white-space:nowrap">14</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">17</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:590.27px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:790.4px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:1841.4px;white-space:nowrap">Registered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:0px;white-space:nowrap">Public
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:530.33px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:1470.94px;white-space:nowrap">Firm</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:4659.79px;white-space:nowrap">26</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:0px;letter-spacing:-4.99px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:330.12px;white-space:nowrap">Information</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:4659.79px;white-space:nowrap">27</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:810.35px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:1760.8px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:1960.93px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:4659.79px;white-space:nowrap">28</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:610.49px;white-space:nowrap">Meeting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:1300.87px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:1501px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:4659.79px;white-space:nowrap">36</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:0px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:750.41px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:1900.9px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:2251.23px;white-space:nowrap">Cash
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:3531.88px;white-space:nowrap">Plan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:4659.79px;white-space:nowrap">37</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:0px;white-space:nowrap">Board
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:530.33px;white-space:nowrap">Members
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:1330.49px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:4659.79px;white-space:nowrap">39</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:1030.69px;white-space:nowrap">Information</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:4659.79px;white-space:nowrap">44</div></div>
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<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
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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8259.85px;left:6100.49px;white-space:nowrap">supply
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8259.85px;left:6670.81px;white-space:nowrap">chain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8259.85px;left:7151.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8259.85px;left:7501.46px;white-space:nowrap">customers.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:8836.11px;left:5220px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:8836.11px;left:6780.63px;white-space:nowrap">Overview</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:5220px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:5580.18px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:6040.46px;white-space:nowrap">posted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:6630.91px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:7541.28px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:7931.51px;white-space:nowrap">returns
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:8541.74px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:8741.87px;white-space:nowrap">+28.30%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9211.45px;left:9507.48px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:5220px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:5470.22px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:6070.34px;white-space:nowrap">price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:6510.5px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:6860.83px;white-space:nowrap">+24.27%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:7626.45px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:8166.88px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:8417.11px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:8717.34px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9461.45px;left:9197.58px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:5220px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:5480.07px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:5780.3px;white-space:nowrap">12
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:6030.53px;white-space:nowrap">months
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:6670.81px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:7181.19px;letter-spacing:-1.24px;white-space:nowrap">review.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:7788.16px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9711.45px;left:8148.34px;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:9711.45px;left:8735.36px;white-space:nowrap">benchmark,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:5220px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:5520.23px;white-space:nowrap">MSCI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:6020.24px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:6840.62px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:7530.73px;white-space:nowrap">(EM)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:7970.63px;white-space:nowrap">Index-NR,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:8830.9px;white-space:nowrap">designed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9961.45px;left:9611.54px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:5220px;white-space:nowrap">measure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:5970.32px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:6270.56px;white-space:nowrap">equity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:6800.89px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:7401.01px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:8461.49px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:8661.62px;white-space:nowrap">global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10211.45px;left:9192.04px;white-space:nowrap">emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:5220px;white-space:nowrap">markets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:5960.13px;white-space:nowrap">posted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:6550.58px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:6700.69px;white-space:nowrap">+16.80%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:7466.31px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:8376.68px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:8766.91px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10461.45px;left:9287.14px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:5220px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:5520.23px;white-space:nowrap">same
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:6010.4px;white-space:nowrap">period.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;position:absolute;top:10715.06px;left:6560.77px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:6665.89px;letter-spacing:-4.13px;white-space:nowrap">You
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:7019.65px;white-space:nowrap">can
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:7359.88px;text-rendering:optimizeLegibility;white-space:nowrap">find
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:7700.1px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10711.45px;left:8000.34px;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:10711.45px;left:8587.36px;white-space:nowrap">long-term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:5220px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:6280.49px;white-space:nowrap">data
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:6680.83px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:6870.94px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:7171.17px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:8251.61px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:9071.72px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:9321.94px;white-space:nowrap">page
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:9772.38px;white-space:nowrap">6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10961.45px;left:9872.49px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:5956.44px;white-space:nowrap">March
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:6506.54px;white-space:nowrap">1,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:6706.67px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:7207.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:7507.35px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:7967.64px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:8307.86px;white-space:nowrap">implemented
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11391.45px;left:9388.39px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:5220px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:6020.6px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:6941.07px;white-space:nowrap">plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:7331.4px;white-space:nowrap">whereby
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:8061.77px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:8362px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:8822.29px;white-space:nowrap">will
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:9122.26px;white-space:nowrap">distribute
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11641.45px;left:9902.64px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:5220px;white-space:nowrap">level
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:5640.21px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:6560.68px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:7211.07px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:7411.2px;white-space:nowrap">shareholders.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:8548.59px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:8908.77px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11891.45px;left:9369.05px;white-space:nowrap">intends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:5220px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:5420.13px;white-space:nowrap">make
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:5910.29px;white-space:nowrap">quarterly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:6660.62px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:7671.09px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:7871.22px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:8961.86px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:9161.98px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12141.45px;left:9462.22px;text-rendering:optimizeLegibility;white-space:nowrap">fixed
</div></div> </div>

<div style="height:63.90px;left:0px;position:absolute;top:0px;transform:translate(36.000px,668.912px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:1131.68px;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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3034.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3180.39px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3428.44px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3887.89px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4661.02px;white-space:nowrap">It
</div>

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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;font-weight:bold;position:absolute;top:784.99px;left:2960.47px;white-space:nowrap">amount,
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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>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:993.79px;left:532.34px;white-space:nowrap">begins
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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">10</div>

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<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
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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>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">3</div></div>
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<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>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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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 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>

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<div style="width:10080px;height:12960px;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">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:360.18px;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:560.3px;white-space:nowrap">$0.22
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1060.75px;white-space:nowrap">per
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1370.92px;white-space:nowrap">share.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1921.2px;white-space:nowrap">Management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3021.86px;white-space:nowrap">will
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3321.83px;white-space:nowrap">generally
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4102.29px;white-space:nowrap">distribute
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3871.85px;white-space:nowrap">Subchapter
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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">M </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2821.73px;white-space:nowrap">invested
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10375.78px;left:8618.55px;white-space:nowrap">performance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10875.78px;left:6900.47px;white-space:nowrap">Alibaba.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:6277.06px;white-space:nowrap">chips
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:6747.28px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:7057.44px;white-space:nowrap">used
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:7497.77px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:7687.88px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:7838px;white-space:nowrap">wide
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:8258.2px;white-space:nowrap">variety
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:8838.37px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11555.78px;left:9038.5px;white-space:nowrap">solutions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11805.78px;left:5220px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11805.78px;left:5980.52px;white-space:nowrap">personal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11805.78px;left:6721px;white-space:nowrap">computers,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11805.78px;left:7661.34px;white-space:nowrap">automotive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11805.78px;left:8591.84px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11805.78px;left:8942.17px;white-space:nowrap">industrial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12055.78px;left:5220px;white-space:nowrap">equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12055.78px;left:6160.61px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12055.78px;left:6510.94px;white-space:nowrap">phones.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12055.78px;left:7201.49px;white-space:nowrap">Strong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12055.78px;left:7781.84px;white-space:nowrap">monthly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12055.78px;left:8462.11px;white-space:nowrap">numbers,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12055.78px;left:9262.44px;white-space:nowrap">quarterly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:5220px;white-space:nowrap">results
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:5800.17px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:6150.5px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:6981.15px;white-space:nowrap">optimism
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:7751.25px;white-space:nowrap">about
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:8251.7px;white-space:nowrap">demand
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:8952.19px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12305.78px;left:9352.27px;white-space:nowrap">AI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6838.5px;left:0px;white-space:nowrap">Geographic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6838.5px;left:1108.55px;white-space:nowrap">Composition</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7036.39px;left:0px;white-space:nowrap">8/31/25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7324.87px;left:3927.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7324.87px;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:7324.87px;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:7516.87px;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:7516.87px;left:4155.23px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7858.81px;left:0px;white-space:nowrap">Asia</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7858.81px;left:4226.33px;white-space:nowrap">78.6%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.29px;left:0px;white-space:nowrap">Latin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.29px;left:382.58px;white-space:nowrap">America
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.29px;left:1013.83px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.29px;left:1165px;white-space:nowrap">Caribbean</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.29px;left:4226.33px;white-space:nowrap">12.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8379.78px;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:8379.78px;left:4315.31px;white-space:nowrap">3.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8640.26px;left:0px;white-space:nowrap">North
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8640.26px;left:426.88px;white-space:nowrap">America</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8640.26px;left:4315.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8900.75px;left:0px;white-space:nowrap">Europe</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8900.75px;left:4315.31px;white-space:nowrap">1.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9161.23px;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:9161.23px;left:835.7px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9161.23px;left:1742.73px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9161.23px;left:1893.91px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9161.23px;left:2338.52px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9161.23px;left:2623.13px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9161.23px;left:4315.31px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:17.46px;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:17.46px;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:17.46px;left:5870.99px;white-space:nowrap">Countries*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:215.34px;left:5220px;white-space:nowrap">8/31/25</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:695.83px;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:503.83px;left:9363.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:503.83px;left:9550.22px;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: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:695.83px;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:695.83px;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:940.92px;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:940.92px;left:10104.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1018.87px;left:5220px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1018.87px;left:9662.33px;white-space:nowrap">24.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1290.35px;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:1290.35px;left:9662.33px;white-space:nowrap">20.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1561.84px;left:5220px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1561.84px;left:5682.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1561.84px;left:9662.33px;white-space:nowrap">17.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1833.32px;left:5220px;white-space:nowrap">India</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1833.32px;left:9662.33px;white-space:nowrap">10.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2104.81px;left:5220px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2104.81px;left:9751.31px;white-space:nowrap">8.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2376.29px;left:5220px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2376.29px;left:9751.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2647.78px;left:5220px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2647.78px;left:5726.95px;white-space:nowrap">States</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2647.78px;left:9751.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2919.26px;left:5220px;white-space:nowrap">Thailand</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2919.26px;left:9751.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3190.75px;left:5220px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3190.75px;left:5673.75px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3190.75px;left:9751.31px;white-space:nowrap">2.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3462.23px;left:5220px;white-space:nowrap">Hong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3462.23px;left:5646.95px;white-space:nowrap">Kong</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3462.23px;left:9751.31px;white-space:nowrap">1.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3820.51px;left:5220px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3816.29px;left:5249.74px;white-space:nowrap">Does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3816.29px;left:5592.48px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3816.29px;left:5811.38px;white-space:nowrap">include
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3816.29px;left:6263.65px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3816.29px;left:6577.32px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3816.29px;left:6832.71px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3816.29px;left:7146.38px;white-space:nowrap">equivalents.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4173.09px;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:4173.09px;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:4173.09px;left:5870.99px;white-space:nowrap">Holdings</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4370.98px;left:5220px;white-space:nowrap">8/31/25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4659.46px;left:5220px;white-space:nowrap">Company</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4851.46px;left:5220px;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:4851.46px;left:5851.17px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:4851.46px;left:5940.08px;white-space:nowrap">Country</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4659.46px;left:9363.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4659.46px;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:4659.46px;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:4851.46px;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:4851.46px;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:5096.56px;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:5096.56px;left:10093.75px;white-space:nowrap">aa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5177.51px;left:5220px;letter-spacing:-2.53px;white-space:nowrap">Taiwan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5177.51px;left:5762.5px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5177.51px;left:6874.14px;white-space:nowrap">Manufacturing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5177.51px;left:7932.5px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5177.51px;left:8225.94px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5177.51px;left:9662.33px;white-space:nowrap">13.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5335.99px;left:5220px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5335.99px;left:6411.64px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5335.99px;left:6562.81px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5335.99px;left:7674.45px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5527.99px;left:5364px;letter-spacing:-2.45px;white-space:nowrap">Taiwan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5744.48px;left:5220px;white-space:nowrap">Prosus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5744.48px;left:5762.42px;white-space:nowrap">NV</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5744.48px;left:9751.31px;white-space:nowrap">5.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5902.96px;left:5220px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5902.96px;left:5940.47px;white-space:nowrap">Retail,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5902.96px;left:6438.44px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6119.45px;left:5220px;white-space:nowrap">SK
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6119.45px;left:5477.89px;white-space:nowrap">Hynix,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6119.45px;left:5966.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6119.45px;left:9751.31px;white-space:nowrap">4.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6277.93px;left:5220px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6277.93px;left:6411.64px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6277.93px;left:6562.81px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6277.93px;left:7674.45px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6469.93px;left:5364px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6469.93px;left:5826.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6686.42px;left:5220px;white-space:nowrap">ICICI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6686.42px;left:5628.91px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6686.42px;left:6038.05px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6686.42px;left:9751.31px;white-space:nowrap">3.8%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6844.9px;left:5220px;white-space:nowrap">Banks,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6844.9px;left:5753.59px;white-space:nowrap">India</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7061.38px;left:5220px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7061.38px;left:5940.39px;white-space:nowrap">Electronics
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7061.38px;left:6767.34px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7061.38px;left:7060.78px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7061.38px;left:9751.31px;white-space:nowrap">3.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7219.87px;left:5220px;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:7219.87px;left:6076.95px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7219.87px;left:6859.45px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7219.87px;left:7464.3px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7219.87px;left:7615.47px;white-space:nowrap">Peripherals,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7411.87px;left:5364px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7411.87px;left:5826.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7628.35px;left:5220px;letter-spacing:-2.22px;white-space:nowrap">Tencent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7628.35px;left:5824.84px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7628.35px;left:6491.88px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7628.35px;left:9751.31px;white-space:nowrap">3.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7786.84px;left:5220px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7786.84px;left:6002.58px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7786.84px;left:6482.81px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7786.84px;left:6633.98px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:7786.84px;left:7336.41px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8003.32px;left:5220px;white-space:nowrap">Alibaba
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8003.32px;left:5798.2px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8003.32px;left:6287.34px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8003.32px;left:6874.38px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8003.32px;left:9751.31px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8161.81px;left:5220px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8161.81px;left:5940.47px;white-space:nowrap">Retail,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8161.81px;left:6438.44px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8378.29px;left:5220px;letter-spacing:-1.77px;white-space:nowrap">MediaTek,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8378.29px;left:5993.67px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8378.29px;left:9751.31px;white-space:nowrap">2.6%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8536.77px;left:5220px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8536.77px;left:6411.64px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8536.77px;left:6562.81px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8536.77px;left:7674.45px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:8728.77px;left:5364px;letter-spacing:-2.45px;white-space:nowrap">Taiwan</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8945.26px;left:5220px;white-space:nowrap">Grupo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8945.26px;left:5709.14px;white-space:nowrap">Financiero
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8945.26px;left:6500.63px;white-space:nowrap">Banorte
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8945.26px;left:7105.47px;white-space:nowrap">SAB
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8945.26px;left:7470.08px;white-space:nowrap">de
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8945.26px;left:7692.5px;white-space:nowrap">CV</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8945.26px;left:9751.31px;white-space:nowrap">2.6%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9103.74px;left:5220px;white-space:nowrap">Banks,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9103.74px;left:5753.59px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9320.23px;left:5220px;white-space:nowrap">Hon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9320.23px;left:5557.97px;white-space:nowrap">Hai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9320.23px;left:5842.5px;white-space:nowrap">Precision
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9320.23px;left:6545px;white-space:nowrap">Industry
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9320.23px;left:7158.59px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9320.23px;left:7452.03px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9320.23px;left:9751.31px;white-space:nowrap">2.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9478.71px;left:5220px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9478.71px;left:5966.95px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9478.71px;left:6820.78px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9478.71px;left:7701.09px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9670.71px;left:5364px;white-space:nowrap">Components,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-style:italic;position:absolute;top:9670.71px;left:6360.09px;letter-spacing:-2.45px;white-space:nowrap">Taiwan</div></div>
</div>

<div style="height:22.32px;left:0px;position:absolute;top:0px;transform:translate(54.000px,710.488px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<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)">
</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>
</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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:652.80px;left:0px;position:absolute;top:0px;transform:translate(35.999px,78.996px) 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,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">applications,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1050.64px;white-space:nowrap">along
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1541.07px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1911.18px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2741.84px;white-space:nowrap">momentum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3692.11px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3942.25px;white-space:nowrap">Asian
</div>

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

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:6920.95px;white-space:nowrap">reduced
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:7621.44px;white-space:nowrap">its
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:7851.45px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:8861.84px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9378.64px;left:9051.94px;white-space:nowrap">China/Hong
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:5220px;white-space:nowrap">Kong,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:6180.73px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:6531.06px;white-space:nowrap">South
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:7581.8px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:7771.9px;white-space:nowrap">favor
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:8222.08px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:8422.21px;white-space:nowrap">opportunities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9628.64px;left:9502.91px;white-space:nowrap">that
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:5220px;white-space:nowrap">we
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:5500.11px;white-space:nowrap">found
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:6000.56px;white-space:nowrap">more
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:6460.66px;white-space:nowrap">compelling.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:7421.13px;white-space:nowrap">Sectors
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:8081.37px;white-space:nowrap">which
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:8591.57px;white-space:nowrap">experienced
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9878.64px;left:9622.27px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:5220px;white-space:nowrap">largest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:5810.27px;white-space:nowrap">sales
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:6280.49px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:6720.64px;white-space:nowrap">communication
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:7981.17px;white-space:nowrap">services,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:8741.34px;text-rendering:optimizeLegibility;white-space:nowrap">financials
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10128.64px;left:9541.76px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:5220px;white-space:nowrap">materials.</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:644.15px;white-space:nowrap">5</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:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1150.58px;white-space:nowrap">your
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1550.74px;white-space:nowrap">continued
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2381.4px;white-space:nowrap">participation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3401.98px;white-space:nowrap">in
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1510.49px;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:2337.54px;white-space:nowrap">look
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2717.75px;white-space:nowrap">forward
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3367.97px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3568.1px;white-space:nowrap">serving
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4198.36px;white-space:nowrap">your
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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">future
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:510.29px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1430.68px;white-space:nowrap">needs.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;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:1338.64px;left:0px;white-space:nowrap">Chetan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:630.44px;white-space:nowrap">Sehgal,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1338.64px;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:1588.64px;left:0px;white-space:nowrap">Andrew
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:660.32px;white-space:nowrap">Ness,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1588.64px;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:2088.64px;left:0px;white-space:nowrap">Portfolio
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:710.33px;white-space:nowrap">Management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:1807.73px;letter-spacing:-4.99px;white-space:nowrap">Team</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2608.64px;left:0px;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:2608.64px;left:360.18px;white-space:nowrap">foregoing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2608.64px;left:1160.77px;white-space:nowrap">information
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2608.64px;left:2101.2px;text-rendering:optimizeLegibility;white-space:nowrap">reflects
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2608.64px;left:2731.38px;white-space:nowrap">our
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2608.64px;left:3041.54px;white-space:nowrap">analysis,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2608.64px;left:3791.87px;white-space:nowrap">opinions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;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:2858.64px;left:350.33px;white-space:nowrap">portfolio
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:1040.71px;white-space:nowrap">holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:1761.24px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:2001.36px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:2194.8px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:2805.21px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:3105.44px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:3605.89px;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:2858.64px;left:3906.12px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2858.64px;left:4256.46px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:0px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:300.23px;white-space:nowrap">reporting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:1060.66px;white-space:nowrap">period.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:1661.04px;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:3108.64px;left:2021.22px;white-space:nowrap">way
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:2391.33px;white-space:nowrap">we
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:2671.44px;white-space:nowrap">implement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:3551.75px;white-space:nowrap">our
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3108.64px;left:3861.91px;white-space:nowrap">main
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3358.64px;left:0px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3358.64px;left:920.39px;white-space:nowrap">strategies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3358.64px;left:1750.78px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3358.64px;left:2101.11px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3358.64px;left:2401.35px;white-space:nowrap">resulting
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<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:3823.24px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4824.49px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5317.03px;white-space:nowrap">2025</div></div>
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<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
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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>
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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">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: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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:624.72px;left:0px;position:absolute;top:0px;transform:translate(35.999px,107.076px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">

<div style="width:10085px;height:12398.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, 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>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1897.65px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2197.88px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2738.06px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3078.28px;white-space:nowrap">sales
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3548.5px;white-space:nowrap">charges
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4238.88px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4629.2px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4829.33px;white-space:nowrap">inception
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5599.86px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5809.92px;white-space:nowrap">brokerage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6670.46px;white-space:nowrap">commissions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7760.65px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8150.98px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8401.2px;white-space:nowrap">secondary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9281.69px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">purchases.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:927.25px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1287.42px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2347.91px;white-space:nowrap">table
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2788.24px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3138.57px;white-space:nowrap">graph
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3648.96px;white-space:nowrap">do
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3899.18px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4199.41px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4739.59px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5079.81px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5560.05px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5910.29px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6060.41px;white-space:nowrap">shareholder
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7061.04px;white-space:nowrap">would
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7581.36px;white-space:nowrap">pay
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7921.58px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8171.81px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8632.09px;white-space:nowrap">dividends,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9492.63px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:390.32px;white-space:nowrap">distributions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1450.81px;white-space:nowrap">if
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1590.82px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1967.7px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2177.75px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2517.98px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3198.34px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3678.66px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3928.89px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4229.12px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4609.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4809.46px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5269.75px;white-space:nowrap">shares.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5906.78px;letter-spacing:-3.3px;white-space:nowrap">Your
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6320.48px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7041.01px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7671.27px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7971.24px;white-space:nowrap">vary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8361.3px;white-space:nowrap">depending
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9252.16px;white-space:nowrap">on
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:810.53px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1020.59px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1660.87px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2051.19px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2291.31px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3101.57px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3291.68px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3591.91px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4178.94px;white-space:nowrap">portfolio,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4919.33px;white-space:nowrap">adjusted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5649.87px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5909.94px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6710.54px;white-space:nowrap">expenses.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7581.09px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8191.41px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8581.73px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9592.21px;white-space:nowrap">are
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:300.23px;text-rendering:optimizeLegibility;white-space:nowrap">profits
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:840.41px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1520.77px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1930.78px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2231.02px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2611.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2811.36px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3501.74px;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">8/31/25</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:4075.12px;left:0px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4075.12px;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:4075.12px;left:1480.78px;white-space:nowrap">represent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4075.12px;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:4325.12px;left:0px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;left:1771px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;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:4325.12px;left:8003.85px;white-space:nowrap">differ
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4325.12px;left:8454.02px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4325.12px;left:8864.03px;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:4325.12px;left:9454.31px;white-space:nowrap">shown.</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:3074.09px;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:3074.09px;left:4552.91px;white-space:nowrap">+24.27%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:6136.91px;white-space:nowrap">+28.30%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:7864.91px;white-space:nowrap">+24.27%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:9448.91px;white-space:nowrap">+28.30%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:0px;letter-spacing:-2.45px;white-space:nowrap">5-Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:4552.91px;white-space:nowrap">+31.92%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:6136.91px;white-space:nowrap">+37.94%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:7953.89px;white-space:nowrap">+5.70%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:9537.89px;white-space:nowrap">+6.64%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:0px;letter-spacing:-2.1px;white-space:nowrap">10-Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:4463.92px;white-space:nowrap">+133.79%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:6047.92px;white-space:nowrap">+155.54%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:7953.89px;white-space:nowrap">+8.86%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:9537.89px;white-space:nowrap">+9.84%</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">8</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">7</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>

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:5653.45px;white-space:nowrap">Annual
</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:665.23px;left:0px;position:absolute;top:0px;transform:translate(54.000px,76.568px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12983.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="height:216.00px;left:0px;position:absolute;top:0px;transform:translate(0.000px,1910.887px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:360.00px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
</div>

<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(0.000px,12606.214px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:0px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">page
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">8</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:722.11px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:933.44px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:1771.95px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;letter-spacing:-4.8px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:621.44px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1474.05px;white-space:nowrap">Index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2182.32px;white-space:nowrap">Comparison
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4031.9px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4248.74px;white-space:nowrap">Hypothetical
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:5751.74px;white-space:nowrap">$10,000
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:6763.81px;white-space:nowrap">Investment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:151.6px;position:absolute;top:-25.63px;left:8035.5px;letter-spacing:0px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;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:344.48px;left:430.22px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:950.45px;white-space:nowrap">represents
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:1850.89px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2151.12px;white-space:nowrap">change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2791.67px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2981.78px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3462.1px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3662.23px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3912.45px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:4832.84px;white-space:nowrap">over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:5233.01px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:5533.24px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6173.61px;white-space:nowrap">shown.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6793.95px;white-space:nowrap">It
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6943.97px;white-space:nowrap">includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:7654.39px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:7994.62px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344.48px;left:8855.24px;white-space:nowrap">maximum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:0px;white-space:nowrap">sales
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:470.21px;white-space:nowrap">charge,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1120.61px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1580.89px;white-space:nowrap">expenses,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:2451.45px;white-space:nowrap">account
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3131.89px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3522.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3872.46px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:4752.95px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:5810.19px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:6170.36px;white-space:nowrap">unmanaged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:7171.17px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:7651.49px;white-space:nowrap">includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:8361.91px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:9442.35px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594.48px;left:9642.48px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:0px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:630.26px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:840.32px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:1900.81px;white-space:nowrap">It
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2050.84px;text-rendering:optimizeLegibility;white-space:nowrap">differs
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2587.15px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2997.16px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3297.39px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3757.68px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3947.78px;white-space:nowrap">composition
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:4958.26px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:5308.59px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:5748.93px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:6049.16px;white-space:nowrap">pay
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:6389.38px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:7490.04px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:7880.27px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:8090.33px;white-space:nowrap">expenses.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:8960.89px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844.48px;left:9351.12px;white-space:nowrap">cannot
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:0px;white-space:nowrap">invest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:520.22px;white-space:nowrap">directly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1140.38px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1330.49px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1580.71px;white-space:nowrap">index.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1521.76px;left:0px;white-space:nowrap">8/31/15&#8211;8/31/25</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: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:1200.8px;letter-spacing:9.64px;white-space:nowrap">Summary</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">8</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:437.66px;white-space:nowrap">such
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:1145.31px;white-space:nowrap">spread
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:1582.97px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:1728.91px;white-space:nowrap">deadly
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:2152.03px;white-space:nowrap">diseases,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:5149.84px;white-space:nowrap">disruptions,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:5857.34px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:6141.72px;white-space:nowrap">heighten
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:6681.64px;white-space:nowrap">risks
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:6987.81px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:7243.2px;white-space:nowrap">adversely
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:7841.25px;letter-spacing:-0.32px;white-space:nowrap">affect
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:8196.48px;white-space:nowrap">performance.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:9003.75px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:9266.33px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2845.07px;left:9601.88px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:0px;white-space:nowrap">actively
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:474.06px;white-space:nowrap">managed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:1276.56px;white-space:nowrap">there
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:1925.78px;white-space:nowrap">guarantee
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:2553.2px;white-space:nowrap">that
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:2808.59px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:3672.58px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:4343.59px;white-space:nowrap">decisions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:4927.11px;white-space:nowrap">will
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:5145.7px;white-space:nowrap">produce
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:5656.33px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:5875.23px;white-space:nowrap">desired
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3025.07px;left:6342.03px;white-space:nowrap">results.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:0px;white-space:nowrap">All
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:204.14px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:1006.25px;white-space:nowrap">involve
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:1494.92px;white-space:nowrap">risks,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:1874.3px;white-space:nowrap">including
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:2493.98px;white-space:nowrap">possible
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:3062.81px;white-space:nowrap">loss
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:3361.88px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:3522.19px;white-space:nowrap">principal.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:4142.03px;white-space:nowrap">International
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3413.87px;left:4965.86px;white-space:nowrap">investments</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:5994.06px;white-space:nowrap">subject
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:6446.33px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:6592.27px;white-space:nowrap">special
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:7037.19px;white-space:nowrap">risks,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:7379.84px;white-space:nowrap">including
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:7934.22px;white-space:nowrap">currency
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:8473.83px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:9174.14px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3413.87px;left:9429.53px;white-space:nowrap">social,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:0px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:598.05px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:853.44px;white-space:nowrap">political
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:1327.5px;white-space:nowrap">uncertainties,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:2144.45px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:2516.33px;white-space:nowrap">could
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:2866.48px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:3398.91px;letter-spacing:-0.8px;white-space:nowrap">volatility.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:3926.72px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:4327.89px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:4634.06px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:4860.16px;text-rendering:optimizeLegibility;white-space:nowrap">magnified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:5465.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3593.87px;left:5604.14px;white-space:nowrap">emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3593.87px;left:6231.17px;white-space:nowrap">markets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:6805.08px;letter-spacing:-4.84px;white-space:nowrap">To
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:6980.16px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:7199.06px;white-space:nowrap">extent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:7593.05px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:7811.95px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:8315.23px;white-space:nowrap">invests
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:8760.16px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3593.87px;left:8898.75px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3593.87px;left:9008.2px;white-space:nowrap">concentration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3593.87px;left:9912.19px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:0px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:466.72px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:1152.34px;white-space:nowrap">regions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:1662.73px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:1830.39px;white-space:nowrap">industries</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3773.87px;left:2457.42px;white-space:nowrap">,
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3773.87px;left:2763.75px;white-space:nowrap">subject
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3773.87px;left:3216.02px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3773.87px;left:3361.95px;white-space:nowrap">increased
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3773.87px;left:3967.34px;letter-spacing:-0.8px;white-space:nowrap">volatility.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3773.87px;left:4495.16px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3773.87px;left:4757.73px;letter-spacing:-0.48px;white-space:nowrap">managers&#8217;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:5402.03px;white-space:nowrap">environmental
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:6335.31px;white-space:nowrap">social
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:6743.83px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:7013.59px;white-space:nowrap">governance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:7786.56px;white-space:nowrap">(ESG)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3773.87px;left:8187.5px;white-space:nowrap">strategies</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10397.87px;left:8715.55px;white-space:nowrap">discontinued
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10786.67px;left:143.67px;letter-spacing:-2.42px;white-space:nowrap">Total
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10786.67px;left:2368.36px;white-space:nowrap">cumulative
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10786.67px;left:6759.84px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10786.67px;left:7226.64px;white-space:nowrap">indicated.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10966.67px;left:466.95px;white-space:nowrap">been
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10966.67px;left:795.31px;white-space:nowrap">annualized.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:0px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:2961.48px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:3180.39px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11175.47px;left:3530.55px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:0px;white-space:nowrap">4.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:2961.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:3180.39px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:3705.63px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:4493.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:4748.67px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:5062.34px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11384.27px;left:5638.59px;white-space:nowrap">plan.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:0px;white-space:nowrap">5.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:145.94px;white-space:nowrap">Source:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:634.61px;letter-spacing:-0.55px;white-space:nowrap">Morningstar.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:1390.86px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:1653.44px;white-space:nowrap">MSCI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:2017.89px;white-space:nowrap">EM
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:2251.17px;white-space:nowrap">Index-NR
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:2841.72px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:2972.97px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:3082.42px;white-space:nowrap">free
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:3345px;text-rendering:optimizeLegibility;white-space:nowrap">float-adjusted,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:4205.78px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:4643.28px;white-space:nowrap">capitalization-weighted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:6007.19px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:6357.34px;white-space:nowrap">designed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:6926.41px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:7072.34px;white-space:nowrap">measure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:7619.3px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:7838.2px;white-space:nowrap">equity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:8224.84px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:8662.34px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:9435.39px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11593.07px;left:9581.33px;white-space:nowrap">global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:0px;white-space:nowrap">emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:583.44px;white-space:nowrap">markets.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:1123.05px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:1363.67px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:1793.91px;white-space:nowrap">(NR)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:2107.11px;text-rendering:optimizeLegibility;white-space:nowrap">reflects
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:2566.56px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:2748.98px;white-space:nowrap">deduction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:3354.53px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:3544.14px;white-space:nowrap">fees,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:3865.16px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:4463.36px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:4616.48px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:4966.64px;white-space:nowrap">but
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:5185.55px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:5411.64px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:5630.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:5776.48px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:6301.72px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11773.07px;left:6513.28px;white-space:nowrap">withholding.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:590.78px;white-space:nowrap">data
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:882.66px;white-space:nowrap">provider
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:1393.13px;white-space:nowrap">notices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:1845.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:2100.78px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:2465.31px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:3019.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11981.87px;left:3165.63px;letter-spacing:-0.19px;white-space:nowrap">www.franklintempletondatasources.com.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:379.9px;left:0px;white-space:nowrap">Symbol:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:379.9px;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:379.9px;left:6378.17px;white-space:nowrap">8/31/25</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:379.9px;left:7962.17px;white-space:nowrap">8/31/24</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:379.9px;left:9493.28px;white-space:nowrap">Change</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:699.84px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:699.84px;left:284.61px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:699.84px;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:699.84px;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:699.84px;left:6422.62px;white-space:nowrap">$17.27</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:699.84px;left:8006.62px;white-space:nowrap">$14.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:699.84px;left:9586.17px;white-space:nowrap">+$2.46</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:960.33px;left:0px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:960.33px;left:533.44px;white-space:nowrap">Price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:960.33px;left:942.42px;white-space:nowrap">(NYSE)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:960.33px;left:6422.62px;white-space:nowrap">$15.27</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:960.33px;left:8006.62px;white-space:nowrap">$12.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:960.33px;left:9586.17px;white-space:nowrap">+$2.46</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1293.95px;left:0px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1293.95px;left:1502.74px;white-space:nowrap">Per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1293.95px;left:1979.58px;white-space:nowrap">Share</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1570.61px;left:0px;white-space:nowrap">(9/1/24&#8211;8/31/25)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1976.56px;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:1976.56px;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:2168.56px;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:1976.56px;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:2168.56px;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:2168.56px;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:1976.56px;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:2168.56px;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:2168.56px;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:2168.56px;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:2505.5px;left:4749.64px;white-space:nowrap">$0.5891</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2505.5px;left:6333.64px;white-space:nowrap">$0.0401</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2505.5px;left:7917.64px;white-space:nowrap">$0.3222</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2505.5px;left:9501.64px;white-space:nowrap">$0.9514</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">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(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;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:4119.86px;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:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</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>

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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:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:615.44px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.360px) 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:313.5px;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: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:313.5px;left:4718.03px;white-space:nowrap">2025</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:313.5px;left:5870.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:313.5px;left:7022.03px;white-space:nowrap">2023</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:313.5px;left:8174.03px;white-space:nowrap">2022</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:313.5px;left:9326.03px;white-space:nowrap">2021</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:626.44px;left:0px;white-space:nowrap">Per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:626.44px;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:626.44px;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:626.44px;left:1547.19px;white-space:nowrap">performance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:828.92px;left:0px;white-space:nowrap">(for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:828.92px;left:284.45px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:828.92px;left:417.89px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:828.92px;left:862.58px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:828.92px;left:1734.38px;white-space:nowrap">throughout
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2543.91px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2810.78px;white-space:nowrap">year)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:293.44px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:720.31px;white-space:nowrap">value,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1191.72px;white-space:nowrap">beginning
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1930.16px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2108.05px;white-space:nowrap">year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2428.74px;letter-spacing:52.51px;white-space:nowrap">...................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:4982.62px;white-space:nowrap">$14.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:6134.62px;white-space:nowrap">$13.63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:7286.62px;white-space:nowrap">$13.72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:8438.62px;white-space:nowrap">$20.09</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:9590.62px;white-space:nowrap">$17.58</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:0px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:569.14px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:933.59px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:1751.72px;white-space:nowrap">operations:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1439.59px;left:1771.34px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:5160.59px;white-space:nowrap">0.23</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:6312.59px;white-space:nowrap">0.28</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:7464.59px;white-space:nowrap">0.35</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:8616.59px;white-space:nowrap">0.30</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:9780.47px;letter-spacing:-2.97px;white-space:nowrap">0.11</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:437.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1042.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1353.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2136.34px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2563.3px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:3176.05px;letter-spacing:55.09px;white-space:nowrap">...........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:5160.59px;white-space:nowrap">3.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:6312.59px;white-space:nowrap">1.58</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:7464.59px;white-space:nowrap">0.68</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:8510.03px;white-space:nowrap">(5.60)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:9768.59px;white-space:nowrap">3.04</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:382.42px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:746.88px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:1565px;white-space:nowrap">operations</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:2335.33px;letter-spacing:52.33px;white-space:nowrap">....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:5160.59px;white-space:nowrap">3.36</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:6312.59px;white-space:nowrap">1.86</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:7464.59px;white-space:nowrap">1.03</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:8510.03px;white-space:nowrap">(5.30)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:9768.59px;white-space:nowrap">3.15</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:0px;white-space:nowrap">Less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:382.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:1280.63px;white-space:nowrap">from:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1774.85px;letter-spacing:51.55px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:5054.03px;white-space:nowrap">(0.59)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:6206.03px;white-space:nowrap">(0.73)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:7358.03px;white-space:nowrap">(0.41)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:8510.03px;white-space:nowrap">(0.41)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:9662.03px;white-space:nowrap">(0.18)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:437.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1042.2px;white-space:nowrap">gains</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1494.61px;letter-spacing:51.29px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:5054.03px;white-space:nowrap">(0.36)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:6464px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:7358.03px;white-space:nowrap">(0.72)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:8510.03px;white-space:nowrap">(0.70)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:9662.03px;white-space:nowrap">(0.48)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:382.42px;white-space:nowrap">distributions</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:1307.78px;letter-spacing:51.14px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:5054.03px;white-space:nowrap">(0.95)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:6206.03px;white-space:nowrap">(0.73)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:7358.03px;white-space:nowrap">(1.13)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:8521.91px;letter-spacing:-1.98px;white-space:nowrap">(1.11)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:9662.03px;white-space:nowrap">(0.66)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:0px;white-space:nowrap">Repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:907.19px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1085.08px;white-space:nowrap">shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:5160.59px;white-space:nowrap">0.05</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:6312.59px;white-space:nowrap">0.05</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:7464.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:8616.59px;white-space:nowrap">0.04</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:9768.59px;white-space:nowrap">0.02</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:293.44px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:720.31px;white-space:nowrap">value,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1191.72px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1503.13px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1681.02px;white-space:nowrap">year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:2055.09px;letter-spacing:51.89px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:4982.62px;white-space:nowrap">$17.27</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:6134.62px;white-space:nowrap">$14.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:7286.62px;white-space:nowrap">$13.63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:8438.62px;white-space:nowrap">$13.72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:9590.62px;white-space:nowrap">$20.09</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:0px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:533.44px;white-space:nowrap">value,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1004.84px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1316.25px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1494.14px;white-space:nowrap">year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3464.95px;left:1805.39px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:4982.62px;white-space:nowrap">$15.27</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:6134.62px;white-space:nowrap">$12.81</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:7298.5px;letter-spacing:-1.98px;white-space:nowrap">$11.71</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:8450.5px;letter-spacing:-1.98px;white-space:nowrap">$11.85</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:9590.62px;white-space:nowrap">$17.89</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:382.42px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:844.84px;white-space:nowrap">(based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1378.52px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1600.94px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1867.81px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2294.69px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2721.64px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2997.34px;white-space:nowrap">share)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3783.89px;left:3450.86px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:4929.34px;white-space:nowrap">24.27%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:6081.34px;white-space:nowrap">14.50%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:7322.33px;white-space:nowrap">8.26%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:8278.78px;white-space:nowrap">(27.44)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:9537.34px;white-space:nowrap">18.04%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:382.42px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:844.84px;white-space:nowrap">(based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1378.52px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1600.94px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2134.38px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2561.33px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2837.03px;white-space:nowrap">share)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3986.37px;left:3290.55px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:3362.87px;letter-spacing:56.45px;white-space:nowrap">.........</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:4929.34px;white-space:nowrap">28.30%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:6093.22px;letter-spacing:-1.98px;white-space:nowrap">16.11%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:7322.33px;white-space:nowrap">8.59%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:8278.78px;white-space:nowrap">(29.18)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:9537.34px;white-space:nowrap">20.40%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4273.1px;left:0px;white-space:nowrap">Ratios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4273.1px;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:4273.1px;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:4273.1px;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:4273.1px;left:1662.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:0px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:747.11px;white-space:nowrap">before
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1245.23px;white-space:nowrap">waiver
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1752.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2063.44px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2801.56px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3015px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3643.11px;letter-spacing:60.2px;white-space:nowrap">......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:5018.33px;white-space:nowrap">1.35%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:6170.33px;white-space:nowrap">1.44%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:7322.33px;white-space:nowrap">1.49%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:8474.33px;white-space:nowrap">1.50%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:9626.33px;white-space:nowrap">1.49%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:0px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:747.11px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1013.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1191.88px;white-space:nowrap">waiver
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1698.67px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2010.08px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2748.2px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2961.64px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:5018.33px;white-space:nowrap">1.34%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:6170.33px;white-space:nowrap">1.43%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:7322.33px;white-space:nowrap">1.47%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:8474.33px;white-space:nowrap">1.49%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:9626.33px;white-space:nowrap">1.48%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:293.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1111.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1681.44px;letter-spacing:51.46px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:5018.33px;white-space:nowrap">1.49%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:6170.33px;white-space:nowrap">2.06%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:7322.33px;white-space:nowrap">2.63%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:8474.33px;white-space:nowrap">1.81%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:9626.33px;white-space:nowrap">0.52%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5170.5px;left:0px;white-space:nowrap">Supplemental
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5170.5px;left:1093.52px;white-space:nowrap">data</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:293.44px;white-space:nowrap">assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:755.86px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:844.77px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1156.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1334.06px;white-space:nowrap">year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1689.77px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:2241.91px;letter-spacing:52.17px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:4804.66px;white-space:nowrap">$258,217</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:5956.66px;white-space:nowrap">$226,225</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:7108.66px;white-space:nowrap">$213,497</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:8260.66px;white-space:nowrap">$216,704</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:9412.66px;white-space:nowrap">$323,924</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:0px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:631.41px;white-space:nowrap">turnover
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1262.81px;white-space:nowrap">rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:4929.34px;white-space:nowrap">16.68%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:6081.34px;white-space:nowrap">19.14%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:7233.34px;white-space:nowrap">26.18%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:8385.34px;white-space:nowrap">20.05%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:9537.34px;white-space:nowrap">23.19%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;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:5777.95px;left:382.42px;white-space:nowrap">credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:818.13px;white-space:nowrap">facility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:1307.11px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:2178.91px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:2356.8px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:2668.2px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:2846.09px;white-space:nowrap">year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:3201.8px;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:5777.95px;left:3736.52px;letter-spacing:62.45px;white-space:nowrap">.....</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:4982.62px;white-space:nowrap">$5,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:6134.62px;white-space:nowrap">$5,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:7197.64px;white-space:nowrap">$10,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:8349.64px;white-space:nowrap">$25,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5777.95px;left:9501.64px;white-space:nowrap">$15,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:0px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:444.61px;white-space:nowrap">coverage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:1147.27px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:1422.97px;white-space:nowrap">$1,000
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:1956.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:2134.69px;white-space:nowrap">debt</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:2522.15px;letter-spacing:52.71px;white-space:nowrap">..................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:4893.64px;white-space:nowrap">$52,643</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:6045.64px;white-space:nowrap">$46,245</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:7197.64px;white-space:nowrap">$22,350</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:8438.62px;white-space:nowrap">$9,668</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5980.43px;left:9501.64px;white-space:nowrap">$22,595</div></div>
</div>

<div style="height:64.06px;left:0px;position:absolute;top:0px;transform:translate(54.000px,661.664px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:1165.45px;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>
</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">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:2977.3px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3858.99px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4292.67px;white-space:nowrap">2025</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,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(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1028.91px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1291.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2174.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2531.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2757.66px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2940.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3406.88px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3669.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3815.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4172.89px;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:4690.78px;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, );background-repeat:no-repeat;background-size:cover;height:616.06px;left:0px;position:absolute;top:0px;transform:translate(35.999px,115.738px) 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">2.6%</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">296,999</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">1,336,587</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:992.09px;left:380.12px;white-space:nowrap">a</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">607,187</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">302,370</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">220,776</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9368.2px;white-space:nowrap">1,755,018</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">2,373,253</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: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">56,706</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:9368.2px;white-space:nowrap">1,028,647</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2054.09px;left:9368.2px;white-space:nowrap">6,795,875</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">Chile
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2381.54px;left:867.63px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:432px;white-space:nowrap">Banco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:930.13px;white-space:nowrap">Santander
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:1712.94px;white-space:nowrap">Chile,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:2157.63px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;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:2578.03px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:7485.64px;white-space:nowrap">103,137</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:9368.2px;white-space:nowrap">2,479,413</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">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2905.47px;left:920.91px;white-space:nowrap">24.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3105.17px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:432px;white-space:nowrap">Alibaba
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:1010.2px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:1499.34px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:2086.38px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;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:3101.96px;left:5494.47px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:7485.64px;white-space:nowrap">468,613</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3101.96px;left:9368.2px;white-space:nowrap">7,759,139</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3301.65px;left:302.33px;white-space:nowrap">a,b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;left:432px;white-space:nowrap">Baidu,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;left:930.13px;white-space:nowrap">Inc.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;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:3298.44px;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:3298.44px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;left:7485.64px;white-space:nowrap">237,340</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3298.44px;left:9368.2px;white-space:nowrap">2,809,058</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3494.92px;left:432px;white-space:nowrap">Beijing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3494.92px;left:956.77px;white-space:nowrap">Oriental
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3494.92px;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:3494.92px;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:3686.92px;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:3686.92px;left:1429.91px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:1723.34px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3686.92px;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:3686.92px;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:3686.92px;left:5032.28px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:5974.94px;white-space:nowrap">Materials</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:7485.64px;white-space:nowrap">183,175</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:9501.64px;white-space:nowrap">302,413</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3886.62px;left:307.57px;white-space:nowrap">c,d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:432px;white-space:nowrap">Budweiser
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:1223.48px;white-space:nowrap">Brewing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:1845.98px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3883.41px;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:3883.41px;left:2598.88px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:576px;white-space:nowrap">144A,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:1038.58px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:1376.55px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4075.41px;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:4075.41px;left:5859.08px;white-space:nowrap">Beverages</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:7352.2px;white-space:nowrap">2,786,896</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:9368.2px;white-space:nowrap">3,022,125</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:432px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:894.5px;white-space:nowrap">Merchants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:1685.91px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:2095.05px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:2388.48px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;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:4271.89px;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:4271.89px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:7485.64px;white-space:nowrap">764,487</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:9368.2px;white-space:nowrap">4,599,733</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4468.38px;left:432px;white-space:nowrap">COSCO
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4468.38px;left:1063.17px;white-space:nowrap">SHIPPING
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4468.38px;left:1872.23px;white-space:nowrap">Ports
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4468.38px;left:2290.13px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4468.38px;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:4468.38px;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:4468.38px;left:5681.42px;white-space:nowrap">Infrastructure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4468.38px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">1,211,228</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4468.38px;left:9501.64px;white-space:nowrap">879,405</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4668.07px;left:307.57px;white-space:nowrap">a,c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:432px;white-space:nowrap">Daqo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:858.95px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:1223.48px;white-space:nowrap">Energy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:1774.89px;white-space:nowrap">Corp.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:2246.22px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;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:4664.86px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:7574.63px;white-space:nowrap">48,253</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4664.86px;left:9368.2px;white-space:nowrap">1,223,214</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4864.56px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4861.35px;left:432px;white-space:nowrap">Greentown
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4861.35px;left:1259.11px;white-space:nowrap">Service
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4861.35px;left:1837.08px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4861.35px;left:2326.22px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4861.35px;left:2619.66px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4861.35px;left:2975.44px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;left:576px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;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:5053.35px;left:3680.17px;white-space:nowrap">Real
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;left:4053.69px;white-space:nowrap">Estate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;left:4551.73px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;left:5530.09px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;left:5681.27px;white-space:nowrap">Development</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;left:7485.64px;white-space:nowrap">732,186</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5053.35px;left:9501.64px;white-space:nowrap">468,293</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:432px;white-space:nowrap">Haier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:858.8px;white-space:nowrap">Smart
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:1329.97px;white-space:nowrap">Home
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:1801.22px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:2094.66px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:2450.44px;white-space:nowrap">D</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;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:5249.83px;left:5174.23px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:5983.69px;white-space:nowrap">Durables</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:7485.64px;white-space:nowrap">710,943</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5249.83px;left:9368.2px;white-space:nowrap">1,647,527</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5446.32px;left:432px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5446.32px;left:938.95px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5446.32px;left:1090.13px;white-space:nowrap">Happiness
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5446.32px;left:1890.59px;white-space:nowrap">H&amp;H
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5446.32px;left:2272.86px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5638.32px;left:576px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5638.32px;left:1243.03px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5638.32px;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:5638.32px;left:5583.45px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5638.32px;left:5992.59px;white-space:nowrap">Products</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5638.32px;left:7574.63px;white-space:nowrap">81,772</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5638.32px;left:9501.64px;white-space:nowrap">154,841</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5838.01px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.8px;left:432px;white-space:nowrap">JD.com,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.8px;left:1063.17px;white-space:nowrap">Inc.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.8px;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:5834.8px;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:5834.8px;left:5494.47px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.8px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.8px;left:7574.63px;white-space:nowrap">44,451</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.8px;left:9501.64px;white-space:nowrap">688,775</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6034.49px;left:224.53px;white-space:nowrap">a,b,d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:432px;white-space:nowrap">Kuaishou
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:1140.75px;letter-spacing:-2.47px;white-space:nowrap">Technology,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:2027.23px;white-space:nowrap">144A,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:2489.81px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:2827.78px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;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:6031.28px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:7485.64px;white-space:nowrap">178,269</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6031.28px;left:9368.2px;white-space:nowrap">1,747,275</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:432px;white-space:nowrap">NARI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:855.83px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:1709.73px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:2003.17px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:2350.13px;letter-spacing:-8.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;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:6227.77px;left:5165.56px;white-space:nowrap">Electrical
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:7352.2px;white-space:nowrap">1,038,201</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6227.77px;left:9368.2px;white-space:nowrap">3,168,679</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6427.46px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6424.25px;left:432px;white-space:nowrap">NetEase,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6424.25px;left:1134.58px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6424.25px;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:6424.25px;left:5627.91px;white-space:nowrap">Entertainment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6424.25px;left:7485.64px;white-space:nowrap">100,637</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6424.25px;left:9368.2px;white-space:nowrap">2,759,548</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6620.74px;left:432px;white-space:nowrap">Ping
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6620.74px;left:787.86px;white-space:nowrap">An
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6620.74px;left:1028.02px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6620.74px;left:1775.13px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6620.74px;left:2264.27px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6620.74px;left:2557.7px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6620.74px;left:2735.59px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6812.74px;left:576px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6812.74px;left:931.78px;white-space:nowrap">H</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6812.74px;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:6812.74px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6812.74px;left:7485.64px;white-space:nowrap">441,337</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6812.74px;left:9368.2px;white-space:nowrap">3,213,219</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7009.22px;left:432px;white-space:nowrap">Prosus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7009.22px;left:974.42px;white-space:nowrap">NV</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7009.22px;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:7009.22px;left:5494.47px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7009.22px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7009.22px;left:7485.64px;white-space:nowrap">224,152</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7009.22px;left:9279.22px;white-space:nowrap">13,865,930</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7208.92px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;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:7205.71px;left:1036.84px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;left:1703.88px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;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:7205.71px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;left:7485.64px;white-space:nowrap">105,365</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7205.71px;left:9368.2px;white-space:nowrap">8,159,941</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;left:432px;white-space:nowrap">Uni-President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;left:1445.75px;white-space:nowrap">China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;left:1908.25px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;left:2575.28px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;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:7402.19px;left:5583.45px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;left:5992.59px;white-space:nowrap">Products</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;left:7352.2px;white-space:nowrap">1,402,258</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7402.19px;left:9368.2px;white-space:nowrap">1,675,013</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7598.67px;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:7598.67px;left:1042.63px;white-space:nowrap">Power
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7598.67px;left:1540.59px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7598.67px;left:1834.03px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7598.67px;left:2189.81px;white-space:nowrap">H</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7598.67px;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:7598.67px;left:5885.95px;white-space:nowrap">Machinery</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7598.67px;left:7485.64px;white-space:nowrap">921,336</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7598.67px;left:9368.2px;white-space:nowrap">1,936,807</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7795.16px;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:7795.16px;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:7795.16px;left:2118.8px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7795.16px;left:2607.94px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7795.16px;left:2901.38px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7987.16px;left:576px;white-space:nowrap">B</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7987.16px;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:7987.16px;left:4871.89px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7987.16px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7987.16px;left:7485.64px;white-space:nowrap">269,612</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7987.16px;left:9501.64px;white-space:nowrap">469,166</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8186.85px;left:302.33px;white-space:nowrap">a,d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8183.64px;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:8183.64px;left:829.11px;white-space:nowrap">Biologics
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8183.64px;left:1513.88px;white-space:nowrap">Cayman,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8183.64px;left:2198.56px;white-space:nowrap">Inc.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8183.64px;left:2545.36px;white-space:nowrap">144A,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8183.64px;left:3007.94px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8375.64px;left:576px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8375.64px;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:8375.64px;left:4448.14px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8375.64px;left:4750.56px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8375.64px;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:8375.64px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8375.64px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8375.64px;left:7485.64px;white-space:nowrap">594,480</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8375.64px;left:9368.2px;white-space:nowrap">2,557,377</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8659.41px;left:9279.22px;white-space:nowrap">63,107,478</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8986.85px;left:432px;white-space:nowrap">Hong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8986.85px;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:8986.85px;left:1338.41px;white-space:nowrap">1.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9183.34px;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:9183.34px;left:1205.67px;white-space:nowrap">Industries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9183.34px;left:1943.8px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9183.34px;left:2237.23px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9183.34px;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:9183.34px;left:5885.95px;white-space:nowrap">Machinery</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9183.34px;left:7485.64px;white-space:nowrap">378,780</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9183.34px;left:9368.2px;white-space:nowrap">4,898,534</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9510.79px;left:432px;white-space:nowrap">Hungary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9510.79px;left:1125.44px;white-space:nowrap">1.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9707.27px;left:432px;white-space:nowrap">Richter
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9707.27px;left:983.25px;white-space:nowrap">Gedeon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9707.27px;left:1597.08px;white-space:nowrap">Nyrt.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9707.27px;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:9707.27px;left:5441.27px;white-space:nowrap">Pharmaceuticals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9707.27px;left:7574.63px;white-space:nowrap">94,148</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9707.27px;left:9368.2px;white-space:nowrap">2,855,821</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10034.72px;left:432px;white-space:nowrap">India
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10034.72px;left:849.81px;white-space:nowrap">10.9%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.2px;left:432px;white-space:nowrap">ACC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.2px;left:814.27px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.2px;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:10231.2px;left:5032.28px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.2px;left:5974.94px;white-space:nowrap">Materials</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.2px;left:7574.63px;white-space:nowrap">36,129</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10231.2px;left:9501.64px;white-space:nowrap">738,223</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10430.9px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10427.68px;left:432px;white-space:nowrap">Ather
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10427.68px;left:858.88px;white-space:nowrap">Energy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10427.68px;left:1410.28px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10427.68px;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:10427.68px;left:5743.53px;white-space:nowrap">Automobiles</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10427.68px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">158,311</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10427.68px;left:9501.64px;white-space:nowrap">807,766</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:432px;white-space:nowrap">Bajaj
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:832.23px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:1499.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:1650.44px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:2477.47px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;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:10624.17px;left:5325.72px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:7663.61px;white-space:nowrap">8,085</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10624.17px;left:9368.2px;white-space:nowrap">1,170,409</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:432px;white-space:nowrap">Brigade
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:1027.94px;white-space:nowrap">Enterprises
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:1881.61px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;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:10820.65px;left:3680.17px;white-space:nowrap">Real
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:4053.69px;white-space:nowrap">Estate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:4551.73px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:5530.09px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:5681.27px;white-space:nowrap">Development</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:7574.63px;white-space:nowrap">66,809</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10820.65px;left:9501.64px;white-space:nowrap">699,576</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:11020.35px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;left:432px;white-space:nowrap">Eternal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;left:983.41px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;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:11017.14px;left:4498.53px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;left:5040.95px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;left:5948.06px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;left:6099.23px;white-space:nowrap">Leisure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;left:7485.64px;white-space:nowrap">768,184</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11017.14px;left:9368.2px;white-space:nowrap">2,737,054</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11213.62px;left:432px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11213.62px;left:1018.95px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11213.62px;left:1428.09px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11213.62px;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:11213.62px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11213.62px;left:7485.64px;white-space:nowrap">695,916</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11213.62px;left:9368.2px;white-space:nowrap">1,513,596</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11410.11px;left:432px;white-space:nowrap">HDFC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11410.11px;left:920.83px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11410.11px;left:1329.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11410.11px;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:11410.11px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11410.11px;left:7485.64px;white-space:nowrap">527,506</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11410.11px;left:9368.2px;white-space:nowrap">5,693,598</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11606.59px;left:432px;white-space:nowrap">ICICI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11606.59px;left:840.91px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11606.59px;left:1250.05px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11606.59px;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:11606.59px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11606.59px;left:7485.64px;white-space:nowrap">619,022</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11606.59px;left:9368.2px;white-space:nowrap">9,808,328</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11803.08px;left:432px;white-space:nowrap">Infosys
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11803.08px;left:983.33px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11803.08px;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:11803.08px;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:11803.08px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11803.08px;left:7485.64px;white-space:nowrap">107,652</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11803.08px;left:9368.2px;white-space:nowrap">1,805,646</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:12002.77px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:432px;white-space:nowrap">Niva
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:796.53px;white-space:nowrap">Bupa
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:1214.66px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:1721.61px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:2468.72px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:2762.16px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;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:11999.56px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:7352.2px;white-space:nowrap">1,015,129</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11999.56px;left:9501.64px;white-space:nowrap">937,515</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:7913.58px;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:8772.28px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width: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>
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<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(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;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:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</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>

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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:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.278px) 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: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">ReNew
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1001.06px;white-space:nowrap">Energy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1552.47px;white-space:nowrap">Global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2059.42px;white-space:nowrap">plc,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;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:792.39px;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:792.39px;left:3350.88px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:4285.09px;white-space:nowrap">Power
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:4783.06px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:5094.47px;white-space:nowrap">Renewable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:5939.47px;white-space:nowrap">Electricity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5894.78px;white-space:nowrap">Producers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">282,885</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9368.2px;white-space:nowrap">2,152,755</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1268.16px;left:9279.22px;white-space:nowrap">28,064,466</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1595.6px;left:432px;white-space:nowrap">Indonesia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1595.6px;left:1223.25px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:432px;white-space:nowrap">Astra
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:849.89px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:1772.08px;white-space:nowrap">Tbk.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;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:1792.09px;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:1792.09px;left:4845.33px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:5539px;white-space:nowrap">Conglomerates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:7352.2px;white-space:nowrap">4,288,099</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:9368.2px;white-space:nowrap">1,430,570</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2119.53px;left:432px;white-space:nowrap">Italy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2119.53px;left:796.61px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2319.23px;left:302.33px;white-space:nowrap">a,d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:432px;white-space:nowrap">Wizz
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:814.19px;white-space:nowrap">Air
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:1054.19px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:1721.22px;white-space:nowrap">plc,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:2014.66px;white-space:nowrap">144A,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:2477.23px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:2815.2px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;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:2316.02px;left:5298.84px;white-space:nowrap">Passenger
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:6099.39px;white-space:nowrap">Airlines</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:7574.63px;white-space:nowrap">13,187</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2316.02px;left:9501.64px;white-space:nowrap">242,873</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2643.46px;left:432px;white-space:nowrap">Mexico
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2643.46px;left:1018.87px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2839.95px;left:432px;white-space:nowrap">Grupo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2839.95px;left:921.14px;white-space:nowrap">Financiero
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2839.95px;left:1712.63px;white-space:nowrap">Banorte
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2839.95px;left:2317.47px;white-space:nowrap">SAB
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2839.95px;left:2682.08px;white-space:nowrap">de
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2839.95px;left:2904.5px;letter-spacing:-3.67px;white-space:nowrap">CV,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3031.95px;left:576px;white-space:nowrap">O</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3031.95px;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:3031.95px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3031.95px;left:7485.64px;white-space:nowrap">742,348</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3031.95px;left:9368.2px;white-space:nowrap">6,789,296</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3231.64px;left:229.77px;white-space:nowrap">a,c,d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:432px;white-space:nowrap">Nemak
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:983.25px;white-space:nowrap">SAB
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:1347.86px;white-space:nowrap">de
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:1570.28px;letter-spacing:-3.67px;white-space:nowrap">CV,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:1866.77px;white-space:nowrap">144A,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:2329.34px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:2667.31px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;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:3228.43px;left:4871.89px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:7485.64px;white-space:nowrap">758,807</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3228.43px;left:9501.64px;white-space:nowrap">158,148</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3512.2px;left:9368.2px;white-space:nowrap">6,947,444</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3839.64px;left:432px;white-space:nowrap">Peru
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3839.64px;left:832.16px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4036.13px;left:432px;white-space:nowrap">Intercorp
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4036.13px;left:1107.86px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4036.13px;left:1792.63px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4036.13px;left:2495.05px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4036.13px;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:4036.13px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4036.13px;left:7574.63px;white-space:nowrap">26,105</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4036.13px;left:9368.2px;white-space:nowrap">1,036,891</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4363.58px;left:432px;white-space:nowrap">Philippines
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4363.58px;left:1329.89px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4560.06px;left:432px;white-space:nowrap">BDO
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4560.06px;left:823.17px;white-space:nowrap">Unibank,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4560.06px;left:1499.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4560.06px;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:4560.06px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4560.06px;left:7485.64px;white-space:nowrap">530,206</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4560.06px;left:9368.2px;white-space:nowrap">1,254,420</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4887.51px;left:432px;white-space:nowrap">Russia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4887.51px;left:1001.14px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5087.2px;left:250.5px;white-space:nowrap">a,e,f</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;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:5083.99px;left:1039.66px;white-space:nowrap">PJSC</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;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:5083.99px;left:4516.5px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;left:4800.95px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;left:5138.84px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;left:5290.02px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;left:6232.75px;white-space:nowrap">Fuels</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;left:7574.63px;white-space:nowrap">86,387</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5083.99px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5283.69px;left:250.5px;white-space:nowrap">a,e,f</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5280.47px;left:432px;white-space:nowrap">Sberbank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5280.47px;left:1161.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5280.47px;left:1339.27px;white-space:nowrap">Russia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5280.47px;left:1872.78px;white-space:nowrap">PJSC</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5280.47px;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:5280.47px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5280.47px;left:7352.2px;white-space:nowrap">1,014,728</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5280.47px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5564.24px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5891.69px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5891.69px;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:5891.69px;left:1421.69px;white-space:nowrap">2.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6088.17px;left:432px;white-space:nowrap">Discovery
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6088.17px;left:1178.8px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6088.17px;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:6088.17px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6088.17px;left:7485.64px;white-space:nowrap">314,419</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6088.17px;left:9368.2px;white-space:nowrap">3,867,853</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:432px;white-space:nowrap">Netcare
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:1036.69px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;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:6284.65px;left:4240.88px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:4747.83px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:5139.08px;white-space:nowrap">Providers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:7352.2px;white-space:nowrap">2,497,907</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6284.65px;left:9368.2px;white-space:nowrap">1,964,093</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6568.42px;left:9368.2px;white-space:nowrap">5,831,946</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6895.87px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6895.87px;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:6895.87px;left:1427.63px;white-space:nowrap">17.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7095.56px;left:302.33px;white-space:nowrap">a,d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:432px;white-space:nowrap">Delivery
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:1054.34px;white-space:nowrap">Hero
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:1445.59px;white-space:nowrap">SE,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:1747.94px;white-space:nowrap">144A,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:2210.52px;white-space:nowrap">Reg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:2548.48px;white-space:nowrap">S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;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:7092.35px;left:4498.53px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:5040.95px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:5948.06px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:6099.23px;white-space:nowrap">Leisure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">113,164</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7092.35px;left:9368.2px;white-space:nowrap">3,002,126</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7288.83px;left:432px;white-space:nowrap">Doosan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7288.83px;left:1027.94px;white-space:nowrap">Bobcat,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7288.83px;left:1614.97px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7288.83px;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:7288.83px;left:5885.95px;white-space:nowrap">Machinery</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7288.83px;left:7574.63px;white-space:nowrap">62,548</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7288.83px;left:9368.2px;white-space:nowrap">2,389,490</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7485.32px;left:432px;white-space:nowrap">Hanmi
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7485.32px;left:938.8px;white-space:nowrap">Pharm
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7485.32px;left:1454.5px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7485.32px;left:1747.94px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7485.32px;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:7485.32px;left:5441.27px;white-space:nowrap">Pharmaceuticals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7485.32px;left:7663.61px;white-space:nowrap">3,605</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7485.32px;left:9501.64px;white-space:nowrap">783,634</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7681.8px;left:432px;white-space:nowrap">Hyundai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7681.8px;left:1063.48px;white-space:nowrap">Motor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7681.8px;left:1516.92px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7681.8px;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:7681.8px;left:5743.53px;white-space:nowrap">Automobiles</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7681.8px;left:7574.63px;white-space:nowrap">24,779</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7681.8px;left:9368.2px;white-space:nowrap">3,900,908</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;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:7878.29px;left:678.02px;white-space:nowrap">Skylife
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:1193.72px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:1487.16px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;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:7878.29px;left:6188.22px;white-space:nowrap">Media</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:7574.63px;white-space:nowrap">45,931</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7878.29px;left:9501.64px;white-space:nowrap">172,621</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:432px;white-space:nowrap">LG
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:689.89px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;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:8074.77px;left:4845.33px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:5539px;white-space:nowrap">Conglomerates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:7574.63px;white-space:nowrap">71,509</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8074.77px;left:9368.2px;white-space:nowrap">3,823,493</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8274.47px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:432px;white-space:nowrap">LigaChem
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:1205.75px;white-space:nowrap">Biosciences,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:2148.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;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:8271.26px;left:4448.14px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:4750.56px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;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:8271.26px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:7663.61px;white-space:nowrap">6,522</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8271.26px;left:9501.64px;white-space:nowrap">690,933</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:432px;white-space:nowrap">Misto
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:858.72px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:1525.75px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;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:8467.74px;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:8467.74px;left:4880.8px;white-space:nowrap">Apparel
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:5476.73px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:5627.91px;white-space:nowrap">Luxury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:6152.59px;white-space:nowrap">Goods</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:7574.63px;white-space:nowrap">42,245</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8467.74px;left:9368.2px;white-space:nowrap">1,265,625</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;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:8664.22px;left:1015.83px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;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:8664.22px;left:4596.5px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:5379.08px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:5859.31px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:7574.63px;white-space:nowrap">25,980</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8664.22px;left:9368.2px;white-space:nowrap">3,993,745</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:432px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:1152.39px;white-space:nowrap">Electronics
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:1979.34px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:2272.78px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;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:8860.71px;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:8860.71px;left:4276.19px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:5058.69px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:5663.53px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:5814.7px;white-space:nowrap">Peripherals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:7485.64px;white-space:nowrap">181,409</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8860.71px;left:9368.2px;white-space:nowrap">9,063,157</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:432px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:1152.39px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:1454.81px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:2201.92px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:2495.36px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;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:9057.19px;left:5921.34px;white-space:nowrap">Insurance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:7574.63px;white-space:nowrap">29,467</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9057.19px;left:9368.2px;white-space:nowrap">3,027,238</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:432px;white-space:nowrap">Samsung
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:1152.39px;white-space:nowrap">SDI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:1463.56px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:1757px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;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:9253.68px;left:4036.19px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:4783.14px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:5636.97px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9253.68px;left:6517.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9445.68px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9445.68px;left:7574.63px;white-space:nowrap">10,308</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9445.68px;left:9368.2px;white-space:nowrap">1,527,613</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:432px;white-space:nowrap">SK
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:689.89px;white-space:nowrap">Hynix,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:1178.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;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:9642.16px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:7574.63px;white-space:nowrap">58,946</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9642.16px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,231,417</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9838.65px;left:432px;white-space:nowrap">Soulbrain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9838.65px;left:1152.47px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9838.65px;left:1445.91px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9838.65px;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:9838.65px;left:5877.13px;white-space:nowrap">Chemicals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9838.65px;left:7663.61px;white-space:nowrap">1,294</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9838.65px;left:9501.64px;white-space:nowrap">202,656</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10122.41px;left:9279.22px;white-space:nowrap">45,074,656</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10449.86px;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:10449.86px;left:1006.92px;white-space:nowrap">20.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:432px;white-space:nowrap">Hon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:769.97px;white-space:nowrap">Hai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:1054.5px;white-space:nowrap">Precision
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:1757px;white-space:nowrap">Industry
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:2370.59px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:2664.03px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;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:10646.34px;left:4036.19px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:4783.14px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:5636.97px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10646.34px;left:6517.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10838.34px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10838.34px;left:7485.64px;white-space:nowrap">899,310</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10838.34px;left:9368.2px;white-space:nowrap">5,937,201</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;left:432px;white-space:nowrap">Lite-On
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;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:11034.83px;left:1852.16px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;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:11034.83px;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:11034.83px;left:4276.19px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;left:5058.69px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;left:5663.53px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;left:5814.7px;white-space:nowrap">Peripherals</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;left:7485.64px;white-space:nowrap">243,961</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11034.83px;left:9368.2px;white-space:nowrap">1,032,065</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11231.31px;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:11231.31px;left:1205.67px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11231.31px;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:11231.31px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11231.31px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11231.31px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11231.31px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11231.31px;left:7485.64px;white-space:nowrap">153,213</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11231.31px;left:9368.2px;white-space:nowrap">6,808,179</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11427.79px;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:11427.79px;left:974.5px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11427.79px;left:2086.14px;white-space:nowrap">Manufacturing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;left:576px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;left:869.44px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;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:11619.79px;left:3404.63px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;left:4596.27px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;left:4747.44px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;left:5859.08px;white-space:nowrap">Equipment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;left:7485.64px;white-space:nowrap">926,407</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11619.79px;left:9279.22px;white-space:nowrap">34,695,250</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11816.28px;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:11816.28px;left:927.23px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11816.28px;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:11816.28px;left:4036.19px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11816.28px;left:4783.14px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11816.28px;left:5636.97px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11816.28px;left:6517.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:12008.28px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:12008.28px;left:7485.64px;white-space:nowrap">261,452</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:12008.28px;left:9368.2px;white-space:nowrap">1,183,937</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">

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<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
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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="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)">

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

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1028.91px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1291.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2174.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2531.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2757.66px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2940.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3406.88px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3669.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3815.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4172.89px;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:4690.78px;white-space:nowrap">statements.</div></div>
</div>

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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">12</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:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:616.06px;left:0px;position:absolute;top:0px;transform:translate(35.999px,115.738px) 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;white-space:nowrap">Zhen
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:841.14px;white-space:nowrap">Ding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1211.77px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2065.67px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2652.7px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;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:792.39px;left:4036.19px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:4783.14px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:5636.97px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:792.39px;left:6517.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5716.81px;white-space:nowrap">Components</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">394,217</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9368.2px;white-space:nowrap">2,515,316</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1268.16px;left:9279.22px;white-space:nowrap">52,171,948</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1595.6px;left:432px;white-space:nowrap">Thailand
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1595.6px;left:1134.27px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:432px;white-space:nowrap">Kasikornbank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;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:1792.09px;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:1792.09px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:7485.64px;white-space:nowrap">659,865</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:9368.2px;white-space:nowrap">3,432,364</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:432px;white-space:nowrap">Kiatnakin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1134.66px;white-space:nowrap">Phatra
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1650.52px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1988.57px;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:1988.57px;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:1988.57px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:7485.64px;white-space:nowrap">466,939</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:9501.64px;white-space:nowrap">857,396</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;left:432px;white-space:nowrap">Minor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;left:876.53px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;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:2185.06px;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:2185.06px;left:4498.53px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;left:5040.95px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;left:5948.06px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;left:6099.23px;white-space:nowrap">Leisure</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;left:7352.2px;white-space:nowrap">2,057,149</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2185.06px;left:9368.2px;white-space:nowrap">1,487,987</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:432px;white-space:nowrap">Star
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:769.89px;white-space:nowrap">Petroleum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;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:2381.54px;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:2381.54px;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:2381.54px;left:4516.5px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:4800.95px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:5138.84px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:5290.02px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:6232.75px;white-space:nowrap">Fuels</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:7352.2px;white-space:nowrap">3,027,937</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2381.54px;left:9501.64px;white-space:nowrap">418,447</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:432px;white-space:nowrap">Thai
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:787.7px;white-space:nowrap">Beverage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;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:2578.03px;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:2578.03px;left:5859.08px;white-space:nowrap">Beverages</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:7352.2px;white-space:nowrap">1,870,265</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2578.03px;left:9501.64px;white-space:nowrap">670,480</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2861.79px;left:9368.2px;white-space:nowrap">6,866,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3189.24px;left:432px;letter-spacing:-0.99px;white-space:nowrap">Turkiye
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3189.24px;left:1033.72px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:432px;white-space:nowrap">BIM
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:760.91px;white-space:nowrap">Birlesik
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:1320.98px;white-space:nowrap">Magazalar
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:2103.64px;white-space:nowrap">A/S</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;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:3385.72px;left:3858.38px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:4640.88px;white-space:nowrap">Staples
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:5219px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:6063.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:7574.63px;white-space:nowrap">58,100</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3385.72px;left:9501.64px;white-space:nowrap">748,357</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3713.17px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3713.17px;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:3713.17px;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:3713.17px;left:2097.63px;white-space:nowrap">1.2%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:432px;white-space:nowrap">Emaar
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:947.7px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:1934.89px;white-space:nowrap">PJSC</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;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:3909.65px;left:3680.17px;white-space:nowrap">Real
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:4053.69px;white-space:nowrap">Estate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:4551.73px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:5530.09px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:5681.27px;white-space:nowrap">Development</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">365,011</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3909.65px;left:9368.2px;white-space:nowrap">1,463,846</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;left:432px;white-space:nowrap">Emirates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;left:1107.7px;white-space:nowrap">Central
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;left:1667.94px;white-space:nowrap">Cooling
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;left:2254.97px;white-space:nowrap">Systems
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;left:2912.86px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;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:4106.14px;left:6108.38px;white-space:nowrap">Utilities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;left:7352.2px;white-space:nowrap">2,564,396</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4106.14px;left:9368.2px;white-space:nowrap">1,158,986</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:432px;white-space:nowrap">Spinneys
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:1134.66px;white-space:nowrap">1961
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:1535.05px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:2122.08px;white-space:nowrap">plc</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;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:4302.62px;left:3858.38px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:4640.88px;white-space:nowrap">Staples
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:5219px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:6063.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:6214.94px;white-space:nowrap">Retail</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:7352.2px;white-space:nowrap">1,321,905</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4302.62px;left:9501.64px;white-space:nowrap">589,483</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4586.38px;left:9368.2px;white-space:nowrap">3,212,315</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4913.83px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4913.83px;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:4913.83px;left:1498.88px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5110.32px;left:432px;white-space:nowrap">Cognizant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5110.32px;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:5110.32px;left:2047.94px;white-space:nowrap">Solutions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5110.32px;left:2750.59px;white-space:nowrap">Corp.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5302.32px;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:5302.32px;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:5302.32px;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:5302.32px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5302.32px;left:7574.63px;white-space:nowrap">44,865</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5302.32px;left:9368.2px;white-space:nowrap">3,241,496</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5498.8px;left:432px;white-space:nowrap">Genpact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5498.8px;left:1081.3px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5498.8px;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:5498.8px;left:5085.56px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5498.8px;left:6010.48px;white-space:nowrap">Services</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5498.8px;left:7574.63px;white-space:nowrap">81,473</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5498.8px;left:9368.2px;white-space:nowrap">3,693,986</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5782.56px;left:9368.2px;white-space:nowrap">6,935,482</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6061.58px;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:6061.58px;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:6061.58px;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:6061.58px;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:6061.58px;left:3150.65px;white-space:nowrap">$149,964,600)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6061.58px;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:6095.45px;left:9190.23px;white-space:nowrap">239,955,163</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:6537.33px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6625.09px;left:432px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6625.09px;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:6625.09px;left:2088.35px;white-space:nowrap">5.6%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6899.13px;left:432px;white-space:nowrap">Brazil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6899.13px;left:912.16px;white-space:nowrap">5.6%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7095.61px;left:432px;white-space:nowrap">Banco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7095.61px;left:930.13px;white-space:nowrap">Bradesco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7095.61px;left:1650.52px;white-space:nowrap">SA,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7095.61px;left:1944.03px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7095.61px;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:7095.61px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7095.61px;left:7352.2px;white-space:nowrap">1,363,256</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7095.61px;left:9368.2px;white-space:nowrap">4,239,726</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7295.31px;left:380.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:432px;white-space:nowrap">Itau
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:743.33px;white-space:nowrap">Unibanco
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:1463.8px;white-space:nowrap">Holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:2050.83px;white-space:nowrap">SA,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:2344.34px;white-space:nowrap">ADR,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:2771.06px;letter-spacing:-2.37px;white-space:nowrap">3.11%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:6179.31px;white-space:nowrap">Banks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:7485.64px;white-space:nowrap">761,588</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7292.1px;left:9368.2px;white-space:nowrap">5,437,738</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7491.79px;left:380.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7488.58px;left:432px;white-space:nowrap">Petroleo
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7488.58px;left:1072.39px;white-space:nowrap">Brasileiro
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7488.58px;left:1783.72px;letter-spacing:-2.94px;white-space:nowrap">SA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7488.58px;left:2032.78px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7488.58px;left:2130.52px;white-space:nowrap">Petrobras,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;left:576px;letter-spacing:-1.98px;white-space:nowrap">11.19%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;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:7680.58px;left:4516.5px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;left:4800.95px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;left:5138.84px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;left:5290.02px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;left:6232.75px;white-space:nowrap">Fuels</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;left:7485.64px;white-space:nowrap">838,976</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7680.58px;left:9368.2px;white-space:nowrap">4,812,408</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7964.34px;left:9279.22px;white-space:nowrap">14,489,872</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8243.36px;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:8243.36px;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:8243.36px;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:8243.36px;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:8243.36px;left:3173.41px;white-space:nowrap">$10,933,942)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8243.36px;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:8277.23px;left:9279.22px;white-space:nowrap">14,489,872</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:8719.11px;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:8719.11px;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:8719.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:8719.11px;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:8719.11px;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:8806.87px;left:432px;white-space:nowrap">Escrows
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8806.87px;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:8806.87px;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:8806.87px;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:8806.87px;left:3332.49px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;font-weight:bold;position:absolute;top:8810.89px;left:3788.35px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:9040.44px;left:302.33px;white-space:nowrap">a,e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9037.23px;left:432px;white-space:nowrap">Hemisphere
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9037.23px;left:1339.03px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9037.23px;left:2112.7px;white-space:nowrap">India
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9037.23px;left:2504.11px;white-space:nowrap">Ltd.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9229.23px;left:576px;white-space:nowrap">Escrow
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9229.23px;left:1136.16px;white-space:nowrap">Account</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9229.23px;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:9229.23px;left:7574.63px;white-space:nowrap">38,214</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9229.23px;left:9590.63px;white-space:nowrap">28,725</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9508.24px;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:9508.24px;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:9508.24px;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:9508.24px;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:9508.24px;left:3195.18px;letter-spacing:-1.58px;white-space:nowrap">Trusts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9508.24px;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:9508.24px;left:4417.55px;white-space:nowrap">$&#8211;)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9508.24px;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:9542.11px;left:9590.63px;white-space:nowrap">28,725</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9984.04px;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:9984.04px;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:9984.04px;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:9984.04px;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:9984.04px;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:9984.04px;left:3813.74px;white-space:nowrap">$160,898,542)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9984.04px;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:10017.91px;left:9190.23px;white-space:nowrap">254,473,760</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:7913.58px;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:8772.28px;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:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</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(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</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, );background-repeat:no-repeat;background-size:cover;height:616.50px;left:0px;position:absolute;top:0px;transform:translate(54.000px,115.295px) 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,2.6px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:271px;left:432px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:271px;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:271px;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:271px;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:601.08px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:80px;position:absolute;top:601.08px;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:533.35px;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:533.35px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:533.35px;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:533.35px;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:746.44px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:746.44px;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:746.44px;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:746.44px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:746.44px;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:746.44px;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:834.21px;left:432px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:834.21px;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:834.21px;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:834.21px;left:2476.73px;white-space:nowrap">3.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1108.24px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1108.24px;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:1108.24px;left:1498.88px;white-space:nowrap">3.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1307.94px;left:333.48px;white-space:nowrap">h,i</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1304.72px;left:432px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1304.72px;left:1285.83px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1304.72px;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:1304.72px;left:2379.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1304.72px;left:2477.16px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1496.72px;left:576px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1496.72px;left:1109.44px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1496.72px;left:1785.3px;white-space:nowrap">4.25%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1496.72px;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:1496.72px;left:7280.2px;white-space:nowrap">9,670,973</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1496.72px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1496.72px;left:9368.2px;white-space:nowrap">9,670,973</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1775.74px;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:1775.74px;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:1775.74px;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:1775.74px;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:1775.74px;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:1775.74px;left:3561.79px;white-space:nowrap">$9,670,973)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1775.74px;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:1809.61px;left:9368.2px;white-space:nowrap">9,670,973</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2216.68px;left:411.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2208.72px;left:432px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2208.72px;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:2208.72px;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:2208.72px;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:2208.72px;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:2208.72px;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:2208.72px;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:2448.72px;left:432px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2448.72px;left:1443.62px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2722.76px;left:432px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2722.76px;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:2722.76px;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:2722.76px;left:2067.78px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2922.45px;left:333.48px;white-space:nowrap">h,i</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2919.24px;left:432px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2919.24px;left:1285.83px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2919.24px;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:2919.24px;left:2379.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2919.24px;left:2477.16px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3111.24px;left:576px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3111.24px;left:1109.44px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3111.24px;left:1785.3px;white-space:nowrap">4.25%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3111.24px;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:3111.24px;left:7280.2px;white-space:nowrap">1,204,122</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3111.24px;left:9368.2px;white-space:nowrap">1,204,122</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3390.26px;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:3390.26px;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:3390.26px;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:3390.26px;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:3390.26px;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:3390.26px;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:3390.26px;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:3390.26px;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:3390.26px;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:3390.26px;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:3630.26px;left:432px;white-space:nowrap">$1,204,122)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:3630.26px;left:1582.23px;letter-spacing:50.05px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3664.13px;left:9368.2px;white-space:nowrap">1,204,122</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:4047.15px;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:4047.15px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:4047.15px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:4047.15px;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:4047.15px;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:4111.88px;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:4111.88px;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:4111.88px;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:4111.88px;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:4111.88px;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:4111.88px;left:3847.23px;white-space:nowrap">$10,875,095</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4111.88px;left:4959.44px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;position:absolute;top:4111.88px;left:5032.92px;letter-spacing:51.12px;white-space:nowrap">................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4145.75px;left:9279.22px;white-space:nowrap">10,875,095</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;position:absolute;top:4360.03px;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:4360.03px;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:4360.03px;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:4424.77px;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:4424.77px;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:4424.77px;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:4424.77px;left:2739.71px;white-space:nowrap">$171,773,637)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4424.77px;left:4085.32px;white-space:nowrap">102.8%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4424.77px;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:4458.64px;left:9101.25px;white-space:nowrap">$265,348,855</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:4658.33px;left:380.12px;white-space:nowrap">k</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4650.37px;left:432px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4650.37px;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:4650.37px;left:1810.13px;white-space:nowrap">(1.9)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4650.37px;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:4684.24px;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:4875.98px;left:432px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4875.98px;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:4875.98px;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:4875.98px;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:4875.98px;left:3203.48px;white-space:nowrap">(0.9)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4875.98px;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:4909.85px;left:9261.64px;white-space:nowrap">(2,132,159)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5196.15px;left:432px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5196.15px;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:5196.15px;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:5196.15px;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:5230.01px;left:9101.25px;white-space:nowrap">$258,216,696</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:5444.3px;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:5444.3px;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:5444.3px;left:10074.44px;white-space:nowrap">a</div></div>
</div>

<div style="height:188.63px;left:0px;position:absolute;top:0px;transform:translate(54.000px,543.167px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:3675.39px;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">25</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:163.47px;left:0px;position:absolute;top:0px;transform:translate(54.000px,572.646px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:3125.81px;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:63.81px;white-space:nowrap">Non-income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:807.56px;white-space:nowrap">producing.</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;letter-spacing:-1.07px;white-space:nowrap">Variable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:572.01px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1038.81px;white-space:nowrap">entity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1388.97px;white-space:nowrap">(VIE).
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1760.76px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2030.69px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2344.28px;white-space:nowrap">6
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2453.73px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:3044.51px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:3781.15px;white-space:nowrap">made
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:4145.84px;white-space:nowrap">through
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:4627.33px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:4736.78px;white-space:nowrap">VIE
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;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:411.56px;left:5561px;white-space:nowrap">At
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:5714.28px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:6159.28px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:6378.19px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:6743.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:6961.94px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:7589.36px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:7939.51px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:8085.45px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:8442.95px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:9033.65px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:9303.42px;white-space:nowrap">$23,923,736,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:0px;white-space:nowrap">representing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:765.86px;white-space:nowrap">9.3%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:1101.41px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:1247.34px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:603.56px;left:1466.25px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:804.27px;left:0px;white-space:nowrap">c </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:55.34px;letter-spacing:-3.59px;white-space:nowrap">A
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:172.14px;white-space:nowrap">portion
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:609.79px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:762.92px;white-space:nowrap">all
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:930.65px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1076.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1295.5px;white-space:nowrap">security
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1784.09px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1915.34px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2097.76px;white-space:nowrap">loan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2382.29px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2521.04px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2966.04px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3184.95px;white-space:nowrap">2025.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3549.79px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3819.71px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:4133.31px;white-space:nowrap">1(c).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1000.75px;left:0px;white-space:nowrap">d </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;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:996.53px;left:574.28px;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:844.05px;white-space:nowrap">purchased
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:1493.26px;white-space:nowrap">pursuant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:2040.37px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:2186.31px;white-space:nowrap">Rule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:2492.56px;letter-spacing:-1.44px;white-space:nowrap">144A
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:2828.26px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:2981.39px;white-space:nowrap">Regulation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:3645.14px;white-space:nowrap">S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:3769.12px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:4141.15px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:4360.06px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:4965.45px;letter-spacing:0px;white-space:nowrap">Act
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:5191.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:5337.48px;white-space:nowrap">1933.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;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:996.53px;left:6038.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:6628.73px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:6913.11px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:7095.53px;white-space:nowrap">sold
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:7372.72px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:7511.31px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:8255.3px;white-space:nowrap">exempt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:8722.09px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:9021px;white-space:nowrap">registration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:996.53px;left:9706.55px;white-space:nowrap">only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:0px;white-space:nowrap">to </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:145.94px;text-rendering:optimizeLegibility;white-space:nowrap">qualified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:671.17px;white-space:nowrap">institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:1364.14px;white-space:nowrap">buyers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:1794.45px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:1947.58px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:2086.17px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:2195.63px;white-space:nowrap">public
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:2574.92px;letter-spacing:-0.25px;white-space:nowrap">offering
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:3046.8px;white-space:nowrap">registered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:3666.72px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:4038.75px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:4257.66px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:4863.05px;white-space:nowrap">Act
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:5089.14px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:5235.08px;white-space:nowrap">1933.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:5599.92px;white-space:nowrap">Regulation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:6263.67px;white-space:nowrap">S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:6387.66px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:6978.36px;white-space:nowrap">cannot
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:7408.83px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:7591.25px;white-space:nowrap">sold
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:7868.44px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:8007.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:8225.94px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:8641.64px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:9050.16px;white-space:nowrap">without
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:9502.34px;white-space:nowrap">either
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1188.53px;left:9867.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:0px;letter-spacing:-0.23px;white-space:nowrap">effective
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:522.97px;white-space:nowrap">registration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:1208.52px;white-space:nowrap">statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;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:1380.53px;left:2098.44px;white-space:nowrap">pursuant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2645.55px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2791.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:3010.39px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:3615.78px;white-space:nowrap">Act
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:3841.88px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:3987.81px;white-space:nowrap">1933,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:4352.66px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:4505.78px;white-space:nowrap">pursuant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:5052.89px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:5198.83px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:5381.25px;white-space:nowrap">exemption
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:6023.13px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:6322.03px;white-space:nowrap">registration.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:7036.88px;white-space:nowrap">At
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:7190.16px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:7635.16px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:7854.06px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:8218.91px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:8437.81px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:9065.23px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:9415.39px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:9561.33px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1572.53px;left:0px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1572.53px;left:590.7px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1572.53px;left:860.47px;letter-spacing:-0.74px;white-space:nowrap">$11,198,217,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1572.53px;left:1653.52px;white-space:nowrap">representing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1572.53px;left:2419.38px;white-space:nowrap">4.3%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1572.53px;left:3119.77px;white-space:nowrap">assets.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:63.81px;white-space:nowrap">Fair
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:749.36px;white-space:nowrap">using
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:1719.51px;white-space:nowrap">unobservable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:2543.81px;white-space:nowrap">inputs.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:2966.94px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:3236.86px;white-space:nowrap">Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:3550.45px;white-space:nowrap">8
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:3659.9px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:4250.69px;white-space:nowrap">fair
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:4469.44px;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:4819.59px;letter-spacing:0px;white-space:nowrap">measurements.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:42.54px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:312.46px;white-space:nowrap">Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:626.06px;white-space:nowrap">6
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:735.51px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:1326.29px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:2062.93px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:2201.52px;white-space:nowrap">Russian
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1965.5px;left:2711.99px;white-space:nowrap">securities.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2166.2px;left:0px;white-space:nowrap">g </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;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:2161.98px;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:2161.98px;left:834.59px;letter-spacing:-0.96px;white-space:nowrap">security.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:1347.8px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;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:2161.98px;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:2161.98px;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:2161.98px;left:2945.06px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;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:2161.98px;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:2161.98px;left:3616.23px;white-space:nowrap">period
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:4017.4px;white-space:nowrap">end.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2362.69px;left:0px;white-space:nowrap">h </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:63.81px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:333.73px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:647.33px;white-space:nowrap">3(c)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:909.75px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:1500.53px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:2237.17px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:2375.76px;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:2358.47px;left:2901px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:3703.34px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:4374.36px;white-space:nowrap">companies.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2559.17px;left:0px;white-space:nowrap">i </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;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:2554.95px;left:299.52px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:562.09px;white-space:nowrap">shown
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:977.8px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:1109.05px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;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:2554.95px;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:2554.95px;left:2641px;letter-spacing:-0.23px;white-space:nowrap">effective
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:3163.97px;white-space:nowrap">yield
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:3470.3px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:3616.24px;white-space:nowrap">period
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:4017.41px;white-space:nowrap">end.</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:38.26px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:308.18px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:621.77px;white-space:nowrap">1(c)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:884.2px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:1474.98px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:2065.68px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2751.44px;left:2248.1px;white-space:nowrap">loan.</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">7
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:752.5px;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:1343.28px;white-space:nowrap">credit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2947.92px;left:1700.62px;letter-spacing:-1.07px;white-space:nowrap">facility.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:610.4px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;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:2497.34px;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:2905.86px;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:3635.23px;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:4138.67px;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:4656.56px;white-space:nowrap">statements.</div></div>
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<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:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:614.90px;left:0px;position:absolute;top:0px;transform:translate(36.000px,116.899px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, 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:9101.25px;white-space:nowrap">$160,898,542</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:9279.22px;white-space:nowrap">10,875,095</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;letter-spacing:-1.08px;white-space:nowrap">$1,432,116)</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:9101.25px;white-space:nowrap">$254,473,760</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:9279.22px;white-space:nowrap">10,875,095</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">$380,470)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2043.32px;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:2043.32px;left:9501.64px;white-space:nowrap">380,470</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">1,046,380</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">587,576</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">267,363,281</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">380,384</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:288px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:759.25px;white-space:nowrap">facility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:1248.23px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:1683.94px;white-space:nowrap">7</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:1772.92px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3721.19px;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:3721.19px;left:9368.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:288px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:1266.36px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3923.68px;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:3923.68px;left:9501.64px;white-space:nowrap">227,342</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;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:4126.16px;left:979.48px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;left:1326.36px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;left:1637.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4126.16px;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:4126.16px;left:9679.61px;white-space:nowrap">1,963</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:288px;white-space:nowrap">Accrued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:919.41px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:1488.55px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;left:1924.25px;white-space:nowrap">7)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4328.65px;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:4328.65px;left:9590.63px;white-space:nowrap">35,700</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:144px;white-space:nowrap">Payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:766.66px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:1167.05px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:1629.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:1807.36px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:2527.59px;white-space:nowrap">loaned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:3052.52px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:3488.22px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:3577.2px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;left:3657.2px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4531.13px;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:4531.13px;left:9368.2px;white-space:nowrap">1,204,122</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:144px;white-space:nowrap">Deferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:810.95px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:1237.83px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:1460.25px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;left:2242.98px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4733.62px;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:4733.62px;left:9368.2px;white-space:nowrap">2,207,999</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:144px;white-space:nowrap">Accrued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:775.41px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:1504.78px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:1816.19px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;left:2225.33px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4936.1px;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:4936.1px;left:9590.63px;white-space:nowrap">89,075</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5167.58px;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:5167.58px;left:958.42px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5167.58px;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:5167.58px;left:9368.2px;white-space:nowrap">9,146,585</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5428.07px;left:864px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5428.07px;left:1157.44px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5428.07px;left:1708.77px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5428.07px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5428.07px;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:5428.07px;left:9101.25px;white-space:nowrap">$258,216,696</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.01px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.01px;left:293.44px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.01px;left:800.31px;white-space:nowrap">consist
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5834.01px;left:1342.73px;white-space:nowrap">of:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6065.49px;left:144px;white-space:nowrap">Paid-in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6065.49px;left:686.5px;white-space:nowrap">capital</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6065.49px;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:6065.49px;left:9101.25px;white-space:nowrap">$169,128,007</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;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:6267.98px;left:526.42px;white-space:nowrap">distributable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;left:1433.61px;white-space:nowrap">earnings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;left:2091.81px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6267.98px;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:6267.98px;left:9279.22px;white-space:nowrap">89,088,689</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6499.46px;left:864px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6499.46px;left:1157.44px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6499.46px;left:1708.77px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6499.46px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6499.46px;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:6499.46px;left:9101.25px;white-space:nowrap">$258,216,696</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6759.95px;left:144px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6759.95px;left:695.41px;white-space:nowrap">outstanding</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6759.95px;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:6759.95px;left:9279.22px;white-space:nowrap">14,947,897</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7020.43px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7020.43px;left:437.44px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7020.43px;left:864.31px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7020.43px;left:1291.27px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7020.43px;left:1566.97px;white-space:nowrap">share</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7023.64px;left:1967.2px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7020.43px;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:7020.43px;left:9590.63px;white-space:nowrap">$17.27</div></div>
</div>

<div style="height:18.19px;left:0px;position:absolute;top:0px;transform:translate(36.000px,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: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">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">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:960.47px;white-space:nowrap">ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1501.08px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2111.48px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2411.72px;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,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(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</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">15</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>
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<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">$760,700)</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:9279.22px;white-space:nowrap">$6,136,579</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">419,239</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:9813.05px;white-space:nowrap">931</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:9679.61px;white-space:nowrap">2,662</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:9380.08px;letter-spacing:-1.32px;white-space:nowrap">6,559,411</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">2,490,904</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:144px;white-space:nowrap">Custodian
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:908.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2829.8px;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:2829.8px;left:9590.63px;white-space:nowrap">53,083</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:144px;white-space:nowrap">Reports
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:748.69px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:926.58px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1896.03px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3032.28px;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:3032.28px;left:9590.63px;white-space:nowrap">29,451</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:144px;white-space:nowrap">Registration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:1042.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;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:3234.77px;left:1727.13px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3234.77px;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:3234.77px;left:9590.63px;white-space:nowrap">10,085</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:144px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1068.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3437.25px;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:3437.25px;left:9501.64px;white-space:nowrap">187,716</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:144px;letter-spacing:-0.59px;white-space:nowrap">Trustees&#39;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:835.48px;white-space:nowrap">fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1182.36px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1493.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3639.74px;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:3639.74px;left:9590.63px;white-space:nowrap">30,421</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:144px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:722.05px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1371.42px;white-space:nowrap">(Not</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1673.69px;white-space:nowrap">e
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1807.13px;white-space:nowrap">7)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:9501.64px;white-space:nowrap">286,700</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:144px;white-space:nowrap">Other</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4044.71px;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:4044.71px;left:9590.63px;white-space:nowrap">49,180</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4247.19px;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:4247.19px;left:814.42px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4247.19px;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:4247.19px;left:9368.2px;white-space:nowrap">3,137,540</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:432px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:1179.11px;white-space:nowrap">waived/paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:2068.56px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:2282px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:2909.42px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:3345.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:3434.11px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:3514.11px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4449.67px;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:4449.67px;left:9484.06px;white-space:nowrap">(32,897)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4681.16px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4681.16px;left:869.44px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4681.16px;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:4681.16px;left:9368.2px;white-space:nowrap">3,104,643</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:720px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:1013.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:1831.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4941.64px;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:4941.64px;left:9368.2px;white-space:nowrap">3,454,768</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:0px;white-space:nowrap">Realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:667.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:978.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:1761.17px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:2188.13px;white-space:nowrap">(losses):</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:437.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:1042.2px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:1389.16px;white-space:nowrap">(loss)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:1824.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:288px;white-space:nowrap">Investments:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:1239.48px;white-space:nowrap">(net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:1559.64px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:1737.53px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:2271.2px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:2698.08px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:2875.97px;white-space:nowrap">$588,081)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5896.58px;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:5896.58px;left:9368.2px;white-space:nowrap">5,550,017</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:288px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:874.95px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:1532.92px;white-space:nowrap">transactions</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6099.07px;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:6099.07px;left:9679.61px;white-space:nowrap">2,373</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6330.55px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6330.55px;left:869.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6330.55px;left:1474.2px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6330.55px;left:1821.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6330.55px;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:6330.55px;left:9368.2px;white-space:nowrap">5,552,390</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:144px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:437.44px;white-space:nowrap">change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:1006.81px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:1175.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:1958.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:2874.7px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6562.03px;left:3897.44px;white-space:nowrap">on:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6764.52px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6967px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6967px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6967px;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:6967px;left:9279.22px;white-space:nowrap">41,569,581</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;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:7169.49px;left:1118px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:1295.89px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:1705.03px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:2211.91px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:2523.31px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:3172.45px;white-space:nowrap">denominated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:4142.06px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:4311.05px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:4844.72px;white-space:nowrap">currencies</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7169.49px;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:7169.49px;left:9484.06px;white-space:nowrap">(16,810)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:288px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:892.92px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:1061.91px;white-space:nowrap">deferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:1702.3px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:2129.17px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:2351.59px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:3134.33px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7371.97px;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:7371.97px;left:9484.06px;white-space:nowrap">(72,037)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:869.44px;white-space:nowrap">change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:1438.81px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:1607.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:2390.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:3306.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7603.46px;left:9279.22px;white-space:nowrap">41,480,734</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7831.94px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7831.94px;left:293.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7831.94px;left:898.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7831.94px;left:1209.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7831.94px;left:1992.34px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7831.94px;left:2339.3px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7831.94px;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:7831.94px;left:9279.22px;white-space:nowrap">47,033,124</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:293.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:942.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:1751.88px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:1920.86px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:2187.73px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:2694.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:3343.83px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;left:3708.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8092.42px;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:8092.42px;left:9190.23px;white-space:nowrap">$50,487,892</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">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(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(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:615.18px;left:0px;position:absolute;top:0px;transform:translate(36.000px,116.623px) 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:7480.52px;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: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:7133.72px;white-space:nowrap">August
</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">31,
</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:408.5px;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:408.5px;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:600.5px;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:600.5px;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:600.5px;left:9724.06px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:838.98px;left:0px;white-space:nowrap">Increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:838.98px;left:658.13px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:838.98px;left:1467.34px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:838.98px;left:1636.33px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:838.98px;left:1903.2px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1041.47px;left:144px;white-space:nowrap">Operations:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1243.95px;left:288px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1243.95px;left:581.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1243.95px;left:1399.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1243.95px;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:1243.95px;left:7551.22px;white-space:nowrap">$3,454,768</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1243.95px;left:9279.22px;white-space:nowrap">$4,384,244</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1446.44px;left:288px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1446.44px;left:581.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1446.44px;left:1186.2px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1446.44px;left:1533.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1446.44px;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:1446.44px;left:7640.2px;white-space:nowrap">5,552,390</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1446.44px;left:9279.22px;white-space:nowrap">12,245,086</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;left:288px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;left:581.44px;white-space:nowrap">change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;left:1150.81px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;left:1319.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;left:2102.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;left:3018.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;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:1648.92px;left:7551.22px;white-space:nowrap">41,480,734</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1648.92px;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:1880.41px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:869.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:2327.88px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:2496.86px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:2763.73px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:3270.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:3919.83px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:4284.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;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:1880.41px;left:7551.22px;white-space:nowrap">50,487,892</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1880.41px;left:9279.22px;white-space:nowrap">28,523,054</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2111.89px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2111.89px;left:1068.77px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2111.89px;left:1246.66px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2111.89px;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:2111.89px;left:7444.66px;white-space:nowrap">(14,365,395)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2111.89px;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:2395.83px;left:144px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2395.83px;left:686.5px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2395.83px;left:1131.19px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2395.83px;left:2038.3px;white-space:nowrap">(Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2395.83px;left:2474px;white-space:nowrap">2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2395.83px;left:2562.98px;white-space:nowrap">)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2395.83px;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:2395.83px;left:7533.64px;white-space:nowrap">(4,130,408)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2395.83px;left:9261.64px;white-space:nowrap">(4,521,710)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:576px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:869.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:2327.88px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:2496.86px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:2763.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;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:2679.77px;left:7551.22px;white-space:nowrap">31,992,089</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:9279.22px;white-space:nowrap">12,727,873</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2882.26px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2882.26px;left:293.44px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3084.74px;left:144px;white-space:nowrap">Beginning
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3084.74px;left:900.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3084.74px;left:1078.06px;white-space:nowrap">year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3084.74px;left:1401.2px;letter-spacing:49.62px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3084.74px;left:7462.23px;white-space:nowrap">226,224,607</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3084.74px;left:9190.23px;white-space:nowrap">213,496,734</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:144px;white-space:nowrap">End
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:473.14px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:651.03px;white-space:nowrap">year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:1027.54px;letter-spacing:49.57px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:7373.25px;white-space:nowrap">$258,216,696</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3316.22px;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(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: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: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: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:5653.45px;white-space:nowrap">Annual
</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: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">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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1181.6px;white-space:nowrap">Financial
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<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>
</div>

<div style="height:611.16px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<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.
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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:-3.69px;white-space:nowrap">Organization
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<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
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<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
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;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:344px;left:1700.86px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:344px;left:2390.98px;white-space:nowrap">Fund&#160;(Fund)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:1661.04px;white-space:nowrap">Investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:2591.46px;white-space:nowrap">Company
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3401.89px;white-space:nowrap">Act
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:594px;left:3912.1px;white-space:nowrap">1940
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:1260.7px;white-space:nowrap">closed-end
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:2191.29px;white-space:nowrap">management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:844px;left:3291.94px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1344px;left:0px;white-space:nowrap">guidance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1344px;left:970.75px;white-space:nowrap">Financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1344px;left:1731.18px;white-space:nowrap">Accounting
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1344px;left:2671.79px;white-space:nowrap">Standards
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1344px;left:3542.34px;white-space:nowrap">Board
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1344px;left:4072.68px;letter-spacing:-1.42px;white-space:nowrap">(FASB)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1594px;left:0px;white-space:nowrap">Accounting
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1594px;left:940.61px;white-space:nowrap">Standards
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1594px;left:1811.16px;text-rendering:optimizeLegibility;white-space:nowrap">Codification
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1594px;left:2798.44px;letter-spacing:-3.33px;white-space:nowrap">Topic
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1594px;left:3268.65px;white-space:nowrap">946,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1594px;left:3668.99px;white-space:nowrap">Financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1844px;left:0px;white-space:nowrap">Services
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1844px;left:740.21px;white-space:nowrap">&#8211;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1844px;left:890.33px;white-space:nowrap">Investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1844px;left:1820.74px;white-space:nowrap">Companies
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1844px;left:2781.21px;white-space:nowrap">(ASC
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1844px;left:3261.27px;white-space:nowrap">946)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1844px;left:4021.88px;white-space:nowrap">applies
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2594px;left:2641.46px;white-space:nowrap">946.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3024px;left:3866.04px;white-space:nowrap">accounting
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3777.54px;left:0px;white-space:nowrap">a.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3777.54px;left:211.25px;white-space:nowrap">Financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3777.54px;left:1087.58px;white-space:nowrap">Instrument
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7608px;left:4205.21px;white-space:nowrap">utilize
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8108px;left:710.42px;white-space:nowrap">instrument
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8108px;left:2641.46px;white-space:nowrap">other
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8108px;left:3701.87px;white-space:nowrap">sources
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8358px;left:850.43px;white-space:nowrap">fair
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8358px;left:1150.49px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8788px;left:0px;white-space:nowrap">Equity
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8788px;left:550.28px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8788px;left:1360.55px;white-space:nowrap">listed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8788px;left:2331.21px;white-space:nowrap">exchange
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8788px;left:3922.38px;white-space:nowrap">NASDAQ
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9682px;left:1380.76px;white-space:nowrap">Net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9682px;left:1710.88px;white-space:nowrap">unrealized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10141.92px;left:9082.09px;white-space:nowrap">provision
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10391.92px;left:5220px;white-space:nowrap">U.S.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10391.92px;left:5620.08px;white-space:nowrap">federal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10391.92px;left:6220.46px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10391.92px;left:6850.72px;white-space:nowrap">taxes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10391.92px;left:7330.96px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10391.92px;left:7510.96px;white-space:nowrap">required.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10821.92px;left:5220px;white-space:nowrap">The&#160;Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10821.92px;left:6680.74px;white-space:nowrap">subject
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10821.92px;left:8101.58px;white-space:nowrap">taxation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10821.92px;left:8782.03px;white-space:nowrap">related
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11071.92px;left:5220px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11071.92px;left:5850.26px;white-space:nowrap">received,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11071.92px;left:6630.64px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11071.92px;left:7200.97px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11071.92px;left:8812.09px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11321.92px;left:6760.99px;white-space:nowrap">currency
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11321.92px;left:7501.2px;white-space:nowrap">transactions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11571.92px;left:5220px;white-space:nowrap">jurisdictions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11571.92px;left:7050.67px;white-space:nowrap">invests.
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11821.92px;left:7071.33px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11821.92px;left:7361.46px;white-space:nowrap">regulations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11821.92px;left:8292.04px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11821.92px;left:8642.37px;white-space:nowrap">rates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11821.92px;left:9092.55px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11821.92px;left:9442.79px;white-space:nowrap">exist
</div></div> </div>

<div style="height:54.74px;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: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(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
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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: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:7461.73px;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:8019.91px;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:8272.39px;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:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:5653.45px;white-space:nowrap">Annual
</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>
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<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</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="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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:180px;position:absolute;top:988px;left:0px;white-space:nowrap">in </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:190.11px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:490.34px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:1090.72px;white-space:nowrap">markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:1780.84px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:1970.95px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:2481.15px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:2781.39px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:3241.67px;white-space:nowrap">invests.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:3901.9px;white-space:nowrap">When
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:988px;left:4422.13px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1238px;left:0px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1238px;left:570.32px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1238px;left:960.64px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1238px;left:1250.77px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1238px;left:1430.77px;white-space:nowrap">determined
</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8491.55px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8791.79px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5850.26px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6200.6px;white-space:nowrap">short-term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7070.71px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7641.04px;white-space:nowrap">gains.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8168.12px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8528.29px;white-space:nowrap">balance
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">distribution
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7740.97px;white-space:nowrap">long-term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8551.23px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9121.55px;white-space:nowrap">gains
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5520.23px;white-space:nowrap">extent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6060.59px;white-space:nowrap">permitted
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7401.27px;letter-spacing:-1.21px;white-space:nowrap">necessary,
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8458.42px;white-space:nowrap">return
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9178.77px;white-space:nowrap">capital.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">Distributable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6270.47px;white-space:nowrap">earnings
</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9102.13px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9302.26px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5510.13px;white-space:nowrap">regulations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6440.71px;white-space:nowrap">(tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6790.78px;white-space:nowrap">basis)
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8061.33px;text-rendering:optimizeLegibility;white-space:nowrap">differ
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8917.65px;white-space:nowrap">earnings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5980.43px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6170.54px;white-space:nowrap">accordance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7151.13px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7521.24px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7921.32px;letter-spacing:-3.87px;white-space:nowrap">GAAP.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8495.07px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9045.35px;text-rendering:optimizeLegibility;white-space:nowrap">differences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">may
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5860.28px;white-space:nowrap">permanent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6770.83px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6980.89px;letter-spacing:-1.21px;white-space:nowrap">temporary.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7877.81px;white-space:nowrap">Permanent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8808.31px;text-rendering:optimizeLegibility;white-space:nowrap">differences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5220px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5530.17px;text-rendering:optimizeLegibility;white-space:nowrap">reclassified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6480.53px;white-space:nowrap">among
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7080.91px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7651.23px;white-space:nowrap">accounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8421.68px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8621.81px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:9161.98px;white-space:nowrap">their
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:9562.15px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5220px;letter-spacing:-0.9px;white-space:nowrap">character.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:6057.16px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:6607.44px;text-rendering:optimizeLegibility;white-space:nowrap">reclassifications
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:7927.91px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:8368.24px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:8618.47px;white-space:nowrap">impact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:9198.63px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:9448.86px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:5220px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:5790.23px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6000.29px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6300.53px;white-space:nowrap">results
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6880.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:7080.82px;white-space:nowrap">operations.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:8018.17px;letter-spacing:-2px;white-space:nowrap">Temporary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:8918.44px;text-rendering:optimizeLegibility;white-space:nowrap">differences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:5220px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:5530.17px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:5830.4px;text-rendering:optimizeLegibility;white-space:nowrap">reclassified,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:6830.77px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:7070.89px;white-space:nowrap">they
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:7461.12px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:7851.18px;white-space:nowrap">reverse
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:8501.4px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:8691.5px;white-space:nowrap">subsequent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:5220px;white-space:nowrap">periods.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4232.18px;left:5220px;white-space:nowrap">f.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4232.18px;left:5381.8px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4232.18px;left:6479.49px;white-space:nowrap">Estimates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:5220px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:5580.18px;white-space:nowrap">preparation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:6540.82px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:6740.95px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:7451.37px;white-space:nowrap">statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:8381.78px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:8571.88px;white-space:nowrap">accordance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:9552.48px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:5220px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:5620.08px;letter-spacing:-0.65px;white-space:nowrap">GAAP
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:6167.02px;white-space:nowrap">requires
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:6867.33px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:7967.99px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:8168.12px;white-space:nowrap">make
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:8658.28px;white-space:nowrap">estimates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:9478.56px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:5220px;white-space:nowrap">assumptions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:6280.49px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:6630.73px;text-rendering:optimizeLegibility;white-space:nowrap">affect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:7117.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:7417.35px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:8137.79px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:8878.18px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:9078.31px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5312.64px;left:5220px;white-space:nowrap">and
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9847.44px;left:7464.29px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9847.44px;left:8044.54px;white-space:nowrap">the&#160;years
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9847.44px;left:8834.94px;white-space:nowrap">ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9847.44px;left:9375.56px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:0px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:300.23px;letter-spacing:-0.5px;white-space:nowrap">2025&#160;and&#160;August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:1701.47px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:2001.71px;white-space:nowrap">2024,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:2502.16px;white-space:nowrap">there
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:2962.44px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:3402.6px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:3652.82px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:4243.1px;white-space:nowrap">issued;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:4863.43px;white-space:nowrap">all
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:5093.53px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:5974.01px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:6984.49px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:7424.65px;text-rendering:optimizeLegibility;white-space:nowrap">satisfied
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:8134.98px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:8505.09px;white-space:nowrap">previously
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10097.44px;left:9365.45px;white-space:nowrap">issued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10347.44px;left:0px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10347.44px;left:590.27px;white-space:nowrap">purchased
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10347.44px;left:1480.87px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10347.44px;left:1670.98px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10347.44px;left:1971.21px;white-space:nowrap">open
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10347.44px;left:2421.65px;white-space:nowrap">market.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:0px;white-space:nowrap">Under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:540.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:840.5px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:1370.83px;white-space:nowrap">approved
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:2171.43px;white-space:nowrap">open-market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:3231.91px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:3732.19px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:4682.72px;white-space:nowrap">program,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:5453px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:5753.23px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:6213.52px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:6603.57px;white-space:nowrap">purchase,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:7444.07px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:7854.08px;white-space:nowrap">time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:8244.14px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:8444.27px;white-space:nowrap">time,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:8884.34px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:9344.62px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10777.44px;left:9934.89px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:0px;white-space:nowrap">open-market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:1060.49px;white-space:nowrap">transactions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:2131px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:2331.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:2631.36px;white-space:nowrap">discretion
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:3451.73px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:3651.86px;white-space:nowrap">management.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:4799.27px;letter-spacing:-0.51px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:5873.03px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:6063.13px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:6363.37px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:6948.02px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:7538.29px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:7978.45px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11027.44px;left:8218.56px;white-space:nowrap">follows:</div></div>
</div>

<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, 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">d.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:221.64px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:939.61px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1330.19px;white-space:nowrap">Deferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2164.4px;letter-spacing:-1.76px;white-space:nowrap">Taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:682.94px;left:2741.83px;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:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">20</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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:608.64px;left:0px;position:absolute;top:0px;transform:translate(36.000px,123.919px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2223.42px;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:2223.42px;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:2223.42px;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:2223.42px;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:2591.15px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:690.21px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:1650.59px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:1990.72px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:2170.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:2470.96px;white-space:nowrap">holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:3101.48px;white-space:nowrap">company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:3881.87px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:4141.93px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:4772.2px;white-space:nowrap">subsidiaries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:5772.66px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:6122.9px;white-space:nowrap">together
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:6833.41px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:7143.57px;white-space:nowrap">referred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:7823.85px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:8023.97px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;left:8264.09px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2591.15px;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:2841.15px;left:0px;white-space:nowrap">Certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;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:2841.15px;left:1255.96px;white-space:nowrap">and&#160;trustees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;left:2296.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;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:2841.15px;left:3567.39px;white-space:nowrap">also
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;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:2841.15px;left:4573.3px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;left:5133.69px;white-space:nowrap">directors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;left:5873.91px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;left:6074.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;left:6374.27px;white-space:nowrap">following
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2841.15px;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:4635.62px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4635.62px;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:4635.62px;left:1425.37px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;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:4966.09px;left:1286.54px;white-space:nowrap">1,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:1486.67px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:1987.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:2287.35px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:2747.64px;white-space:nowrap">pays
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:3177.86px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:3428.09px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:4348.48px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:5449.13px;white-space:nowrap">fee,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:5799.38px;white-space:nowrap">calculated&#160;daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:7080.12px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:7430.45px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:7820.77px;letter-spacing:-1.48px;white-space:nowrap">monthly,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:8537.7px;letter-spacing:-2.91px;white-space:nowrap">to&#160;TAML
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:9244.6px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4966.09px;left:9785.04px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:0px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:300.23px;white-space:nowrap">average&#160;daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:1420.93px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:1721.16px;white-space:nowrap">assets&#160;of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:2491.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:2791.76px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:3252.04px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5216.09px;left:3492.16px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:0px;white-space:nowrap">Prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:430.05px;white-space:nowrap">to&#160;March
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:1180.28px;white-space:nowrap">1,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:1380.41px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:1880.86px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:2181.09px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:2641.38px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:3031.7px;white-space:nowrap">fees,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:3471.94px;white-space:nowrap">calculated&#160;daily&#160;and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:5103.02px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:5493.34px;letter-spacing:-1.48px;white-space:nowrap">monthly,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:6210.26px;letter-spacing:-2.91px;white-space:nowrap">to&#160;TAML
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:6917.17px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:7457.61px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:7707.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:8008.07px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:8708.55px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:9128.76px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6937.03px;left:9428.99px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.03px;left:0px;white-space:nowrap">of </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.03px;left:200.13px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.03px;left:500.36px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.03px;left:960.64px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.03px;left:1200.76px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:0px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:320.01px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:620.24px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:1020.41px;white-space:nowrap">ended
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:1561.03px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:2171.43px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:2471.66px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:2972.11px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:3272.34px;white-space:nowrap">gross
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:3762.51px;text-rendering:optimizeLegibility;white-space:nowrap">effective
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:4478.99px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:5399.38px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:6500.04px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:6800.27px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:7160.45px;white-space:nowrap">was&#160;1.074%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:8191.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:8391.18px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8907.96px;left:8691.42px;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:9157.96px;left:0px;white-space:nowrap">average&#160;daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9157.96px;left:1120.69px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9157.96px;left:1420.93px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:0px;white-space:nowrap">Under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:540.26px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:690.38px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:1700.86px;white-space:nowrap">agreement,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:2661.42px;white-space:nowrap">FTIML,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:3281.4px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;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:9587.96px;left:4147.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;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:9587.96px;left:4911.06px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:5641.44px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:6651.91px;white-space:nowrap">services
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:7362.07px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:7562.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:7862.43px;white-space:nowrap">Fund.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:8369.47px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:8729.65px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9587.96px;left:9740.13px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:0px;white-space:nowrap">is </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:180px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:570.32px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;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:9837.96px;left:1317.22px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:1857.66px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:2107.88px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:2408.12px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:2992.76px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:3693.25px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:4113.46px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9837.96px;left:4413.69px;white-space:nowrap">assets,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10087.96px;left:2571.86px;white-space:nowrap">50%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10337.96px;left:1640.65px;white-space:nowrap">fee
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10337.96px;left:2731.2px;white-space:nowrap">96%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10587.96px;left:7283.41px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10587.96px;left:8750.48px;white-space:nowrap">administrative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10837.96px;left:0px;white-space:nowrap">services.&#160;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:11341.5px;left:0px;white-space:nowrap">b.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:11341.5px;left:214.58px;white-space:nowrap">Administrative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:11341.5px;left:1587.17px;white-space:nowrap">Fees</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11671.96px;left:790.49px;white-space:nowrap">agreement
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11671.96px;left:1701.04px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11671.96px;left:2067.89px;letter-spacing:-2.23px;white-space:nowrap">TAML,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11671.96px;left:2634.61px;letter-spacing:-1.08px;white-space:nowrap">FT
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11671.96px;left:3641.48px;white-space:nowrap">provides
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11671.96px;left:7610.01px;white-space:nowrap">fee
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11671.96px;left:9227.46px;white-space:nowrap">based
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:0px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:300.23px;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:11921.96px;left:887.26px;white-space:nowrap">average&#160;daily
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:2007.95px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:2928.43px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:3278.76px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:3458.76px;white-space:nowrap">not
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:3758.99px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:4009.22px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:4829.85px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:5560.4px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:5760.53px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11921.96px;left:6060.76px;white-space:nowrap">Fund.&#160;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:418.38px;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:418.38px;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:610.38px;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:610.38px;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:610.38px;left:7093.2px;white-space:nowrap">2025</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:418.38px;left:8564.26px;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:418.38px;left:8946.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:610.38px;left:8390.86px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:610.38px;left:8986.33px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:610.38px;left:9253.2px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:870.86px;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:870.86px;left:7077.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:870.86px;left:8193.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:870.86px;left:9237.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.8px;left:0px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.8px;left:551.41px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.8px;left:1494.61px;letter-spacing:49.25px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.8px;left:6261.64px;white-space:nowrap">327,224</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.8px;left:7119.22px;white-space:nowrap">$4,130,408</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.8px;left:8421.64px;white-space:nowrap">387,907</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.8px;left:9279.22px;white-space:nowrap">$4,521,710</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;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:1473.29px;left:717.5px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:1340.16px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:1980.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:2158.44px;white-space:nowrap">cost
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:2496.33px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:2674.22px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:3519.14px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:3697.03px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:3963.91px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:4390.78px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:4817.73px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1473.29px;left:4995.63px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1665.29px;left:144px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1665.29px;left:1120.96px;letter-spacing:49.22px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1665.29px;left:7377.34px;white-space:nowrap">14.68%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1665.29px;left:9537.34px;white-space:nowrap">14.47%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3314.57px;left:0px;white-space:nowrap">Subsidiary</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3314.57px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3591.05px;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:3591.05px;left:773.83px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3591.05px;left:1218.44px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3591.05px;left:2196.8px;white-space:nowrap">Ltd.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3591.05px;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:3591.05px;left:5040px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3591.05px;left:5867.03px;white-space:nowrap">manager</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3867.54px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3867.54px;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:3867.54px;left:1393.28px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3867.54px;left:2220.31px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3867.54px;left:3198.67px;white-space:nowrap">Ltd.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3867.54px;left:3510px;white-space:nowrap">(FTIML)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3867.54px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4144.02px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4144.02px;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:4144.02px;left:1393.28px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4144.02px;left:2095.7px;white-space:nowrap">LLC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4144.02px;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:4144.02px;left:2723.98px;white-space:nowrap">Services)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4144.02px;left:5040px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4144.02px;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:5689.51px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5689.51px;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:5689.51px;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:5689.51px;left:5040px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5689.51px;left:5336.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.99px;left:0px;white-space:nowrap">1.050%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.99px;left:5040px;white-space:nowrap">Up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.99px;left:5288.98px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.99px;left:5466.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.99px;left:5778.28px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.99px;left:6454.3px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5965.99px;left:6676.72px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:0px;white-space:nowrap">1.000%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:5040px;white-space:nowrap">Over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:5431.17px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:5653.59px;white-space:nowrap">billion,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:6151.64px;white-space:nowrap">up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:6374.06px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:6551.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:6863.36px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:7539.38px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6242.48px;left:7761.8px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6518.96px;left:0px;white-space:nowrap">0.950%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6518.96px;left:5040px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6518.96px;left:5217.89px;white-space:nowrap">excess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6518.96px;left:5760.31px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6518.96px;left:5938.2px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6518.96px;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:7660.44px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7660.44px;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:7660.44px;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:7660.44px;left:5040px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7660.44px;left:5336.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7936.93px;left:0px;white-space:nowrap">1.100%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7936.93px;left:5040px;white-space:nowrap">Up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7936.93px;left:5288.98px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7936.93px;left:5466.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7936.93px;left:5778.28px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7936.93px;left:6454.3px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7936.93px;left:6676.72px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:0px;white-space:nowrap">1.050%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:5040px;white-space:nowrap">Over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:5431.17px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:5653.59px;white-space:nowrap">billion,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:6151.64px;white-space:nowrap">up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:6374.06px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:6551.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:6863.36px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:7539.38px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8213.41px;left:7761.8px;white-space:nowrap">billion</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8489.9px;left:0px;white-space:nowrap">1.000%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8489.9px;left:5040px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8489.9px;left:5217.89px;white-space:nowrap">excess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8489.9px;left:5760.31px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8489.9px;left:5938.2px;white-space:nowrap">$2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8489.9px;left:6160.63px;white-space:nowrap">billion</div></div>
</div>

<div style="height:22.54px;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: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">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:-4px;white-space:nowrap">Interest</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2829.46px;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
</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:7461.73px;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:8019.91px;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: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: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">21</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">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:440.33px;white-space:nowrap">amount
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:2521.76px;white-space:nowrap">management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:3622.41px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:3972.74px;white-space:nowrap">administrative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:5133.16px;white-space:nowrap">fees,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:5713.42px;white-space:nowrap">applicable,&#160;paid
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:7014.38px;white-space:nowrap">directly
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:7844.59px;white-space:nowrap">indirectly
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:8844.96px;white-space:nowrap">each
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1998px;left:9285.29px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:0px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:580.17px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:880.31px;white-space:nowrap">year
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:1280.39px;white-space:nowrap">ended
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:1820.92px;white-space:nowrap">August
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:2431.23px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:2731.38px;white-space:nowrap">2025,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:3531.88px;white-space:nowrap">Fund
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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:6298.51px;white-space:nowrap">management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:7399.07px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:8319.38px;white-space:nowrap">companies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2248px;left:9239.77px;white-space:nowrap">as
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6819.99px;left:0px;letter-spacing:-0.89px;white-space:nowrap">4.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6819.99px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6819.99px;left:938.13px;letter-spacing:-6.17px;white-space:nowrap">Taxes</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:0px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:360.18px;white-space:nowrap">tax
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:650.3px;white-space:nowrap">character
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:1650.76px;white-space:nowrap">distributions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:2661.24px;white-space:nowrap">paid
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:3902.17px;white-space:nowrap">years
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:4392.33px;white-space:nowrap">ended
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:4932.95px;white-space:nowrap">August
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:5543.35px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:5843.58px;white-space:nowrap">2025
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7187.72px;left:6644.36px;white-space:nowrap">2024,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:210.15px;white-space:nowrap">August
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:820.55px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:1120.78px;white-space:nowrap">2025,
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:3562.12px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:3862.35px;white-space:nowrap">unrealized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:4742.93px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:5773.62px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:6874.19px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:6974.21px;white-space:nowrap">undistributed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:8054.91px;white-space:nowrap">ordinary
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:8755.22px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9159.6px;left:9385.49px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:0px;white-space:nowrap">undistributed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:1080.7px;white-space:nowrap">long
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:1881.04px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:2451.36px;white-space:nowrap">gains</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:3822.01px;white-space:nowrap">tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:4112.14px;white-space:nowrap">purposes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:4902.63px;white-space:nowrap">were
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9409.6px;left:5582.9px;white-space:nowrap">follows:</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2903px;left:2455.98px;letter-spacing:-1.2px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2903px;left:2835.36px;white-space:nowrap">at</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3095px;left:2310.59px;white-space:nowrap">Beginning</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;left:2516.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;left:2674.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;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:3287px;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:3095px;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:3095px;left:5899.28px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;left:5797.41px;white-space:nowrap">(Loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2711px;left:6388.97px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2711px;left:6636.78px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2711px;left:7154.36px;white-space:nowrap">in</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2903px;left:6607.48px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3095px;left:6469.13px;white-space:nowrap">Appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;left:6388.97px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2903px;left:8008.11px;letter-spacing:-1.44px;white-space:nowrap">Value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3095px;left:7950.06px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3095px;left:8103.19px;white-space:nowrap">End</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;left:7915.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;left:8073.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2711px;left:8631.06px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2711px;left:9163.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2903px;left:8528.64px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2903px;left:9002.7px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3095px;left:8886.06px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3095px;left:9039.19px;white-space:nowrap">End</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;left:8851.69px;white-space:nowrap">of
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3095px;left:9530.34px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3287px;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:3634.76px;left:0px;letter-spacing:-0.96px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3634.76px;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:3634.76px;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:3634.76px;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:3895.25px;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:3895.25px;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:4123.73px;left:9646.91px;white-space:nowrap">Dividends</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4384.22px;left:0px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4384.22px;left:700.31px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4384.22px;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:4384.22px;left:1597.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:0px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:430.31px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:867.81px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:1422.11px;white-space:nowrap">4.25%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;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:4576.22px;left:2222.31px;white-space:nowrap">$13,057,834</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:3316.31px;white-space:nowrap">$34,440,861</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:4365.97px;white-space:nowrap">$(37,827,722)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:7694.28px;white-space:nowrap">$9,670,973</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:8656.25px;letter-spacing:0px;white-space:nowrap">9,670,973</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4576.22px;left:9675.73px;white-space:nowrap">$419,239</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4923.98px;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:4923.98px;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:5152.47px;left:9493.78px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5152.47px;left:9960.58px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5344.47px;left:9668.78px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5536.47px;left:9829.02px;white-space:nowrap">loaned</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5796.95px;left:0px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5796.95px;left:700.31px;white-space:nowrap">Fiduciary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5796.95px;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:5796.95px;left:1597.42px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:0px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:430.31px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:867.81px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:1422.11px;white-space:nowrap">4.25%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;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:5988.95px;left:2747.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:3389.28px;white-space:nowrap">$3,092,513</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:4438.94px;white-space:nowrap">$(1,888,391)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:7694.28px;white-space:nowrap">$1,204,122</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:8656.25px;letter-spacing:0px;white-space:nowrap">1,204,122</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5988.95px;left:9821.67px;white-space:nowrap">$2,662</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6249.43px;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:6249.43px;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:6249.43px;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:6249.43px;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:6249.43px;left:2222.31px;white-space:nowrap">$13,057,834</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6249.43px;left:3316.31px;white-space:nowrap">$37,533,374</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6249.43px;left:4375.58px;letter-spacing:-0.74px;white-space:nowrap">$(39,716,113)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6249.43px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6249.43px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6249.43px;left:7621.31px;white-space:nowrap">$10,875,095</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6249.43px;left:9675.73px;white-space:nowrap">$421,901</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7653.14px;left:7526.03px;white-space:nowrap">2025</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7653.14px;left:9110.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7963.08px;left:0px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7963.08px;left:924.77px;white-space:nowrap">paid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7963.08px;left:1271.72px;white-space:nowrap">from:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8223.57px;left:144px;white-space:nowrap">Ordinary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8223.57px;left:801.97px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8223.57px;left:1401.2px;letter-spacing:49.72px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8223.57px;left:7695.22px;white-space:nowrap">$9,467,208</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8223.57px;left:9202.11px;letter-spacing:-1.08px;white-space:nowrap">$11,273,471</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8484.05px;left:144px;white-space:nowrap">Long
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8484.05px;left:544.39px;white-space:nowrap">term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8484.05px;left:908.84px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8484.05px;left:1415.8px;white-space:nowrap">gain</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8484.05px;left:1774.85px;letter-spacing:49.77px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8484.05px;left:7784.2px;white-space:nowrap">4,898,187</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8484.05px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8744.53px;left:7606.23px;white-space:nowrap">$14,365,395</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8744.53px;left:9202.11px;letter-spacing:-1.08px;white-space:nowrap">$11,273,471</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.02px;left:0px;white-space:nowrap">Cost
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.02px;left:373.44px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.02px;left:551.33px;white-space:nowrap">investments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9843.02px;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:9843.02px;left:9101.25px;white-space:nowrap">$186,228,422</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10248.96px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10248.96px;left:809.3px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10248.96px;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:10248.96px;left:9101.25px;white-space:nowrap">$108,446,332</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10509.44px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10509.44px;left:809.3px;white-space:nowrap">depreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10509.44px;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:10509.44px;left:9172.66px;white-space:nowrap">(29,325,899)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10769.93px;left:0px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10769.93px;left:293.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10769.93px;left:1076.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10769.93px;left:1992.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10769.93px;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:10769.93px;left:9190.23px;white-space:nowrap">$79,120,433</div></div>
</div>

<div style="height:26.28px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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">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>
</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:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size: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">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;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:1763.46px;left:956.51px;white-space:nowrap">between
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:1687.06px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:2317.32px;white-space:nowrap">and/or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:2877.71px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:3448.04px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:3928.36px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:4168.48px;white-space:nowrap">determined
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:5119.01px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:5519.36px;white-space:nowrap">book
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:5959.69px;white-space:nowrap">basis
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:8000.86px;white-space:nowrap">primarily
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1763.46px;left:9281.34px;text-rendering:optimizeLegibility;white-space:nowrap">differing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2013.46px;left:0px;white-space:nowrap">treatments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2013.46px;left:1100.48px;white-space:nowrap">wash
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2013.46px;left:1570.69px;white-space:nowrap">sales,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2013.46px;left:2090.92px;white-space:nowrap">passive
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2013.46px;left:3351.62px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2013.46px;left:4272.01px;white-space:nowrap">company
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2013.46px;left:5052.39px;white-space:nowrap">shares,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2596.52px;left:0px;letter-spacing:-2.67px;white-space:nowrap">5.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:0px;white-space:nowrap">Purchases
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:1250.77px;white-space:nowrap">sales
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:1720.99px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;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:2964.26px;left:3801.97px;white-space:nowrap">short
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:4252.15px;white-space:nowrap">term
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:6092.67px;white-space:nowrap">year
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:6492.83px;white-space:nowrap">ended
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:7033.45px;white-space:nowrap">August
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:7643.85px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:7944.08px;white-space:nowrap">2025,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2964.26px;left:8444.53px;white-space:nowrap">aggregated
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3214.26px;left:0px;white-space:nowrap">$38,095,801&#160;and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3214.26px;left:1401.33px;white-space:nowrap">$51,108,228,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3214.26px;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:3644.26px;left:820.55px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:1120.78px;white-space:nowrap">2025,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:1621.23px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:1811.34px;white-space:nowrap">connection
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:2731.99px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:3102.1px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:3912.36px;white-space:nowrap">lending
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:4542.89px;white-space:nowrap">transactions,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:5913.63px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:6373.92px;white-space:nowrap">loaned
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:6964.45px;white-space:nowrap">equity
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:7494.79px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3644.26px;left:8855.51px;white-space:nowrap">received
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3894.26px;left:0px;white-space:nowrap">$1,204,122
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3894.26px;left:1581.24px;white-space:nowrap">collateral.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3894.26px;left:3248.7px;white-space:nowrap">amount
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3894.26px;left:5029.8px;white-space:nowrap">liability
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3894.26px;left:8421.42px;white-space:nowrap">payable
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:0px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:460.28px;white-space:nowrap">countries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:1240.66px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:1681px;white-space:nowrap">also
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:2061.21px;white-space:nowrap">imposed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:2791.58px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:3611.95px;white-space:nowrap">sanctions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:4422.39px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:4672.62px;white-space:nowrap">Belarus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:5332.94px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:5683.27px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:6073.33px;white-space:nowrap">impose
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:6703.59px;white-space:nowrap">sanctions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:7514.03px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:7764.26px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:8224.54px;white-space:nowrap">countries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:9004.92px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10955.06px;left:9355.17px;white-space:nowrap">support
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Russia&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:726.94px;white-space:nowrap">military
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:1346.92px;white-space:nowrap">invasion.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:2104.1px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:2654.38px;white-space:nowrap">sanctions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:3514.83px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:3754.95px;white-space:nowrap">well
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:4115.04px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:4355.16px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:4695.38px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:5155.66px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:5976.04px;white-space:nowrap">consequences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:7186.9px;white-space:nowrap">related
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:7787.29px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:7987.41px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:8287.65px;white-space:nowrap">invasion,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:9048.08px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11205.06px;left:9478.3px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:0px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:820.63px;white-space:nowrap">sanctions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:1681.08px;white-space:nowrap">boycotts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:2401.44px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:2611.49px;white-space:nowrap">changes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:3342.04px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:3532.15px;white-space:nowrap">consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:4372.47px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:4582.53px;white-space:nowrap">purchaser
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:5432.96px;white-space:nowrap">preferences
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:6433.51px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:6643.56px;white-space:nowrap">cyberattacks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:7703.96px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:7954.19px;white-space:nowrap">governments,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11455.06px;left:9094.75px;white-space:nowrap">companies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:0px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:210.06px;white-space:nowrap">individuals,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:1150.58px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:1540.63px;white-space:nowrap">further
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:2110.87px;white-space:nowrap">decrease
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:2901.36px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:3201.59px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:3681.91px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:4032.25px;white-space:nowrap">liquidity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:4682.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:4882.68px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:5472.95px;white-space:nowrap">Russian
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:6173.26px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:6983.53px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:7333.86px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:8144.12px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:8344.25px;white-space:nowrap">issuers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:8964.4px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11705.06px;left:9154.51px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:0px;white-space:nowrap">countries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:780.38px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:1130.63px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:1440.79px;white-space:nowrap">subject
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:2061.12px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:2261.25px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:3081.62px;white-space:nowrap">sanctions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:3892.06px;white-space:nowrap">related
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:4492.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:4692.57px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:4992.8px;white-space:nowrap">invasion.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:5749.98px;letter-spacing:-6.65px;white-space:nowrap">To
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:5990.1px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:6290.33px;white-space:nowrap">extent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:6830.68px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:7180.93px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:7481.16px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:7941.45px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:8281.67px;white-space:nowrap">exposure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:9072.16px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11955.06px;left:9272.29px;white-space:nowrap">Russian
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:418.38px;left:0px;white-space:nowrap">Distributable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:418.38px;left:933.75px;white-space:nowrap">earnings:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:678.86px;left:0px;white-space:nowrap">Undistributed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:678.86px;left:987.19px;white-space:nowrap">ordinary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:678.86px;left:1609.69px;white-space:nowrap">income</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:678.86px;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:678.86px;left:9279.22px;white-space:nowrap">$9,801,924</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:939.34px;left:0px;white-space:nowrap">Undistributed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:939.34px;left:987.19px;white-space:nowrap">long
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:939.34px;left:1334.14px;white-space:nowrap">term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:939.34px;left:1698.59px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:939.34px;left:2205.55px;white-space:nowrap">gains</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:939.34px;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:939.34px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,827,711</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1199.83px;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:1199.83px;left:382.42px;white-space:nowrap">distributable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1199.83px;left:1289.61px;white-space:nowrap">earnings</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1199.83px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1199.83px;left:9190.23px;white-space:nowrap">$12,629,635</div></div>
</div>

<div style="height:22.54px;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: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">4.
</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">Income
</div>

<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>
</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:7461.73px;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:8019.91px;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: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>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6154.8px;left:1120.78px;white-space:nowrap">2025,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6154.8px;left:4843.39px;white-space:nowrap">$5,000,000,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7487.87px;left:0px;letter-spacing:-2px;white-space:nowrap">8.&#160;Fair
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8355.6px;left:6487.65px;white-space:nowrap">value
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8785.6px;left:1985.91px;white-space:nowrap">prices
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8785.6px;left:4176.59px;white-space:nowrap">identical
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8785.6px;left:5597.43px;white-space:nowrap">instruments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9215.6px;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:9215.6px;left:1085.12px;white-space:nowrap">2
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9215.6px;left:1385.36px;white-space:nowrap">other
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<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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.
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<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
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<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>
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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="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="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="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7918.06px;left:4062.39px;white-space:nowrap">determining
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7918.06px;left:5052.92px;white-space:nowrap">fair
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7918.06px;left:5352.98px;white-space:nowrap">value
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7918.06px;left:6013.3px;white-space:nowrap">presented
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7918.06px;left:6863.91px;white-space:nowrap">when
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7918.06px;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:7918.06px;left:8965.11px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7918.06px;left:9445.43px;white-space:nowrap">3
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8168.06px;left:0px;white-space:nowrap">assets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8168.06px;left:570.23px;white-space:nowrap">and/or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8168.06px;left:1130.63px;white-space:nowrap">liabilities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8168.06px;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:8168.06px;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:8168.06px;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:8168.06px;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:8168.06px;left:4302.86px;letter-spacing:-0.58px;white-space:nowrap">the&#160;year.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8751.12px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8751.12px;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:8751.12px;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:9118.86px;left:0px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9118.86px;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:9118.86px;left:1861.35px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9118.86px;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:9118.86px;left:2661.86px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9118.86px;left:3602.46px;white-space:nowrap">Standards
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9118.86px;left:4473.02px;white-space:nowrap">Update
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9118.86px;left:5103.46px;white-space:nowrap">(ASU)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9118.86px;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:9118.86px;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:9118.86px;left:7174.51px;white-space:nowrap">Reporting
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9118.86px;left:8538.57px;white-space:nowrap">280)
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9368.86px;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:9368.86px;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:9368.86px;left:1390.52px;white-space:nowrap">Reportable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9368.86px;left:6889.92px;white-space:nowrap">requirements
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</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9618.86px;left:1595.3px;white-space:nowrap">position
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9618.86px;left:3256.08px;white-space:nowrap">operations.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:0px;white-space:nowrap">The&#160;Fund&#160;operates
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:1961.19px;white-space:nowrap">single
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:2481.5px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:3282.1px;white-space:nowrap">segment,
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:5012.93px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:5933.32px;white-space:nowrap">portfolio.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:6670.46px;white-space:nowrap">The
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:7460.86px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:8381.25px;text-rendering:optimizeLegibility;white-space:nowrap">officer&#160;of&#160;the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10048.86px;left:9417.3px;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:10298.86px;left:0px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:930.41px;white-space:nowrap">manager
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:1690.84px;white-space:nowrap">serves
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:2271.01px;white-space:nowrap">as
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:3281.57px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:4122.07px;white-space:nowrap">Decision
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:4862.37px;white-space:nowrap">Maker
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:5412.48px;white-space:nowrap">(&#8220;CODM&#8221;)
</div>

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</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:8013.16px;white-space:nowrap">evaluating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:8883.81px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10298.86px;left:9184.04px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:0px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:800.6px;white-space:nowrap">results
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:1731.09px;white-space:nowrap">allocating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:2541.62px;white-space:nowrap">resources
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:3381.94px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:3572.05px;white-space:nowrap">accordance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:4552.65px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:4922.75px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:5222.99px;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:10548.86px;left:5810.01px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:6730.4px;letter-spacing:-1.34px;white-space:nowrap">strategy.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:7507.35px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:8157.74px;white-space:nowrap">reporting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:8918.17px;white-space:nowrap">provided
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10548.86px;left:9658.65px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:0px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:300.23px;white-space:nowrap">CODM
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:900.18px;white-space:nowrap">aligns
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:1420.49px;white-space:nowrap">with
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:2090.83px;white-space:nowrap">accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:3011.48px;white-space:nowrap">policies
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:4012.12px;white-space:nowrap">measurement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:5162.61px;white-space:nowrap">principles
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:5972.96px;white-space:nowrap">used
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:6413.29px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:6603.4px;text-rendering:optimizeLegibility;white-space:nowrap">the&#160;financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10798.86px;left:7614.05px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1221.98px;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:1221.98px;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:1221.98px;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:1221.98px;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:1221.98px;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:1221.98px;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:1221.98px;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:1552.31px;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:1552.31px;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:1552.31px;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:1552.31px;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:1763.35px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1974.4px;left:144px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1974.4px;left:1051.03px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1974.4px;left:1220.02px;white-space:nowrap">Securities:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.88px;left:288px;white-space:nowrap">Common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.88px;left:981.52px;white-space:nowrap">Stocks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2170.88px;left:1461.67px;white-space:nowrap">:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:432px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;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:2367.37px;left:4527.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:4616.2px;white-space:nowrap">6,795,875</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:6663.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2367.37px;left:9368.2px;white-space:nowrap">6,795,875</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.85px;left:432px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.85px;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:2563.85px;left:4616.2px;white-space:nowrap">2,479,413</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.85px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.85px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.85px;left:9368.2px;white-space:nowrap">2,479,413</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2760.33px;left:432px;white-space:nowrap">China</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2760.33px;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:2760.33px;left:4616.2px;white-space:nowrap">1,223,214</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2760.33px;left:6111.22px;white-space:nowrap">61,884,264</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2760.33px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2760.33px;left:9279.22px;white-space:nowrap">63,107,478</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2956.82px;left:432px;white-space:nowrap">Hong
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2956.82px;left:858.95px;white-space:nowrap">Kong</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2956.82px;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:2956.82px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2956.82px;left:6200.2px;white-space:nowrap">4,898,534</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2956.82px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2956.82px;left:9368.2px;white-space:nowrap">4,898,534</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3153.3px;left:432px;white-space:nowrap">Hungary</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3153.3px;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:3153.3px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3153.3px;left:6200.2px;white-space:nowrap">2,855,821</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3153.3px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3153.3px;left:9368.2px;white-space:nowrap">2,855,821</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3349.79px;left:432px;white-space:nowrap">India</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3349.79px;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:3349.79px;left:4616.2px;white-space:nowrap">2,960,521</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3349.79px;left:6111.22px;white-space:nowrap">25,103,945</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3349.79px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3349.79px;left:9279.22px;white-space:nowrap">28,064,466</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3546.27px;left:432px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3546.27px;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:3546.27px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3546.27px;left:6200.2px;white-space:nowrap">1,430,570</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3546.27px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3546.27px;left:9368.2px;white-space:nowrap">1,430,570</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3742.76px;left:432px;white-space:nowrap">Italy</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3742.76px;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:3742.76px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3742.76px;left:6333.64px;white-space:nowrap">242,873</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3742.76px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3742.76px;left:9501.64px;white-space:nowrap">242,873</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3939.24px;left:432px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3939.24px;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:3939.24px;left:4616.2px;white-space:nowrap">6,947,444</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3939.24px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3939.24px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3939.24px;left:9368.2px;white-space:nowrap">6,947,444</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4135.72px;left:432px;white-space:nowrap">Peru</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4135.72px;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:4135.72px;left:4616.2px;white-space:nowrap">1,036,891</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4135.72px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4135.72px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4135.72px;left:9368.2px;white-space:nowrap">1,036,891</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4332.21px;left:432px;white-space:nowrap">Philippines</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4332.21px;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:4332.21px;left:4616.2px;white-space:nowrap">1,254,420</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4332.21px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4332.21px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4332.21px;left:9368.2px;white-space:nowrap">1,254,420</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4528.69px;left:432px;white-space:nowrap">Russia</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4528.69px;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:4528.69px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4528.69px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4528.69px;left:8284.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4531.9px;left:8444.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4528.69px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4725.18px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4725.18px;left:885.75px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4725.18px;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:4725.18px;left:4616.2px;white-space:nowrap">3,867,853</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4725.18px;left:6200.2px;white-space:nowrap">1,964,093</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4725.18px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4725.18px;left:9368.2px;white-space:nowrap">5,831,946</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4921.66px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4921.66px;left:894.58px;white-space:nowrap">Korea</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4921.66px;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:4921.66px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4921.66px;left:6111.22px;white-space:nowrap">45,074,656</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4921.66px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4921.66px;left:9279.22px;white-space:nowrap">45,074,656</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5118.15px;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:5118.15px;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:5118.15px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5118.15px;left:6111.22px;white-space:nowrap">52,171,948</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5118.15px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5118.15px;left:9279.22px;white-space:nowrap">52,171,948</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5314.63px;left:432px;white-space:nowrap">Thailand</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5314.63px;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:5314.63px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5314.63px;left:6200.2px;white-space:nowrap">6,866,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5314.63px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5314.63px;left:9368.2px;white-space:nowrap">6,866,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5511.12px;left:432px;letter-spacing:-0.85px;white-space:nowrap">Turkiye</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5511.12px;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:5511.12px;left:4749.64px;white-space:nowrap">748,357</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5511.12px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5511.12px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5511.12px;left:9501.64px;white-space:nowrap">748,357</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5707.6px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5707.6px;left:930.13px;white-space:nowrap">Arab
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5707.6px;left:1312.55px;white-space:nowrap">Emirates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5707.6px;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:5707.6px;left:4616.2px;white-space:nowrap">1,158,986</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5707.6px;left:6200.2px;white-space:nowrap">2,053,329</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5707.6px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5707.6px;left:9368.2px;white-space:nowrap">3,212,315</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5904.08px;left:432px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5904.08px;left:938.95px;white-space:nowrap">States</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5904.08px;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:5904.08px;left:4616.2px;white-space:nowrap">6,935,482</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5904.08px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5904.08px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5904.08px;left:9368.2px;white-space:nowrap">6,935,482</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6100.57px;left:288px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6100.57px;left:999.41px;white-space:nowrap">Stocks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6100.57px;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:6100.57px;left:4527.22px;white-space:nowrap">14,489,872</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6100.57px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6100.57px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6100.57px;left:9279.22px;white-space:nowrap">14,489,872</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6297.05px;left:288px;white-space:nowrap">Escrows
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6297.05px;left:936.98px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6297.05px;left:1248.39px;white-space:nowrap">Litigation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6297.05px;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:6297.05px;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:6297.05px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6297.05px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6297.05px;left:8006.62px;white-space:nowrap">28,725</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6297.05px;left:9590.62px;white-space:nowrap">28,725</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6493.54px;left:277.36px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6493.54px;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:6493.54px;left:1101.34px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6493.54px;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:6493.54px;left:4527.22px;white-space:nowrap">10,875,095</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6493.54px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6493.54px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6493.54px;left:9279.22px;white-space:nowrap">10,875,095</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6690.02px;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:6690.02px;left:958.42px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6690.02px;left:1865.45px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6690.02px;left:2034.44px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6690.02px;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:6690.02px;left:4438.23px;white-space:nowrap">$60,773,423</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6690.02px;left:5881.37px;white-space:nowrap">$204,546,707</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6693.23px;left:6860.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6690.02px;left:7917.64px;white-space:nowrap">$28,725</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6690.02px;left:9101.25px;white-space:nowrap">$265,348,855</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7158.3px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7154.08px;left:42.54px;white-space:nowrap">Includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7154.08px;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:7154.08px;left:1085.67px;white-space:nowrap">instruments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7154.08px;left:1800.35px;white-space:nowrap">determined
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7154.08px;left:2493.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7154.08px;left:2639.18px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7154.08px;left:2960.2px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7154.08px;left:3142.62px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7354.79px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:42.54px;white-space:nowrap">Includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:567.77px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:1005.43px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:1596.13px;white-space:nowrap">valued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:2019.26px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:2165.2px;white-space:nowrap">$204,546,707,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:3040.82px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:3412.7px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:3733.48px;white-space:nowrap">categorized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:4448.32px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:4623.4px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:4973.56px;white-space:nowrap">2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;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:7350.57px;left:5258.09px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:5367.54px;white-space:nowrap">result
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:5724.88px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:5870.82px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:6089.73px;white-space:nowrap">application
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:6753.56px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:6899.49px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:7336.99px;white-space:nowrap">level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:7643.32px;white-space:nowrap">fair
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:7862.07px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:8212.23px;white-space:nowrap">procedures.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:8941.6px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:9211.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7350.57px;left:9430.43px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7542.57px;left:0px;white-space:nowrap">Instrument
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7542.57px;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:7542.57px;left:1230.39px;white-space:nowrap">note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7542.57px;left:1522.27px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7542.57px;left:1711.88px;white-space:nowrap">more
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7542.57px;left:2047.27px;white-space:nowrap">information.</div></div>
</div>

<div style="height:22.54px;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: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(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:7461.73px;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:8019.91px;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: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: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>
</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:5653.45px;white-space:nowrap">Annual
</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>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:1290.5px;white-space:nowrap">15,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:1590.73px;white-space:nowrap">2024,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:2461.29px;white-space:nowrap">early
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:2901.45px;white-space:nowrap">adoption
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:6513.31px;white-space:nowrap">evaluating
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:4662.69px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3294.8px;left:5373.11px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3877.87px;left:0px;letter-spacing:-2.3px;white-space:nowrap">11.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3877.87px;left:306.56px;letter-spacing:-3.64px;white-space:nowrap">Subsequent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4245.6px;left:0px;white-space:nowrap">The </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4245.6px;left:6484.39px;white-space:nowrap">statements
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4495.6px;left:1540.9px;white-space:nowrap">require
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4495.6px;left:2151.21px;white-space:nowrap">disclosure.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5078.67px;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:5479.45px;left:0px;white-space:nowrap">Selected
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5479.45px;left:790.4px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5754.49px;left:0px;white-space:nowrap">ADR</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5771.43px;left:1116px;white-space:nowrap">American
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5771.43px;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:5771.43px;left:2645.45px;white-space:nowrap">Receipt</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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:-2.67px;white-space:nowrap">9.
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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:-3.6px;white-space:nowrap">Operating
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1170.46px;letter-spacing:-4px;white-space:nowrap">Segments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2135.57px;letter-spacing:-2.91px;white-space:nowrap">(continued)</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: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:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Report
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:852.62px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1141.69px;white-space:nowrap">Independent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2659.79px;white-space:nowrap">Registered
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3989.38px;white-space:nowrap">Public
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4755.41px;white-space:nowrap">Accounting
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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:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:240.12px;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:1070.68px;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:1267.56px;letter-spacing:-0.74px;white-space:nowrap">Trustees
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2011.11px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2361.45px;white-space:nowrap">Shareholders
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3482.14px;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:4559.5px;white-space:nowrap">Emerging
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<div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:0px;white-space:nowrap">Opinion
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<div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:810.94px;white-space:nowrap">on
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<div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:1110.84px;white-space:nowrap">the
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<div style="height:25.92px;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: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: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: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>
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<div style="height:25.70px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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:393.02px;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;letter-spacing:-7.2px;white-space:nowrap">Tax
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:476.84px;white-space:nowrap">Information
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1849.71px;white-space:nowrap">(unaudited)</div></div>
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<div style="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">27</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="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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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 style="width:10080px;height:12590.62px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:3662.23px;white-space:nowrap">2025:</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3866px;left:6113.5px;white-space:nowrap">source
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3866px;left:6703.77px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3866px;left:7334.03px;white-space:nowrap">earned
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3866px;left:8484.87px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3866px;left:8945.16px;white-space:nowrap">during
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3866px;left:9495.53px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4116px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4116px;left:460.11px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4116px;left:860.27px;white-space:nowrap">ended</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4116px;left:1400.89px;white-space:nowrap">August
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4116px;left:2011.29px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4116px;left:2311.52px;white-space:nowrap">2025:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2104.06px;left:5760px;white-space:nowrap">Pursuant
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2104.06px;left:6497.89px;white-space:nowrap">to:</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2104.06px;left:9377.73px;white-space:nowrap">Reported</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2305.54px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Long-Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2305.54px;left:809.22px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2305.54px;left:1351.72px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2305.54px;left:1734.14px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2305.54px;left:2481.17px;white-space:nowrap">Distributed</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2305.54px;left:5760px;white-space:nowrap">&#167;852(b)(3)(C)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2305.54px;left:9279.22px;white-space:nowrap">$4,898,187</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:0px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:569.14px;white-space:nowrap">Eligible
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:1129.45px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:1360.63px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:2107.66px;white-space:nowrap">Received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:2819.14px;white-space:nowrap">Deduction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:3584.06px;white-space:nowrap">(DRD)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:5760px;white-space:nowrap">&#167;854(b)(1)(A)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2502.03px;left:9501.64px;white-space:nowrap">$55,184</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2698.51px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Qualified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2698.51px;left:675.94px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2698.51px;left:1342.97px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2698.51px;left:1912.11px;white-space:nowrap">Earned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2698.51px;left:2472.5px;white-space:nowrap">(QDI)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2698.51px;left:5760px;white-space:nowrap">&#167;854(b)(1)(B)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2698.51px;left:9279.22px;white-space:nowrap">$2,997,266</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2895px;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:2895px;left:835.7px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2895px;left:1378.2px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2895px;left:1760.63px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2895px;left:2507.66px;white-space:nowrap">Distributed</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2895px;left:5760px;white-space:nowrap">&#167;871(k)(2)(C)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2895px;left:9412.66px;white-space:nowrap">$609,613</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3091.48px;left:0px;white-space:nowrap">Section
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3091.48px;left:578.13px;white-space:nowrap">163(j)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3091.48px;left:1031.64px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3091.48px;left:1609.69px;white-space:nowrap">Earned</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3091.48px;left:5760px;white-space:nowrap">&#167;163(j)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3091.48px;left:9412.66px;white-space:nowrap">$363,421</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4549.42px;left:8728.98px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4549.42px;left:9377.73px;white-space:nowrap">Reported</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4750.91px;left:0px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4750.91px;left:584.06px;letter-spacing:-2.96px;white-space:nowrap">Taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4750.91px;left:1046.48px;white-space:nowrap">Paid</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4750.91px;left:9279.22px;white-space:nowrap">$1,160,419</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4947.39px;left:0px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4947.39px;left:586.95px;white-space:nowrap">Source
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4947.39px;left:1138.36px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4947.39px;left:1707.5px;white-space:nowrap">Earned</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4947.39px;left:9279.22px;white-space:nowrap">$5,814,430</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">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 style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5054.59px;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">28</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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:610.83px;left:0px;position:absolute;top:0px;transform:translate(36.000px,120.971px) 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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3712.15px;white-space:nowrap">up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3962.37px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4162.5px;white-space:nowrap">10%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4572.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:300.23px;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:1158.64px;left:887.26px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1868.03px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2458.3px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2648.41px;white-space:nowrap">open-market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3708.9px;white-space:nowrap">transactions,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">at </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:200.13px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:500.36px;white-space:nowrap">discretion
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:3041.54px;white-space:nowrap">distribute
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<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:2517.89px;white-space:nowrap">plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:2908.21px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:3258.54px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10628.64px;left:3558.78px;white-space:nowrap">requirements
</div>

<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>

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</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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7610.89px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7911.12px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8561.51px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8761.64px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:9061.88px;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:2408.64px;left:5220px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6230.48px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6440.54px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6850.55px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7150.78px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7650.79px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7850.92px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8151.15px;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:2408.64px;left:8738.17px;white-space:nowrap">managed
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:8337.74px;white-space:nowrap">Scotia
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:5220px;white-space:nowrap">additional
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:6040.63px;white-space:nowrap">364-day
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:6741.12px;white-space:nowrap">term
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:7801.17px;white-space:nowrap">Facility
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:5220px;white-space:nowrap">January
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:5910.38px;white-space:nowrap">9,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:6110.51px;white-space:nowrap">2026.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11308.64px;left:6967.88px;white-space:nowrap">terms
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11308.64px;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:11308.64px;left:8498.41px;white-space:nowrap">Facility
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11308.64px;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:11558.64px;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:11558.64px;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:11558.64px;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:11558.64px;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:11558.64px;left:9071.72px;letter-spacing:-1.48px;white-space:nowrap">Facility.</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:5574.7px;letter-spacing:9.39px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6489.63px;letter-spacing:10.2px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7576.59px;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:7829.08px;letter-spacing:11.08px;white-space:nowrap">Shareholders
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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>
</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">29</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:5653.45px;white-space:nowrap">Annual
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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:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:610.68px;left:0px;position:absolute;top:0px;transform:translate(54.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, 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">purpose
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1260.79px;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:1561.03px;white-space:nowrap">Credit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2091.18px;white-space:nowrap">Facility
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3081.36px;white-space:nowrap">provide
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4021.96px;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:0px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:370.11px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:520.22px;white-space:nowrap">source
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1110.5px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1310.63px;white-space:nowrap">funds
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1800.97px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2001.09px;white-space:nowrap">purchase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2791.58px;white-space:nowrap">additional
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3612.22px;white-space:nowrap">investments
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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">and </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:350.33px;white-space:nowrap">pursue
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:950.71px;white-space:nowrap">certain
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1540.99px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2461.38px;white-space:nowrap">strategies.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3341.78px;white-space:nowrap">Given
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3862px;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:0px;white-space:nowrap">permanent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:910.55px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;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:728.64px;left:2231.1px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;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:728.64px;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:728.64px;left:3612.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3812.34px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4232.55px;white-space:nowrap">liquidity
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1150.49px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;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:978.64px;left:2037.74px;white-space:nowrap">closed-end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2968.33px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3368.67px;white-space:nowrap">structure
</div>

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</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:920.3px;white-space:nowrap">well-suited
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;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:1228.64px;left:2080.72px;white-space:nowrap">leverage.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1658.64px;left:0px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1658.64px;left:1033.24px;white-space:nowrap">About
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1658.64px;left:1603.04px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1658.64px;left:1923.05px;letter-spacing:-0.95px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1658.64px;left:2556.3px;white-space:nowrap">Goal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1658.64px;left:3006.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1658.64px;left:3376.41px;white-space:nowrap">Main
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1908.64px;left:0px;white-space:nowrap">Investments,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1908.64px;left:1150.4px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1908.64px;left:1960.66px;white-space:nowrap">Investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1908.64px;left:2960.95px;letter-spacing:-1.34px;white-space:nowrap">Strategy,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1908.64px;left:3767.87px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2158.64px;left:0px;white-space:nowrap">Principal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2158.64px;left:810.26px;white-space:nowrap">Risks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2588.64px;left:0px;letter-spacing:-2.67px;white-space:nowrap">Your
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2588.64px;left:446.66px;letter-spacing:-0.95px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2588.64px;left:1079.91px;white-space:nowrap">Goal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2588.64px;left:1530px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2588.64px;left:1900.02px;white-space:nowrap">Main
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2588.64px;left:2360.04px;white-space:nowrap">Investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:0px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:820.46px;white-space:nowrap">seeks
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1340.68px;white-space:nowrap">long-term
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3251.6px;white-space:nowrap">80%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4092.01px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:760.34px;white-space:nowrap">emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:350.33px;white-space:nowrap">preferred
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3211.52px;white-space:nowrap">purchase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:4002.01px;white-space:nowrap">warrants.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:4198.64px;left:0px;white-space:nowrap">Principal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:4198.64px;left:810.26px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:4198.64px;left:1810.55px;white-space:nowrap">Strategy
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:0px;white-space:nowrap">Under
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:2951.37px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:3411.65px;white-space:nowrap">invests
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:0px;white-space:nowrap">80%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:840.41px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:1900.99px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:3831.86px;white-space:nowrap">located
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:0px;white-space:nowrap">operating
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:800.6px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:990.7px;white-space:nowrap">&#8220;emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:1671.15px;white-space:nowrap">United
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5628.64px;left:2241.47px;white-space:nowrap">Nations
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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:1330.66px;letter-spacing:-0.81px;white-space:nowrap">S&amp;P
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:1737.6px;white-space:nowrap">Dow
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:2147.7px;white-space:nowrap">Jones,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:2728.04px;white-space:nowrap">Morgan
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:3388.36px;white-space:nowrap">Stanley
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:4038.75px;white-space:nowrap">Capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:0px;white-space:nowrap">International
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:1250.77px;white-space:nowrap">Russell
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:1890.97px;white-space:nowrap">index
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:2371.29px;white-space:nowrap">providers.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:4028.82px;white-space:nowrap">considers
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6790.69px;white-space:nowrap">ESG
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7220.83px;white-space:nowrap">assessment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8231.22px;white-space:nowrap">through
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8891.72px;white-space:nowrap">both
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9292.06px;white-space:nowrap">in-depth
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">research
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5970.32px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6320.65px;white-space:nowrap">engagement
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7371.47px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7741.58px;white-space:nowrap">companies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8662.06px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8902.18px;white-space:nowrap">appropriate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:9862.82px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">assess
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5830.22px;white-space:nowrap">how
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6360.56px;white-space:nowrap">company&#39;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7265.3px;white-space:nowrap">practices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8035.58px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8345.74px;white-space:nowrap">aimed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8886.01px;white-space:nowrap">at
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:9086.13px;white-space:nowrap">improving
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5430.06px;white-space:nowrap">maintaining
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6400.63px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6700.87px;white-space:nowrap">ESG
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7131.01px;white-space:nowrap">footprint
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7831.41px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8031.53px;white-space:nowrap">its
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8261.54px;white-space:nowrap">operating
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9062.14px;white-space:nowrap">model.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9649.16px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">following
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5970.41px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6700.78px;white-space:nowrap">examples
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7521.15px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7721.28px;white-space:nowrap">ESG
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8151.42px;white-space:nowrap">elements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8931.8px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9282.04px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9672.1px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">taken
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5710.34px;white-space:nowrap">into
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6050.57px;white-space:nowrap">consideration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7171.26px;white-space:nowrap">when
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7651.58px;white-space:nowrap">assessing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8502.01px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8652.13px;white-space:nowrap">company:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5824.8px;white-space:nowrap">Environmental
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:7025.39px;white-space:nowrap">considerations,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8286.09px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8796.29px;white-space:nowrap">can
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:9136.52px;white-space:nowrap">include
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5824.8px;white-space:nowrap">issues
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6385.01px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6815.24px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7055.36px;white-space:nowrap">resource
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7805.68px;text-rendering:optimizeLegibility;letter-spacing:-1.11px;white-space:nowrap">efficiency,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8638.18px;white-space:nowrap">carbon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9238.56px;white-space:nowrap">emissions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5824.8px;white-space:nowrap">management,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6975.46px;white-space:nowrap">waste
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7495.69px;white-space:nowrap">prevention
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8386.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8736.62px;white-space:nowrap">recycling
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9496.87px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5824.8px;white-space:nowrap">pollution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6545.33px;white-space:nowrap">prevention
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7435.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7786.26px;white-space:nowrap">control.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:5824.8px;white-space:nowrap">Social
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:6365.06px;white-space:nowrap">considerations,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:7625.77px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:8135.97px;white-space:nowrap">can
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:8476.2px;white-space:nowrap">include
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:9096.62px;white-space:nowrap">issues
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:9656.83px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:5824.8px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:6064.92px;white-space:nowrap">labor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:6515.18px;white-space:nowrap">standards,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:7405.69px;white-space:nowrap">fair
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:7705.75px;white-space:nowrap">wages,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:8326.08px;white-space:nowrap">diversity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:9036.24px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:9386.57px;white-space:nowrap">gender
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:5824.8px;white-space:nowrap">balance,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:6555.35px;white-space:nowrap">health
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7095.79px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7446.12px;white-space:nowrap">safety
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7976.36px;white-space:nowrap">practices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:8746.64px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:9096.97px;white-space:nowrap">product
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:5824.8px;letter-spacing:-1.91px;white-space:nowrap">safety.</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: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;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:604.8px;white-space:nowrap">Governance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1635.41px;white-space:nowrap">considerations,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2896.11px;white-space:nowrap">which
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3406.31px;white-space:nowrap">can
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3746.54px;white-space:nowrap">include
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:604.8px;white-space:nowrap">issues
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2796px;white-space:nowrap">accounting
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3716.66px;white-space:nowrap">practices,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:604.8px;white-space:nowrap">alignment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1435.28px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1635.41px;white-space:nowrap">interests,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2415.7px;white-space:nowrap">board
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2926.08px;text-rendering:optimizeLegibility;white-space:nowrap">effectiveness,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4072.79px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:604.8px;white-space:nowrap">allocation,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1465.34px;white-space:nowrap">shareholder
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2465.97px;white-space:nowrap">rights
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3306.47px;white-space:nowrap">quality
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:604.8px;white-space:nowrap">disclosures.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:360.18px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1280.57px;letter-spacing:0.34px;white-space:nowrap">manager&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2174.41px;white-space:nowrap">assessment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10378.64px;left:1860.64px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11878.64px;left:1420.75px;white-space:nowrap">Institutional
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11878.64px;left:3671.81px;white-space:nowrap">(QFII).</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6126.06px;white-space:nowrap">Franklin
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6813.02px;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:228.64px;left:7693.51px;white-space:nowrap">money
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;letter-spacing:-0.95px;white-space:nowrap">Additionally,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6987.74px;white-space:nowrap">invests
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6320.65px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7241.04px;white-space:nowrap">companies
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8421.59px;white-space:nowrap">purposes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9212.08px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9672.36px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">exercising
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6080.36px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6230.48px;white-space:nowrap">controlling
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7100.95px;text-rendering:optimizeLegibility;white-space:nowrap">influence
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7871.48px;white-space:nowrap">over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8271.65px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8571.88px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9672.54px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">policies.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5580.18px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6040.46px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6430.52px;white-space:nowrap">invest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6950.74px;white-space:nowrap">up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7200.97px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7401.09px;white-space:nowrap">10%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7811.37px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8011.49px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8241.5px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8631.74px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9201.97px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9392.08px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5220px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5420.13px;white-space:nowrap">exchange-traded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6821.1px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7311.45px;white-space:nowrap">(ETFs)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7911.3px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8171.37px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8471.6px;white-space:nowrap">purpose
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:9172.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:9372.22px;white-space:nowrap">short-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5220px;white-space:nowrap">term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5630.01px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6060.23px;white-space:nowrap">management.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7210.9px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7411.03px;white-space:nowrap">trying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7901.19px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8101.32px;white-space:nowrap">achieve
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8771.75px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:9001.76px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5220px;white-space:nowrap">goals,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5750.33px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6050.57px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6510.85px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6900.91px;white-space:nowrap">invest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7421.13px;white-space:nowrap">up
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7671.36px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7871.48px;white-space:nowrap">10%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8281.76px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8481.88px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8711.89px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:9012.13px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:9582.36px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">participatory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6250.43px;white-space:nowrap">notes.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:5220px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:5580.18px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6040.46px;white-space:nowrap">intends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6670.9px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6871.03px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:7661.51px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:8011.85px;white-space:nowrap">hold
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:8402.17px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:9212.43px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:9472.5px;white-space:nowrap">long-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5220px;white-space:nowrap">term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5630.01px;white-space:nowrap">capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6200.33px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:7231.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:7581.36px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8021.69px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8321.92px;white-space:nowrap">expect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8902.27px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:9102.39px;white-space:nowrap">trade
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:9562.68px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:5220px;white-space:nowrap">short-term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:6090.12px;white-space:nowrap">gain.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:5220px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:5580.18px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:6040.46px;white-space:nowrap">employs
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:6760.72px;white-space:nowrap">leverage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:7501.2px;white-space:nowrap">through
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:8161.7px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:8461.93px;white-space:nowrap">use
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:8802.16px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:9002.29px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4018.64px;left:9152.4px;white-space:nowrap">senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:5220px;white-space:nowrap">secured
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:5910.38px;white-space:nowrap">revolving
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:6680.74px;white-space:nowrap">credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:7170.91px;white-space:nowrap">facility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:7721.02px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:8231.22px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:8961.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:9261.83px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5220px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5590.11px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5740.22px;white-space:nowrap">continuing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:6610.87px;white-space:nowrap">source
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:7201.14px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:7401.27px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:7891.61px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:8091.74px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:8882.23px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:5220px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:6230.39px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:6420.5px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:6720.73px;white-space:nowrap">ordinary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:7421.04px;white-space:nowrap">course
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:8011.32px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:8211.45px;white-space:nowrap">business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:8971.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:9322.21px;white-space:nowrap">pursue
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:5220px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:5810.27px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:6730.66px;white-space:nowrap">strategies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:7561.05px;white-space:nowrap">[</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5018.64px;left:7611.06px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5018.64px;left:7981.35px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5018.64px;left:8281.58px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5018.64px;left:8801.81px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5018.64px;left:9001.93px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5268.64px;left:5220px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5268.64px;left:6180.47px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5268.64px;left:6440.54px;white-space:nowrap">further
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5268.64px;left:7010.77px;white-space:nowrap">information</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:7901.19px;white-space:nowrap">].</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5698.64px;left:5220px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5698.64px;left:6030.26px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5698.64px;left:7030.55px;white-space:nowrap">Risks</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:5220px;letter-spacing:-4.13px;white-space:nowrap">You
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:5573.76px;white-space:nowrap">could
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:6054.08px;white-space:nowrap">lose
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:6434.3px;white-space:nowrap">money
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:7024.57px;white-space:nowrap">by
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:7264.69px;white-space:nowrap">investing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:8215.22px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:8515.46px;white-space:nowrap">Fund.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:9025.75px;white-space:nowrap">Closed-end
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:5220px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:5620.34px;white-space:nowrap">shares
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:6821.02px;white-space:nowrap">deposits
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:7751.51px;white-space:nowrap">obligations
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:9122.34px;white-space:nowrap">guaranteed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:5220px;white-space:nowrap">Federal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:5880.32px;white-space:nowrap">Deposit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:6540.64px;white-space:nowrap">Insurance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:7381.14px;white-space:nowrap">Corporation,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:8721.91px;white-space:nowrap">Federal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6878.64px;left:9382.24px;white-space:nowrap">Reserve
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:5220px;white-space:nowrap">Board,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:6810.91px;white-space:nowrap">agency
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:7941.71px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7128.64px;left:8341.79px;white-space:nowrap">government.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:7558.64px;left:5220px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:7558.64px;left:5929.98px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:7558.64px;left:6840.44px;white-space:nowrap">(non-U.S.)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:5220px;white-space:nowrap">Investing
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:6780.94px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:7591.2px;white-space:nowrap">typically
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:8281.41px;white-space:nowrap">involves
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:8981.72px;text-rendering:optimizeLegibility;white-space:nowrap">different
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:5220px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:5639.94px;white-space:nowrap">than
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:6990.82px;white-space:nowrap">U.S.
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:8601.5px;white-space:nowrap">includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:9311.92px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:5220px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:6130.55px;white-space:nowrap">with:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:6550.66px;white-space:nowrap">(i)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:6760.55px;white-space:nowrap">internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:7400.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:7751.25px;white-space:nowrap">external
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:8441.63px;white-space:nowrap">political
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:9091.93px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:5220px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:6040.37px;white-space:nowrap">developments
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:7361.19px;white-space:nowrap">e.g.,
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:8061.68px;white-space:nowrap">political,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:8761.99px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:9582.36px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:5220px;white-space:nowrap">social
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:5730.21px;white-space:nowrap">policies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:6380.51px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:6730.84px;white-space:nowrap">structures
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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9238.64px;left:7571.16px;white-space:nowrap">volatile
</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9488.64px;left:9161.81px;white-space:nowrap">trading
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9738.64px;left:5220px;white-space:nowrap">restrictions
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9738.64px;left:7170.64px;white-space:nowrap">sanctions;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9738.64px;left:8031.09px;white-space:nowrap">diplomatic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9738.64px;left:8891.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9738.64px;left:9241.79px;white-space:nowrap">political
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9988.64px;left:5220px;white-space:nowrap">developments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9988.64px;left:6390.7px;white-space:nowrap">could
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9988.64px;left:6871.03px;text-rendering:optimizeLegibility;white-space:nowrap">affect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9988.64px;left:7357.41px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9988.64px;left:7657.65px;white-space:nowrap">economies,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9988.64px;left:8628.13px;white-space:nowrap">industries,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9988.64px;left:9498.52px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10238.64px;left:5220px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10238.64px;left:6030.26px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10238.64px;left:6380.6px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10238.64px;left:7120.81px;white-space:nowrap">markets
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5700.32px;white-space:nowrap">political,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6400.63px;white-space:nowrap">business
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7161.06px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7511.4px;white-space:nowrap">social
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8021.6px;white-space:nowrap">frameworks
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9001.76px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9201.88px;white-space:nowrap">support
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5220px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6030.26px;white-space:nowrap">markets,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6770.39px;white-space:nowrap">including:
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7580.92px;white-space:nowrap">delays
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8341.35px;white-space:nowrap">settling
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8961.68px;white-space:nowrap">portfolio
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5220px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6030.26px;white-space:nowrap">transactions;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7100.77px;white-space:nowrap">currency
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7840.99px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8191.32px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8761.64px;white-space:nowrap">controls;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5220px;white-space:nowrap">greater
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5840.33px;white-space:nowrap">sensitivity
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6670.55px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6870.67px;white-space:nowrap">interest
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7510.96px;white-space:nowrap">rate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7871.13px;white-space:nowrap">changes;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8651.69px;white-space:nowrap">pervasiveness
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:9852.28px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5220px;white-space:nowrap">corruption
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6070.43px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6420.76px;white-space:nowrap">crime;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6960.76px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7700.98px;white-space:nowrap">exchange
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8531.63px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8891.81px;white-space:nowrap">volatility;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9632.02px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">inflation,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5940.44px;text-rendering:optimizeLegibility;white-space:nowrap">deflation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6670.99px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6881.04px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7621.26px;white-space:nowrap">devaluation.
</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>

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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">32</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:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">magnified
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:5018.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">Non-Diversification</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:5380.14px;text-rendering:optimizeLegibility;white-space:nowrap">&quot;non-diversified&quot;
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:5220px;white-space:nowrap">fund.
</div>

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</div>

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</div>

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</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11168.64px;left:6520.96px;white-space:nowrap">guarantee
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11418.64px;left:6160.61px;white-space:nowrap">results.</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:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Focus</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:540.35px;white-space:nowrap">extent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2191.46px;white-space:nowrap">focuses
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3902.34px;white-space:nowrap">countries,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:690.38px;white-space:nowrap">industries,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1560.76px;white-space:nowrap">sectors
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">developments
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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">investments.</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">Information
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2088.64px;left:2049.96px;white-space:nowrap">companies</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:0px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:960.47px;white-space:nowrap">operating
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1761.06px;white-space:nowrap">within
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:2271.27px;white-space:nowrap">information
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:3211.7px;white-space:nowrap">technology
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:4132.35px;white-space:nowrap">related
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:0px;white-space:nowrap">industries
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:2147.26px;white-space:nowrap">by
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:2387.37px;white-space:nowrap">worldwide
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3237.71px;white-space:nowrap">technological
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:0px;white-space:nowrap">developments,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1520.95px;white-space:nowrap">success
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<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
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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>

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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:3532.88px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2408.64px;left:5220px;white-space:nowrap">Cybersecurity</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6120.53px;white-space:nowrap">losses
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6130.55px;white-space:nowrap">costs
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6410.57px;white-space:nowrap">cybersecurity
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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9161.63px;white-space:nowrap">securities
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</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:7541.28px;white-space:nowrap">Summary
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:8361.39px;white-space:nowrap">section
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:9511.96px;white-space:nowrap">report
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:6630.64px;white-space:nowrap">disclosure.</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:5574.7px;letter-spacing:9.39px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6489.63px;letter-spacing:10.2px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7576.59px;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:7829.08px;letter-spacing:11.08px;white-space:nowrap">Shareholders
</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">

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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,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5776.88px;white-space:nowrap">2025
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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">The </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1651.11px;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:2971.93px;white-space:nowrap">of
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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:3071.95px;white-space:nowrap">Meeting
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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:1410.38px;white-space:nowrap">of
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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>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4144.18px;left:0px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4144.18px;left:360.18px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4144.18px;left:2041.08px;white-space:nowrap">broker
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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:4144.18px;left:4542.28px;white-space:nowrap">respect
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4144.18px;left:5712.8px;white-space:nowrap">item.</div>

<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:1660.43px;white-space:nowrap">of
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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:2921.22px;white-space:nowrap">of
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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
</div>

<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:5559.43px;white-space:nowrap">as
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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:7991.19px;white-space:nowrap">public
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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:4574.18px;left:9432.16px;text-rendering:optimizeLegibility;white-space:nowrap">firm
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:300.23px;white-space:nowrap">Fund
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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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:1780.93px;white-space:nowrap">year
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4824.18px;left:3372.1px;white-space:nowrap">31,
</div>

<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:360.18px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:820.46px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:1000.46px;white-space:nowrap">not
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:1300.69px;white-space:nowrap">aware
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:1840.96px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:2041.08px;white-space:nowrap">broker
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:2601.3px;white-space:nowrap">non-votes
</div>

<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;position:absolute;top:6629.72px;left:4172.17px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:4542.28px;white-space:nowrap">respect
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:5182.56px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:5382.69px;white-space:nowrap">this
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6629.72px;left:5712.8px;white-space:nowrap">item.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7059.72px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:120.06px;white-space:nowrap">Harris
</div>

<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.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7059.72px;left:833.38px;white-space:nowrap">Ashton,
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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
</div>

<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
</div>

<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,
</div>

<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
</div>

<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:4475.21px;white-space:nowrap">Mary
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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
</div>

<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.
</div>

<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,
</div>

<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
</div>

<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.
</div>

<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">,
</div>

<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.
</div>

<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
</div>

<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">,
</div>

<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
</div>

<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
</div>

<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.
</div>

<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
</div>

<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
</div>

<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
</div>

<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
</div>

<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:8110.46px;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:8941.11px;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:9351.3px;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(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: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: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
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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>
</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">37</div></div>
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<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:5653.45px;white-space:nowrap">Annual
</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: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">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 style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:6465.59px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(54.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, 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>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2996.72px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3196.85px;white-space:nowrap">participate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4077.33px;white-space:nowrap">in
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:6058.64px;left:5629.22px;white-space:nowrap">10269-0560.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:3511.93px;white-space:nowrap">current
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:8864.82px;white-space:nowrap">proceeds.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:780.12px;white-space:nowrap">information,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:1770.56px;white-space:nowrap">please
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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:7488.64px;left:7227.07px;white-space:nowrap">report.</div></div>
</div> </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)">

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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:10.67px;white-space:nowrap">Dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2343.25px;letter-spacing:9.6px;white-space:nowrap">Cash
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2804.11px;letter-spacing:10.67px;white-space:nowrap">Purchase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:3677.34px;letter-spacing:9.6px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:4116.48px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</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="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">38</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>
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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">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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<div style="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:610.83px;left:0px;position:absolute;top:0px;transform:translate(36.000px,120.971px) 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;letter-spacing:-1.1px;white-space:nowrap">Transfer
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:-21.36px;left:753.66px;white-space:nowrap">Agent</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">Equiniti
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:637.12px;letter-spacing:-1.11px;white-space:nowrap">Trust
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1090.46px;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:408.64px;left:1947.48px;white-space:nowrap">LLC
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:0px;letter-spacing:-4.64px;white-space:nowrap">P.O.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:386.89px;white-space:nowrap">Box
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:747.07px;white-space:nowrap">922,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1147.41px;letter-spacing:-1.34px;white-space:nowrap">Wall
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1540.72px;white-space:nowrap">Street
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2070.97px;white-space:nowrap">Station,</div>

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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,
</div>

<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
</div>

<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)
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2088.64px;left:560.21px;white-space:nowrap">Deposit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2088.64px;left:1270.28px;white-space:nowrap">Service
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2088.64px;left:1960.84px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2088.64px;left:2250.79px;white-space:nowrap">Registered
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:2088.64px;left:3231.12px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:0px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:470.21px;white-space:nowrap">distributions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1480.69px;white-space:nowrap">can
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1820.92px;white-space:nowrap">now
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</div>

<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:2518.64px;left:5552.93px;white-space:nowrap">saving
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:6123.25px;white-space:nowrap">account
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:7344.05px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:8054.47px;white-space:nowrap">institution
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:970.49px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1160.6px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1450.9px;white-space:nowrap">Automated
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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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3091.82px;white-space:nowrap">House
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3662.14px;white-space:nowrap">(&#8220;ACH&#8221;)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5879px;white-space:nowrap">Deposit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6539.33px;white-space:nowrap">service
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7159.48px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7339.48px;white-space:nowrap">provided
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8079.96px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8340.03px;white-space:nowrap">registered
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:0px;white-space:nowrap">shareholders
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1290.76px;white-space:nowrap">no
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1540.99px;white-space:nowrap">charge.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2188.13px;letter-spacing:-6.65px;white-space:nowrap">To
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2428.24px;white-space:nowrap">enroll
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:4079px;white-space:nowrap">access
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:5769.84px;white-space:nowrap">online
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6300.26px;white-space:nowrap">by
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6540.38px;white-space:nowrap">going
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:7230.94px;letter-spacing:-0.58px;white-space:nowrap">www.equiniti.com
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8671.46px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8881.52px;white-space:nowrap">dial
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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)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9681.94px;white-space:nowrap">416-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:0px;white-space:nowrap">5585
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:450.44px;white-space:nowrap">(toll
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1210.61px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1560.94px;white-space:nowrap">follow
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2071.14px;white-space:nowrap">the
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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:3268.64px;left:3381.77px;white-space:nowrap">Direct
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3901.82px;white-space:nowrap">Deposit
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4562.14px;white-space:nowrap">will
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4862.11px;white-space:nowrap">begin
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6022.88px;white-space:nowrap">next
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6413.12px;white-space:nowrap">scheduled
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:7283.76px;white-space:nowrap">distribution
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:8204.24px;white-space:nowrap">payment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:8944.63px;white-space:nowrap">date
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:9344.97px;white-space:nowrap">following
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:0px;white-space:nowrap">enrollment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:890.42px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1080.53px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1380.76px;white-space:nowrap">service.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:3948.64px;left:0px;white-space:nowrap">Direct
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:3948.64px;left:560.21px;white-space:nowrap">Registration</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:3301.96px;white-space:nowrap">Fund,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:880.58px;white-space:nowrap">Equiniti
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:1517.7px;letter-spacing:-1.11px;white-space:nowrap">Trust
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:1971.04px;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:4628.64px;left:6456.27px;white-space:nowrap">provides
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:0px;white-space:nowrap">way
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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)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1510.75px;white-space:nowrap">birth
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3451.99px;text-rendering:optimizeLegibility;white-space:nowrap">officers
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5788.56px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7029.05px;text-rendering:optimizeLegibility;white-space:nowrap">affiliations,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7925.01px;white-space:nowrap">positions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8685.44px;white-space:nowrap">held
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9445.87px;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:0px;letter-spacing:-0.95px;white-space:nowrap">Trust,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:503.35px;white-space:nowrap">principal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1223.7px;white-space:nowrap">occupations
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2234.36px;white-space:nowrap">during
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2784.73px;white-space:nowrap">at
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2984.85px;white-space:nowrap">least
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3415.08px;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:3715.31px;white-space:nowrap">past
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4105.55px;text-rendering:optimizeLegibility;white-space:nowrap">five
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4435.66px;white-space:nowrap">years
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4925.83px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5276.16px;white-space:nowrap">number
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5936.48px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6136.61px;white-space:nowrap">U.S.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6536.69px;white-space:nowrap">registered
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7387.12px;white-space:nowrap">portfolios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8167.5px;white-space:nowrap">overseen
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8957.99px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9148.1px;white-space:nowrap">the
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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">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:686.95px;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:478.64px;left:1567.44px;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:1967.78px;white-space:nowrap">complex,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2738.06px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3048.22px;white-space:nowrap">shown
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3618.54px;letter-spacing:-1.42px;white-space:nowrap">below.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4178.94px;letter-spacing:-1.21px;white-space:nowrap">Generally,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5035.96px;white-space:nowrap">each
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5476.29px;white-space:nowrap">board
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5986.67px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6696.83px;white-space:nowrap">serves
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7276.99px;white-space:nowrap">until
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8734.57px;white-space:nowrap">successor
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9594.84px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">elected
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:630.44px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:980.77px;text-rendering:optimizeLegibility;white-space:nowrap">qualified.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1304.91px;left:0px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1304.91px;left:1518.11px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:1304.91px;left:2284.14px;white-space:nowrap">Members</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:0px;white-space:nowrap">Name,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:904.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:1099.84px;white-space:nowrap">Birth
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:0px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:322.97px;white-space:nowrap">Address</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:2316px;white-space:nowrap">Position</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:3632px;white-space:nowrap">Length
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:4209.66px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:4047px;white-space:nowrap">Served</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1676.06px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1676.06px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1676.06px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1676.06px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:6085.89px;white-space:nowrap">Member</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2063.27px;left:6699.41px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1868.06px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:7514px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:8073.92px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:8260.64px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:8723.06px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:9007.52px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:9389.94px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2060.06px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2356.54px;left:0px;white-space:nowrap">Harris
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2356.54px;left:506.95px;white-space:nowrap">J.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2356.54px;left:678.91px;white-space:nowrap">Ashton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2356.54px;left:1274.38px;white-space:nowrap">(1932)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:4076.69px;white-space:nowrap">1992</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:5348px;letter-spacing:-3.96px;white-space:nowrap">115</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:7514px;white-space:nowrap">Bar-S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:7967.44px;white-space:nowrap">Foods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:8456.58px;white-space:nowrap">(meat
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2356.54px;left:8910.02px;white-space:nowrap">packing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2548.54px;left:7514px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2548.54px;left:8260.95px;white-space:nowrap">(1981-2010).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2563.03px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2755.03px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2947.03px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3243.51px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:0px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:604.53px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:782.42px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:1342.66px;white-space:nowrap">companies;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:2205.31px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3450px;left:2516.72px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:3156.95px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:3245.86px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:3886.02px;white-space:nowrap">RBC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:4268.28px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:4979.77px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:5282.11px;white-space:nowrap">(bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:5726.8px;white-space:nowrap">holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:6287.27px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:7034.22px;white-space:nowrap">(until
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:7425.47px;white-space:nowrap">2002);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:7923.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:8235px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3450px;left:8999.84px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:0px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:738.13px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:1249.77px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:1561.17px;white-space:nowrap">Chairman
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:2299.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:2477.11px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:2743.98px;white-space:nowrap">Board,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:3259.84px;white-space:nowrap">General
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:3873.52px;white-space:nowrap">Host
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:4246.95px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:5127.42px;white-space:nowrap">(nursery
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:5758.67px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:6070.08px;white-space:nowrap">craft
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:6425.7px;white-space:nowrap">centers)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:7048.13px;white-space:nowrap">(until
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3642px;left:7439.38px;white-space:nowrap">1998).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4113.48px;left:0px;white-space:nowrap">Ann
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4113.48px;left:355.47px;letter-spacing:-1.98px;white-space:nowrap">Torre
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4113.48px;left:797.03px;white-space:nowrap">Bates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4113.48px;left:1277.27px;white-space:nowrap">(1958)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4113.48px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4113.48px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4113.48px;left:4076.69px;white-space:nowrap">2008</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4113.48px;left:5348px;white-space:nowrap">26</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4113.48px;left:7514px;white-space:nowrap">Ares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4113.48px;left:7887.44px;white-space:nowrap">Core
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4113.48px;left:8278.69px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4305.48px;left:7514px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4305.48px;left:7923.14px;white-space:nowrap">(closed-end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4305.48px;left:8803.61px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4497.48px;left:7514px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4497.48px;left:8492.36px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4497.48px;left:9239.31px;white-space:nowrap">(October
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4689.48px;left:7514px;white-space:nowrap">2024-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4689.48px;left:8590.25px;white-space:nowrap">Ares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4689.48px;left:8963.69px;white-space:nowrap">Strategic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4881.48px;left:7514px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4881.48px;left:8083.14px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4881.48px;left:8492.28px;white-space:nowrap">(closed-end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5073.48px;left:7514px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5073.48px;left:8332.13px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5073.48px;left:9310.48px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5265.48px;left:7514px;white-space:nowrap">(2022-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5265.48px;left:8643.53px;white-space:nowrap">Ares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5265.48px;left:9016.97px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5457.48px;left:7514px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5457.48px;left:8394.47px;white-space:nowrap">(specialty
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5457.48px;left:9114.7px;text-rendering:optimizeLegibility;white-space:nowrap">finance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5649.48px;left:7514px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5649.48px;left:8260.95px;white-space:nowrap">(2010-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5649.48px;left:9399.31px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5841.48px;left:7514px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5841.48px;left:8154.23px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5841.48px;left:8243.14px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5841.48px;left:8750.09px;white-space:nowrap">Natural
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5841.48px;left:9310.33px;white-space:nowrap">Foods,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6033.48px;left:7514px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6033.48px;left:7816.34px;white-space:nowrap">(food
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6033.48px;left:8225.48px;white-space:nowrap">distribution)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6033.48px;left:9096.97px;white-space:nowrap">(2013-2023)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.48px;left:7514px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.48px;left:7825.41px;white-space:nowrap">Navient
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.48px;left:8412.36px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6225.48px;left:9292.83px;white-space:nowrap">(loan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6417.48px;left:7514px;white-space:nowrap">management,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6417.48px;left:8536.81px;white-space:nowrap">servicing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6417.48px;left:9212.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6417.48px;left:9524px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6609.48px;left:7514px;white-space:nowrap">recovery)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6609.48px;left:8225.25px;white-space:nowrap">(2014-2016).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4319.97px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4319.97px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4319.97px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4319.97px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4511.97px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4703.97px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7007.97px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:0px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:604.53px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:782.42px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:1342.66px;white-space:nowrap">companies;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:2205.31px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7214.45px;left:2516.72px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:3156.95px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:3245.86px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:3983.98px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:4336.8px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:5057.19px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:5368.59px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:5786.56px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:6471.33px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:7018.59px;letter-spacing:-0.72px;white-space:nowrap">NHP
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:7397.97px;white-space:nowrap">Incorporated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:8340.78px;white-space:nowrap">(manager
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:9070px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7214.45px;left:9247.89px;white-space:nowrap">multifamily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:0px;white-space:nowrap">housing)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:658.2px;white-space:nowrap">(1995-1997);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:1618.83px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:1930.23px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:2283.05px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:3003.44px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:3311.95px;letter-spacing:-1.34px;white-space:nowrap">Treasurer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:4079.61px;white-space:nowrap">US
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:4337.5px;white-space:nowrap">Airways,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:4986.48px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:5288.83px;white-space:nowrap">(until
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7406.45px;left:5680.08px;white-space:nowrap">1995).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7877.94px;left:0px;letter-spacing:-1.32px;white-space:nowrap">Terrence
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7877.94px;left:708.52px;white-space:nowrap">J.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7877.94px;left:886.41px;white-space:nowrap">Checki
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7877.94px;left:1455.55px;white-space:nowrap">(1945)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:4076.69px;white-space:nowrap">2023</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:5348px;letter-spacing:-3.96px;white-space:nowrap">115</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:7514px;white-space:nowrap">Hess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:7922.98px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:8803.45px;white-space:nowrap">(exploration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:9683.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7877.94px;left:9861.81px;white-space:nowrap">oil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8069.94px;left:7514px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8069.94px;left:7825.41px;white-space:nowrap">gas)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8069.94px;left:8181.11px;white-space:nowrap">(2014-present).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8084.42px;left:0px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8084.42px;left:346.88px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8084.42px;left:960.39px;white-space:nowrap">Parkway</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8276.42px;left:0px;white-space:nowrap">San
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8276.42px;left:329.14px;white-space:nowrap">Mateo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8276.42px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8276.42px;left:1120.63px;white-space:nowrap">94403-1906</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8764.9px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:0px;white-space:nowrap">Member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:631.25px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:809.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:1076.02px;white-space:nowrap">Council
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:1654.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:1876.48px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:2463.44px;white-space:nowrap">Relations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:3174.92px;white-space:nowrap">(1996-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:4313.28px;white-space:nowrap">Member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:4944.53px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:5122.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:5389.3px;white-space:nowrap">National
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:6020.78px;white-space:nowrap">Committee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:6838.75px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:7061.17px;white-space:nowrap">U.S.-China
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:7888.13px;white-space:nowrap">Relations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8971.39px;left:8599.61px;white-space:nowrap">(1999-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:0px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:631.25px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:809.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:1076.02px;white-space:nowrap">board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:1529.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:1707.58px;white-space:nowrap">trustees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:2321.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:2499.06px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:2765.94px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:3512.89px;white-space:nowrap">Club
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:3886.41px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:4064.3px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:4425.94px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:4784.69px;white-space:nowrap">(2013-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:5923.05px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:6554.3px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:6732.19px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:6999.06px;white-space:nowrap">board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:7452.73px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:7630.63px;white-space:nowrap">trustees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:8244.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:8422.11px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:8688.98px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9163.39px;left:9275.94px;white-space:nowrap">Policy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:0px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:862.66px;white-space:nowrap">(2005-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:2001.02px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:2632.27px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:2810.16px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:3077.03px;white-space:nowrap">board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:3530.7px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:3708.59px;white-space:nowrap">directors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:4366.56px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:4544.45px;white-space:nowrap">Council
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:5122.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:5300.39px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:5558.44px;white-space:nowrap">Americas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:6269.69px;white-space:nowrap">(2007-present)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:7363.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:7675px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:7938.98px;letter-spacing:-1.36px;white-space:nowrap">Tallberg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9355.39px;left:8543.75px;white-space:nowrap">Foundation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:0px;white-space:nowrap">(2018-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:1138.36px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9547.39px;left:1449.77px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:2090px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:2178.91px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:2917.03px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:3269.84px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:3990.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:4168.13px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:4435px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:5021.95px;white-space:nowrap">Reserve
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:5662.19px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:6071.33px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:6249.22px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:6610.86px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:6969.61px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:7281.02px;white-space:nowrap">Head
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:7707.97px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:7885.86px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:8090.31px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:8819.53px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9547.39px;left:9432.97px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:0px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:569.3px;text-rendering:optimizeLegibility;white-space:nowrap">Affairs
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:1063.75px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:1552.89px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:1864.3px;white-space:nowrap">Member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:2495.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:2673.44px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:3651.8px;white-space:nowrap">Committee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:4469.77px;white-space:nowrap">(1995-2014);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:5430.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:5741.8px;letter-spacing:-0.32px;white-space:nowrap">Visiting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:6299.14px;white-space:nowrap">Fellow
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:6805.94px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:6983.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:7250.7px;white-space:nowrap">Council
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:7828.75px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:8051.17px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:8638.13px;white-space:nowrap">Relations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9739.39px;left:9349.61px;white-space:nowrap">(2014).</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:47.41px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:850.91px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size: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">40</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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:647.05px;left:0px;position:absolute;top:0px;transform:translate(35.999px,84.745px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12901.09px;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:155px;font-weight:bold;position:absolute;top:532.3px;left:0px;white-space:nowrap">Name,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:904.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:1099.84px;white-space:nowrap">Birth
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:0px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:322.97px;white-space:nowrap">Address</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:2316px;white-space:nowrap">Position</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:3632px;white-space:nowrap">Length
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:4209.66px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:4047px;white-space:nowrap">Served</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:6085.89px;white-space:nowrap">Member</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:727.51px;left:6699.41px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:7514px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8073.92px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8260.64px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8723.06px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9007.52px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9389.94px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:0px;white-space:nowrap">Mary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:417.97px;white-space:nowrap">C.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:622.42px;white-space:nowrap">Choksi
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:1200.31px;white-space:nowrap">(1950)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4076.69px;white-space:nowrap">2016</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5348px;letter-spacing:-3.96px;white-space:nowrap">115</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7514px;white-space:nowrap">Omnicom
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8242.98px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8732.13px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:9034.47px;white-space:nowrap">(advertising
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:7514px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:7825.41px;white-space:nowrap">marketing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:8572.36px;white-space:nowrap">communications
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:7514px;white-space:nowrap">services)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:8198.53px;letter-spacing:-0.79px;white-space:nowrap">(2011-present)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:9280.56px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:9591.97px;white-space:nowrap">White
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:7514px;white-space:nowrap">Mountains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:8296.66px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9043.77px;white-space:nowrap">Group,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9577.36px;white-space:nowrap">Ltd.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:7514px;white-space:nowrap">(holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:8127.75px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:8874.7px;white-space:nowrap">(2017-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:7514px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1980.79px;left:7825.41px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8465.64px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8545.72px;letter-spacing:-0.58px;white-space:nowrap">Avis
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8889.55px;white-space:nowrap">Budget
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:9441.11px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:7514px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:7816.34px;white-space:nowrap">(car
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:8136.34px;white-space:nowrap">rental)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:8634.31px;white-space:nowrap">(2007-2020).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1611.27px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2379.27px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:0px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:604.53px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:782.42px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:1342.66px;white-space:nowrap">companies;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:2205.31px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2585.76px;left:2516.72px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:3156.95px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:3245.86px;white-space:nowrap">Founder
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:3886.25px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:4197.66px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:4695.78px;letter-spacing:-0.98px;white-space:nowrap">Advisor,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:5309.38px;white-space:nowrap">Strategic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:5985.23px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:6812.27px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:7301.41px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:8172.81px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:9151.17px;white-space:nowrap">group)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:0px;white-space:nowrap">(2015-2017);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:960.63px;white-space:nowrap">Founding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:1672.27px;white-space:nowrap">Partner
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:2241.41px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:2552.81px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:3059.77px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:3806.95px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:4447.11px;white-space:nowrap">Strategic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:5122.97px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:5950px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:6439.14px;white-space:nowrap">(1987-2015);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:7399.77px;white-space:nowrap">Founding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:8111.41px;white-space:nowrap">Partner
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:8680.55px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:8991.95px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:0px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:640.16px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:1369.38px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:1982.81px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:2961.17px;white-space:nowrap">LLC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:3299.14px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:4170.55px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:5148.91px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:5513.2px;letter-spacing:-0.91px;white-space:nowrap">(1987-2011);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:6461.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:6773.36px;white-space:nowrap">Loan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:7173.75px;text-rendering:optimizeLegibility;white-space:nowrap">Officer/Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:8192.34px;white-space:nowrap">Loan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:8592.73px;text-rendering:optimizeLegibility;white-space:nowrap">Officer/Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:0px;white-space:nowrap">Pension
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:622.66px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:1449.69px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:1996.95px;letter-spacing:-0.48px;white-space:nowrap">World
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2456.33px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2865.47px;white-space:nowrap">Group
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:3354.61px;white-space:nowrap">(international
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4324.06px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4955.55px;white-space:nowrap">institution)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:5729.22px;white-space:nowrap">(1977-1987).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3633.24px;left:0px;white-space:nowrap">Edith
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3633.24px;left:444.38px;white-space:nowrap">E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3633.24px;left:640px;white-space:nowrap">Holiday
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3633.24px;left:1262.34px;white-space:nowrap">(1952)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:2316px;white-space:nowrap">Lead</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:2316px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:3632px;letter-spacing:-0.74px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:4212.94px;white-space:nowrap">since</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:3632px;white-space:nowrap">1996
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:4032.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:4343.8px;white-space:nowrap">Lead</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:3632px;white-space:nowrap">Independent</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:3632px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:3632px;white-space:nowrap">since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:4049.97px;white-space:nowrap">2007</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:5348px;letter-spacing:-3.96px;white-space:nowrap">115</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:7514px;white-space:nowrap">Hess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:7922.98px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:8803.45px;white-space:nowrap">(exploration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:9683.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3633.24px;left:9861.81px;white-space:nowrap">oil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:7514px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:7825.41px;white-space:nowrap">gas)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:8181.11px;white-space:nowrap">(1993-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3825.24px;left:9319.47px;white-space:nowrap">Santander
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:7514px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:8181.03px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:8545.64px;white-space:nowrap">(holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:9159.39px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:7514px;white-space:nowrap">(2019-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:8652.36px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4209.24px;left:8963.77px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:9604px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:7514px;white-space:nowrap">Santander
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:8296.81px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:9079.31px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:7514px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:8225.48px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:8527.83px;white-space:nowrap">(consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:9328.06px;text-rendering:optimizeLegibility;white-space:nowrap">finance)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4785.24px;left:7514px;white-space:nowrap">(2016-2023),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4785.24px;left:8474.63px;white-space:nowrap">Canadian
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4785.24px;left:9204.08px;white-space:nowrap">National
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4977.24px;left:7514px;white-space:nowrap">Railway
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4977.24px;left:8118.61px;white-space:nowrap">(railroad)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4977.24px;left:8803.22px;white-space:nowrap">(2001-2021),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5169.24px;left:7514px;white-space:nowrap">White
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5169.24px;left:7967.44px;white-space:nowrap">Mountains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5169.24px;left:8750.09px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5169.24px;left:9497.2px;white-space:nowrap">Group,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5361.24px;left:7514px;white-space:nowrap">Ltd.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5361.24px;left:7825.33px;white-space:nowrap">(holding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5361.24px;left:8439.08px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5361.24px;left:9186.03px;white-space:nowrap">(2004-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5553.24px;left:7514px;white-space:nowrap">2021),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5553.24px;left:8012.13px;letter-spacing:-0.72px;white-space:nowrap">RTI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5553.24px;left:8311.42px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5553.24px;left:9236.5px;white-space:nowrap">Metals,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5745.24px;left:7514px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5745.24px;left:7816.34px;white-space:nowrap">(manufacture
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5745.24px;left:8803.45px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5745.24px;left:9114.86px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5937.24px;left:7514px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5937.24px;left:7691.89px;white-space:nowrap">titanium)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5937.24px;left:8349.86px;white-space:nowrap">(1999-2015)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5937.24px;left:9266.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5937.24px;left:9577.44px;white-space:nowrap">H.J.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6129.24px;left:7514px;white-space:nowrap">Heinz
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6129.24px;left:7967.52px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6129.24px;left:8696.73px;white-space:nowrap">(processed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6129.24px;left:9532.67px;white-space:nowrap">foods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6321.24px;left:7514px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6321.24px;left:7825.41px;white-space:nowrap">allied
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6321.24px;left:8243.45px;white-space:nowrap">products)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6321.24px;left:8954.86px;white-space:nowrap">(1994-2013).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.12px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.12px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.12px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3842.12px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4034.12px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4034.12px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4034.12px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4034.12px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4226.12px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6527.72px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:0px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:604.53px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:788.36px;letter-spacing:-0.74px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:1369.3px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:1547.19px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:2107.42px;white-space:nowrap">companies
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:2925.63px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:3237.03px;white-space:nowrap">trusts;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:3717.11px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6734.21px;left:4028.52px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:4668.75px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:4748.83px;white-space:nowrap">Assistant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:5442.42px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:5620.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:5887.19px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:6607.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:6785.47px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:7052.34px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:7559.3px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:8057.34px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:8368.75px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:9097.89px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6734.21px;left:9275.78px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:0px;white-space:nowrap">Cabinet
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:595.94px;white-space:nowrap">(1990-1993);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:1556.56px;white-space:nowrap">General
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:2170.23px;white-space:nowrap">Counsel
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:2801.72px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:2979.61px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:3246.48px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:3753.44px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:4248.59px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:4918.36px;white-space:nowrap">Department
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:5798.75px;white-space:nowrap">(1989-1990);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:6759.38px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:7070.78px;white-space:nowrap">Counselor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:7844.53px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:8022.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:8289.3px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:9018.44px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6926.21px;left:9321.02px;white-space:nowrap">Assistant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:0px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:729.14px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:960.31px;white-space:nowrap">Public
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:1431.72px;text-rendering:optimizeLegibility;white-space:nowrap">Affairs
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:1926.17px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:2237.58px;white-space:nowrap">Public
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:2717.81px;white-space:nowrap">Liaison-United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:3785.08px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:4280.23px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:4950px;white-space:nowrap">Department
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7118.21px;left:5830.39px;white-space:nowrap">(1988-1989).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7589.69px;left:0px;white-space:nowrap">J.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7589.69px;left:177.89px;white-space:nowrap">Michael
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7589.69px;left:809.22px;white-space:nowrap">Luttig
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7589.69px;left:1297.89px;white-space:nowrap">(1954)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:4076.69px;white-space:nowrap">2009</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:5348px;letter-spacing:-3.96px;white-space:nowrap">115</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:7514px;white-space:nowrap">Boeing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:8056.66px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:8599.16px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:9479.63px;white-space:nowrap">(aircraft
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7781.69px;left:7514px;text-rendering:optimizeLegibility;white-space:nowrap">financing)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7781.69px;left:8252.2px;white-space:nowrap">(2006-2010).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7796.18px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7796.18px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7796.18px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7796.18px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7988.18px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7988.18px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7988.18px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7988.18px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8180.18px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8668.66px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:0px;white-space:nowrap">Counselor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:773.75px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:1085.16px;white-space:nowrap">Special
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:1645.55px;white-space:nowrap">Advisor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:2223.52px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:2401.41px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:2668.28px;white-space:nowrap">CEO
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:3059.45px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:3370.86px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:3842.27px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:4020.16px;white-space:nowrap">Directors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:4704.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:4882.58px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:5149.45px;white-space:nowrap">Coca-Cola
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:5949.77px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:6678.98px;white-space:nowrap">(beverage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:7443.91px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:8190.86px;white-space:nowrap">(2021-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8875.15px;left:9329.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9067.15px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:640.23px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:729.14px;white-space:nowrap">Counselor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:1502.89px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:1814.3px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:2312.42px;white-space:nowrap">Advisor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:2890.39px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:3068.28px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:3335.16px;white-space:nowrap">Chairman,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:4117.66px;white-space:nowrap">CEO,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:4553.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:4864.69px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:5336.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:5513.98px;white-space:nowrap">Directors,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:6242.97px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:6417.97px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:6738.13px;white-space:nowrap">Boeing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:7280.78px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:8010px;white-space:nowrap">(aerospace
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:8854.92px;white-space:nowrap">company),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9067.15px;left:9646.33px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:0px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:631.25px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:809.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:1076.02px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:1814.14px;white-space:nowrap">Council
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:2392.19px;white-space:nowrap">(2019-2020);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:3352.81px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:4090.94px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:4443.75px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:5208.59px;white-space:nowrap">General
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:5822.27px;white-space:nowrap">Counsel
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:6453.75px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:6765.16px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:7396.41px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:7574.3px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:7841.17px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:8579.3px;white-space:nowrap">Council,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:9198.91px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9259.15px;left:9519.06px;white-space:nowrap">Boeing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:0px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:729.22px;white-space:nowrap">(2006-2019);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:1689.84px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:2001.25px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:2579.38px;white-space:nowrap">Appeals
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:3202.03px;white-space:nowrap">Court
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:3637.73px;white-space:nowrap">Judge,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:4162.58px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:4669.53px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:5167.58px;white-space:nowrap">Court
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:5603.28px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:5772.34px;white-space:nowrap">Appeals
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:6395px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:6626.17px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:6893.05px;white-space:nowrap">Fourth
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:7399.92px;white-space:nowrap">Circuit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9451.15px;left:7897.73px;white-space:nowrap">(1991-2006).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9922.63px;left:0px;white-space:nowrap">David
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9922.63px;left:480.16px;letter-spacing:-2.94px;white-space:nowrap">W.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9922.63px;left:711.25px;white-space:nowrap">Niemiec
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9922.63px;left:1369.38px;white-space:nowrap">(1949)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:4076.69px;white-space:nowrap">2005</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:5348px;white-space:nowrap">26</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:7514px;white-space:nowrap">Hess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:7922.98px;white-space:nowrap">Midstream
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:8714.23px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:8951.5px;white-space:nowrap">(oil
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9922.63px;left:9209.31px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10114.63px;left:7514px;white-space:nowrap">gas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10114.63px;left:7816.42px;white-space:nowrap">midstream
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10114.63px;left:8607.67px;white-space:nowrap">infrastructure)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10306.63px;left:7514px;white-space:nowrap">(2017-present).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10129.12px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10129.12px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10129.12px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10129.12px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10321.12px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10321.12px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10321.12px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10321.12px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10513.12px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11001.6px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:0px;letter-spacing:-0.98px;white-space:nowrap">Advisor,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:613.59px;white-space:nowrap">Saratoga
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:1307.42px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:1956.56px;white-space:nowrap">(private
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:2534.53px;white-space:nowrap">equity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:3005.94px;white-space:nowrap">fund);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:3459.53px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:11208.08px;left:3770.94px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:4411.17px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:4500.08px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:5247.27px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:5887.42px;white-space:nowrap">Saratoga
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:6581.25px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:7230.39px;white-space:nowrap">(1998-2001)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:8146.56px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:8457.97px;white-space:nowrap">SBC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:8831.41px;letter-spacing:-0.74px;white-space:nowrap">Warburg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11208.08px;left:9483.44px;white-space:nowrap">Dillon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:0px;white-space:nowrap">Read
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:426.95px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:1298.36px;white-space:nowrap">banking)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:1956.56px;white-space:nowrap">(1997-1998);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:2917.19px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:3270px;white-space:nowrap">Chairman,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:4052.5px;white-space:nowrap">Dillon,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:4541.56px;white-space:nowrap">Read
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:4968.52px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:5119.69px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:5413.13px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:5715.47px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:6586.88px;white-space:nowrap">banking)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:7245.08px;white-space:nowrap">(1991-1997);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:8205.7px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:8517.11px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11400.08px;left:8935.08px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11592.08px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11592.08px;left:547.27px;white-space:nowrap">Dillon,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11592.08px;left:1036.33px;white-space:nowrap">Read
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11592.08px;left:1463.28px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11592.08px;left:1614.45px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11592.08px;left:1907.89px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:11592.08px;left:2210.23px;white-space:nowrap">(1982-1997).</div></div>
</div>

<div style="height:23.01px;left:0px;position:absolute;top:0px;transform:translate(35.999px,80.695px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1518.11px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2284.14px;white-space:nowrap">Members
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:53.82px;left:3439.92px;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:51.66px;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: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>
</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">41</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:5653.45px;white-space:nowrap">Annual
</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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:642.80px;left:0px;position:absolute;top:0px;transform:translate(53.999px,89.000px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12816px;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:260px;position:absolute;top:6363.03px;left:0px;white-space:nowrap">Interested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:6363.03px;left:1228.53px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:6363.03px;left:1994.56px;white-space:nowrap">Members
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:6363.03px;left:3150.34px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:6363.03px;left:3656.38px;text-rendering:optimizeLegibility;white-space:nowrap">Officers</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:0px;white-space:nowrap">Name,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:904.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:1099.84px;white-space:nowrap">Birth</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:0px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:322.97px;white-space:nowrap">Address</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:2316px;white-space:nowrap">Position</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:3632px;white-space:nowrap">Length
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:4209.66px;white-space:nowrap">of</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:4047px;white-space:nowrap">Served</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:6085.89px;white-space:nowrap">Member</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:727.51px;left:6699.41px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:7514px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8073.92px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8260.64px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8723.06px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9007.52px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9389.94px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:0px;white-space:nowrap">Larry
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:444.69px;white-space:nowrap">D.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:649.14px;white-space:nowrap">Thompson
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:1511.25px;white-space:nowrap">(1945)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4076.69px;white-space:nowrap">2005</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5348px;letter-spacing:-3.96px;white-space:nowrap">115</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7514px;white-space:nowrap">Graham
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8136.42px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8803.45px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:7514px;white-space:nowrap">(education
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:8305.64px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:8617.05px;white-space:nowrap">media
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:9097.28px;white-space:nowrap">organization)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:7514px;letter-spacing:-0.91px;white-space:nowrap">(2011-2021);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:8459.86px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:8780.02px;white-space:nowrap">Southern
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:7514px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:8243.22px;white-space:nowrap">(energy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:8830.17px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:7514px;white-space:nowrap">(2014-2020;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:8421.34px;white-space:nowrap">previously
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:9186.11px;white-space:nowrap">2010-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:7514px;white-space:nowrap">2012)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:7967.67px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8279.08px;white-space:nowrap">Cbeyond,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:9008.45px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:9310.8px;white-space:nowrap">(business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:7514px;white-space:nowrap">communications
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:8714.47px;white-space:nowrap">provider)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:9390.25px;white-space:nowrap">(2010-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:7514px;white-space:nowrap">2012).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1611.27px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2571.27px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:0px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:604.53px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:782.42px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:1342.66px;white-space:nowrap">companies;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:2205.31px;white-space:nowrap">Counsel,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:2881.25px;white-space:nowrap">Finch
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:3316.95px;white-space:nowrap">McCranie,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:4090.47px;letter-spacing:-0.72px;white-space:nowrap">LLP
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:4416.72px;white-space:nowrap">(law
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:4754.53px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:5118.83px;white-space:nowrap">(2015-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:6257.19px;white-space:nowrap">John
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:6639.77px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:6835.39px;white-space:nowrap">Sibley
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:7315.63px;white-space:nowrap">Professor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:8044.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:8222.66px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:8978.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2777.76px;left:9290px;white-space:nowrap">Business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Law,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:373.59px;white-space:nowrap">University
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:1120.39px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:1298.28px;white-space:nowrap">Georgia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:1911.95px;white-space:nowrap">School
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:2445.63px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:2623.52px;white-space:nowrap">Law
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:2961.48px;white-space:nowrap">(2015-present;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:4046.56px;white-space:nowrap">previously
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:4811.33px;letter-spacing:-0.99px;white-space:nowrap">2011-2012);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:5706.8px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2969.76px;left:6018.2px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:6658.44px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:6747.34px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:7681.56px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:8570.86px;white-space:nowrap">Monitor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:9148.83px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2969.76px;left:9451.41px;letter-spacing:-0.98px;white-space:nowrap">Auditor,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:0px;letter-spacing:-0.8px;white-space:nowrap">Volkswagen
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:889.53px;white-space:nowrap">AG
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:1165.16px;white-space:nowrap">(manufacturer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2205.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2383.44px;white-space:nowrap">automobiles
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:3290.63px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:3602.03px;white-space:nowrap">commercial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4464.38px;white-space:nowrap">vehicles)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:5140.16px;white-space:nowrap">(2017-2020);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:6100.78px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:6838.91px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:7191.72px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:7912.11px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:8009.84px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:8925.86px;text-rendering:optimizeLegibility;white-space:nowrap">Affairs,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:9464.77px;white-space:nowrap">General
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:0px;white-space:nowrap">Counsel
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:631.48px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:942.89px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:1698.83px;letter-spacing:-1.08px;white-space:nowrap">Secretary,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:2460.55px;white-space:nowrap">PepsiCo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:3154.22px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:3456.56px;white-space:nowrap">(consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4256.8px;white-space:nowrap">products)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4968.2px;white-space:nowrap">(2012-2014);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:5928.83px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6435.78px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6788.59px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:7508.98px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:7606.72px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:8522.73px;text-rendering:optimizeLegibility;white-space:nowrap">Affairs,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:9061.64px;white-space:nowrap">General
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:0px;white-space:nowrap">Counsel
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:631.48px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:942.89px;letter-spacing:-1.08px;white-space:nowrap">Secretary,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:1704.61px;white-space:nowrap">PepsiCo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:2398.28px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:2700.63px;letter-spacing:-0.91px;white-space:nowrap">(2004-2011);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:3649.38px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4156.33px;white-space:nowrap">Fellow
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4663.13px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4838.13px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:5158.28px;white-space:nowrap">Brookings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:5914.22px;white-space:nowrap">Institution
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:6643.52px;white-space:nowrap">(2003-2004);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:7604.14px;letter-spacing:-0.32px;white-space:nowrap">Visiting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:8161.48px;letter-spacing:-0.8px;white-space:nowrap">Professor,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:8926.25px;white-space:nowrap">University
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:9673.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:0px;white-space:nowrap">Georgia
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:613.67px;white-space:nowrap">School
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:1147.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:1325.23px;white-space:nowrap">Law
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:1663.2px;white-space:nowrap">(2004);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:2214.61px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:2526.02px;white-space:nowrap">Deputy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:3068.59px;white-space:nowrap">Attorney
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:3708.91px;white-space:nowrap">General,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:4367.03px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:4722.66px;white-space:nowrap">Department
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:5603.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:5780.94px;white-space:nowrap">Justice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3737.76px;left:6323.36px;white-space:nowrap">(2001-2003).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4209.24px;left:0px;white-space:nowrap">Constantine
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4209.24px;left:968.91px;white-space:nowrap">D.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4209.24px;left:1173.36px;letter-spacing:-0.91px;white-space:nowrap">Tseretopoulos</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4401.24px;left:0px;white-space:nowrap">(1954)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:4076.69px;white-space:nowrap">1999</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:5348px;white-space:nowrap">17</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4607.72px;left:0px;white-space:nowrap">300
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4607.72px;left:311.41px;white-space:nowrap">S.E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4607.72px;left:658.2px;white-space:nowrap">2nd
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4607.72px;left:969.61px;white-space:nowrap">Street</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4799.72px;left:0px;white-space:nowrap">Fort
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4799.72px;left:328.91px;white-space:nowrap">Lauderdale,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4799.72px;left:1218.52px;letter-spacing:-1.98px;white-space:nowrap">FL
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4799.72px;left:1443.75px;white-space:nowrap">33301-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4991.72px;left:0px;white-space:nowrap">1923</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5288.21px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:0px;white-space:nowrap">Physician,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:773.67px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:1191.64px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:1369.53px;text-rendering:optimizeLegibility;white-space:nowrap">Staff,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:1784.06px;white-space:nowrap">owner
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:2264.3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:2575.7px;white-space:nowrap">operator
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:3216.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:3393.98px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:3660.86px;letter-spacing:-0.85px;white-space:nowrap">Lyford
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:4144.06px;white-space:nowrap">Cay
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:4473.05px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:5095.55px;white-space:nowrap">(1987-present);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:6233.91px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:6811.88px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:6989.77px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:7550px;text-rendering:optimizeLegibility;white-space:nowrap">nonprofit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:8217.11px;white-space:nowrap">organizations;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5494.69px;left:9257.73px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5686.69px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:640.23px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:729.14px;white-space:nowrap">Cardiology
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:1538.44px;letter-spacing:-1.1px;white-space:nowrap">Fellow,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:2080.86px;white-space:nowrap">University
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:2827.66px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:3005.55px;white-space:nowrap">Maryland
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:3708.05px;white-space:nowrap">(1985-1987);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:4668.67px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:4980.08px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:5558.2px;white-space:nowrap">Medicine
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:6242.97px;white-space:nowrap">Resident,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:6963.36px;white-space:nowrap">Greater
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:7550.23px;white-space:nowrap">Baltimore
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:8270.47px;white-space:nowrap">Medical
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:8866.25px;white-space:nowrap">Center
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5686.69px;left:9390.94px;white-space:nowrap">(1982-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5878.69px;left:0px;white-space:nowrap">1985).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:0px;white-space:nowrap">Name,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:521.8px;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:6926.18px;left:904.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:1099.84px;white-space:nowrap">Birth</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:0px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:322.97px;white-space:nowrap">Address</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:2316px;white-space:nowrap">Position</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:3632px;white-space:nowrap">Length
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:4209.66px;white-space:nowrap">of</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:4047px;white-space:nowrap">Served</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6734.18px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6734.18px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6734.18px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6734.18px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:6085.89px;white-space:nowrap">Member</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:7121.39px;left:6699.41px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6926.18px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:7514px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:8073.92px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:8260.64px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:8723.06px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:9007.52px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:9389.94px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7118.18px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7414.66px;left:0px;white-space:nowrap">Gregory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7414.66px;left:666.88px;white-space:nowrap">E.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7414.66px;left:862.5px;white-space:nowrap">Johnson</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:7417.87px;left:1529.14px;white-space:nowrap">2</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7606.66px;left:0px;white-space:nowrap">(1961)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:2316px;white-space:nowrap">Chairman
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:3054.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:3231.94px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7606.66px;left:2316px;white-space:nowrap">Board,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7606.66px;left:2831.86px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7798.66px;left:2316px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7990.66px;left:2316px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7990.66px;left:2624.52px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:3632px;white-space:nowrap">Chairman
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:4370.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:4547.94px;white-space:nowrap">the</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7606.66px;left:3632px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7606.66px;left:4103.41px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7606.66px;left:4414.81px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7798.66px;left:3632px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7798.66px;left:4352.39px;white-space:nowrap">since</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7990.66px;left:3632px;white-space:nowrap">2023
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7990.66px;left:4032.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7990.66px;left:4340.91px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8182.66px;left:3632px;white-space:nowrap">since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8182.66px;left:4049.97px;white-space:nowrap">2007</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:5348px;white-space:nowrap">124</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7414.66px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7813.15px;left:0px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7813.15px;left:346.88px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7813.15px;left:960.39px;white-space:nowrap">Parkway</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8005.15px;left:0px;white-space:nowrap">San
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8005.15px;left:329.14px;white-space:nowrap">Mateo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8005.15px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8005.15px;left:1120.63px;white-space:nowrap">94403-1906</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8581.15px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:0px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:738.13px;white-space:nowrap">Chairman,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:1520.63px;white-space:nowrap">Chairman
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:2258.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:2436.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:2703.44px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:3174.84px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:3486.25px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:4126.41px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:4739.92px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:5593.59px;white-space:nowrap">Inc.;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:5940.39px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:6416.56px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:6914.69px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:7492.66px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:7679.38px;white-space:nowrap">trustee,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:8257.42px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:8470.86px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:8737.73px;white-space:nowrap">case
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:9120.16px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8787.63px;left:9466.88px;white-space:nowrap">be,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:0px;white-space:nowrap">of </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:177.89px;white-space:nowrap">some
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:613.59px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:791.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:1058.36px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:1467.5px;white-space:nowrap">subsidiaries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:2356.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:2534.69px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:3148.2px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:4001.88px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:4304.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:4615.63px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:4793.52px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:5318.2px;white-space:nowrap">funds
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:5754.06px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:5923.05px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:6189.92px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:6800.55px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:7583.2px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:7939.06px;white-space:nowrap">complex;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:8623.75px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8979.63px;left:8976.56px;white-space:nowrap">Chairman,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:0px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:827.03px;white-space:nowrap">Company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:1556.25px;white-space:nowrap">Institute;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:2205.47px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9171.63px;left:2516.88px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:3157.11px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:3246.02px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:3663.98px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:4402.11px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:4913.75px;white-space:nowrap">(2013-2020)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:5829.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:6141.33px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:6861.72px;white-space:nowrap">(1994-2015)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:7777.89px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:8391.41px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9171.63px;left:9245.08px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9643.12px;left:0px;white-space:nowrap">Rupert
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9643.12px;left:560px;white-space:nowrap">H.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9643.12px;left:764.45px;white-space:nowrap">Johnson,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9643.12px;left:1520px;letter-spacing:-2.94px;white-space:nowrap">Jr.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:9646.33px;left:1706.88px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9835.12px;left:0px;white-space:nowrap">(1940)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9643.12px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9643.12px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9643.12px;left:4076.69px;white-space:nowrap">2013</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9643.12px;left:5348px;letter-spacing:-3.96px;white-space:nowrap">115</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9643.12px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10041.6px;left:0px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10041.6px;left:346.88px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10041.6px;left:960.39px;white-space:nowrap">Parkway</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10233.6px;left:0px;white-space:nowrap">San
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10233.6px;left:329.14px;white-space:nowrap">Mateo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10233.6px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10233.6px;left:1120.63px;white-space:nowrap">94403-1906</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10530.08px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:0px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:604.53px;letter-spacing:-0.48px;white-space:nowrap">(Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:1010.63px;white-space:nowrap">Chairman),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:1846.41px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:2459.92px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:3313.59px;white-space:nowrap">Inc.;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:3660.39px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:4300.55px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:4905.23px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:5607.66px;white-space:nowrap">Inc.;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:5954.45px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:6265.86px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:6742.03px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:7240.16px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:7818.13px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:8004.84px;white-space:nowrap">trustee,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:8582.89px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:8796.33px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:9063.2px;white-space:nowrap">case
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:9445.63px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10736.57px;left:9792.34px;white-space:nowrap">be,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:0px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:177.89px;white-space:nowrap">some
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:613.59px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:791.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:1058.36px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:1467.5px;white-space:nowrap">subsidiaries
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:2356.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:2534.69px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:3148.2px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:4001.88px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:4304.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:4615.63px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:4793.52px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:5318.2px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:5754.06px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:5923.05px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:6189.92px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:6800.55px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:7583.2px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10928.57px;left:7939.06px;white-space:nowrap">complex.</div></div>
</div>

<div style="height:23.01px;left:0px;position:absolute;top:0px;transform:translate(53.999px,84.950px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1518.11px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2284.14px;white-space:nowrap">Members
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:53.82px;left:3439.92px;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:47.41px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:850.91px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size: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>

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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">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:5449.22px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:6039.92px;white-space:nowrap">laws
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:6338.83px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:6594.22px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:6740.16px;white-space:nowrap">his
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:6944.38px;white-space:nowrap">position
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:7433.13px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:7608.2px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:7790.63px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:8184.45px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:8439.84px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:8913.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12119.57px;left:9059.77px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:0px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:700.08px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:948.13px;white-space:nowrap">(Resources),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:1735.55px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:2107.42px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:2238.67px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:2457.58px;white-space:nowrap">parent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:2866.09px;white-space:nowrap">company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:3435px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:3580.94px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:3799.84px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:4226.17px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:4897.19px;white-space:nowrap">manager
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:5451.48px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12311.57px;left:5706.88px;letter-spacing:-0.6px;white-space:nowrap">distributor.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:0px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:145.94px;white-space:nowrap">Rupert
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:576.17px;white-space:nowrap">H.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:743.83px;white-space:nowrap">Johnson,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:1312.89px;letter-spacing:-1.8px;white-space:nowrap">Jr.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:1487.97px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:1619.22px;white-space:nowrap">considered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:2297.58px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:2443.52px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:2625.94px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:2808.36px;white-space:nowrap">interested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:3421.09px;white-space:nowrap">person
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:3858.75px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:4004.69px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:4223.59px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:4559.14px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:4931.17px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:5150.08px;white-space:nowrap">federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:5587.73px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:6178.44px;white-space:nowrap">laws
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:6477.34px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:6732.73px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:6878.67px;white-space:nowrap">his
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:7082.89px;white-space:nowrap">position
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:7571.64px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:7746.72px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:7929.14px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:8322.97px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:8578.36px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:9052.34px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:9307.73px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12503.57px;left:9417.19px;white-space:nowrap">major
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:0px;white-space:nowrap">shareholder
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:729.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:875.31px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:1575.39px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:1947.27px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:2078.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:2297.42px;white-space:nowrap">parent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:2705.94px;white-space:nowrap">company
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:3274.84px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:3420.78px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:3639.69px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:4066.02px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:4737.03px;white-space:nowrap">manager
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:5291.33px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12695.57px;left:5546.72px;letter-spacing:-0.6px;white-space:nowrap">distributor.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:0px;white-space:nowrap">Name,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:521.8px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:904.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:1099.84px;white-space:nowrap">Birth</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:0px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:322.97px;white-space:nowrap">Address</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:2316px;white-space:nowrap">Position</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:3632px;white-space:nowrap">Length
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:4209.66px;white-space:nowrap">of</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:4047px;white-space:nowrap">Served</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:340.3px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:6085.89px;white-space:nowrap">Member</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:727.51px;left:6699.41px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:532.3px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:7514px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8073.92px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8260.64px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:8723.06px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9007.52px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9389.94px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:724.3px;left:9520.48px;letter-spacing:-1.77px;white-space:nowrap">Years</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:0px;white-space:nowrap">Bjorn
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:456.25px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:660.7px;white-space:nowrap">Davis
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1020.79px;left:1132.11px;white-space:nowrap">(1965)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2316px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:2316px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4076.69px;white-space:nowrap">October
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4690.28px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5348px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7514px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7798.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:0px;white-space:nowrap">100
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:311.41px;white-space:nowrap">First
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:666.88px;white-space:nowrap">Stamford
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1227.27px;left:1360.47px;white-space:nowrap">Place</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:0px;white-space:nowrap">Stamford,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:738.05px;letter-spacing:-0.96px;white-space:nowrap">CT
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:1419.27px;left:992.89px;white-space:nowrap">06902</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:1803.27px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:0px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:352.81px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:1117.66px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:1728.28px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:2510.94px;white-space:nowrap">Global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:3017.89px;white-space:nowrap">Regulatory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:3836.09px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:4725.39px;white-space:nowrap">US
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:4983.28px;white-space:nowrap">Advisory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:5641.25px;white-space:nowrap">Services;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:6343.67px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:6761.64px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:7650.94px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:8198.2px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:8802.89px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2009.76px;left:9505.31px;white-space:nowrap">Inc.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:613.52px;white-space:nowrap">Mutual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:1129.38px;white-space:nowrap">Advisers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:1787.34px;white-space:nowrap">LLC,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:2169.77px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:2780.39px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:3563.05px;white-space:nowrap">Institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:4416.88px;white-space:nowrap">LLC,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:4796.41px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:5579.06px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:6406.09px;white-space:nowrap">Counsel
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:7037.58px;white-space:nowrap">LLC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:7375.55px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:7684.06px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:8466.72px;white-space:nowrap">Global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2201.76px;left:8964.84px;white-space:nowrap">Advisors
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:0px;white-space:nowrap">Limited
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:560.23px;white-space:nowrap">(since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:1031.48px;white-space:nowrap">2023);
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:2393.76px;left:1529.61px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:2169.84px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:2258.75px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:2898.91px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:3509.53px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:4292.19px;white-space:nowrap">Global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:4799.14px;white-space:nowrap">Regulatory
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:5617.34px;white-space:nowrap">Compliance;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:6551.09px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:6969.06px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:7858.36px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:8405.63px;white-space:nowrap">K2
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:8636.95px;white-space:nowrap">Advisors,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:9339.38px;white-space:nowrap">LLC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2393.76px;left:9677.34px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:0px;white-space:nowrap">K2/D&amp;S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:613.59px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:1591.95px;white-space:nowrap">Co.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:1929.84px;white-space:nowrap">LLC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:2267.81px;letter-spacing:-1.98px;white-space:nowrap">(2011
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:2709.61px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:2585.76px;left:2807.34px;white-space:nowrap">2023).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3057.24px;left:0px;white-space:nowrap">Susan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3057.24px;left:524.61px;white-space:nowrap">Kerr
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3057.24px;left:898.13px;white-space:nowrap">(1949)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:2668.81px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:3389.2px;white-space:nowrap">&#8211;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3249.24px;left:2316px;letter-spacing:-1.48px;white-space:nowrap">AML
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3249.24px;left:2683.5px;white-space:nowrap">Compliance</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:4076.69px;white-space:nowrap">2021</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:5348px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:7514px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3057.24px;left:7798.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3263.72px;left:0px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3263.72px;left:346.88px;white-space:nowrap">Madison
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3263.72px;left:987.27px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3455.72px;left:0px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3455.72px;left:361.64px;letter-spacing:-2.45px;white-space:nowrap">York,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3455.72px;left:764.84px;letter-spacing:-0.96px;white-space:nowrap">NY
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3455.72px;left:1028.67px;white-space:nowrap">10010</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:3752.21px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:0px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:506.95px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:1387.42px;white-space:nowrap">Analyst,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:2001.02px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:2611.64px;letter-spacing:-1.61px;white-space:nowrap">Templeton;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:3438.75px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:3847.89px;white-space:nowrap">Anti-Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:4701.56px;white-space:nowrap">Laundering
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:5546.72px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:6436.02px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:6983.28px;white-space:nowrap">Legg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:7383.67px;white-space:nowrap">Mason
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:7908.36px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:8059.53px;white-space:nowrap">Co.,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:8397.42px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:8584.14px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:8788.59px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:3958.69px;left:9451.64px;white-space:nowrap">Anti
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:0px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:524.69px;white-space:nowrap">Laundering
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:1369.84px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:2259.14px;text-rendering:optimizeLegibility;white-space:nowrap">Officer;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:2815.23px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:3322.19px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:4211.48px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:4758.75px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:5372.27px;white-space:nowrap">Distributors,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:6270.23px;white-space:nowrap">LLC;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:6652.66px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:6964.06px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:7440.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:7618.13px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:8142.81px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:8578.67px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:8747.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4150.69px;left:9014.53px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4342.69px;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:4342.69px;left:782.66px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4342.69px;left:1138.52px;white-space:nowrap">complex.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4814.18px;left:0px;white-space:nowrap">Christopher
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4814.18px;left:951.17px;white-space:nowrap">Kings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:4814.18px;left:1440.08px;white-space:nowrap">(1974)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:2316px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:2733.97px;white-space:nowrap">Executive</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5006.18px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5006.18px;left:2827.64px;white-space:nowrap">-
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5006.18px;left:2925.38px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5198.18px;left:2316px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5198.18px;left:2618.25px;letter-spacing:0px;white-space:nowrap">Administration</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:4076.69px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:5348px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:7514px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:4814.18px;left:7798.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5020.66px;left:0px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5020.66px;left:346.88px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5020.66px;left:960.39px;white-space:nowrap">Parkway</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5212.66px;left:0px;white-space:nowrap">San
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5212.66px;left:329.14px;white-space:nowrap">Mateo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5212.66px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5212.66px;left:1120.63px;white-space:nowrap">94403-1906</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:5596.66px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:0px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:506.95px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:859.77px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:1624.61px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:2235.23px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:3017.89px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:3720.31px;white-space:nowrap">LLC;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:4102.73px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:4414.14px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:4890.31px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:5068.2px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:5592.89px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:6028.75px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:6197.73px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:6464.61px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:7075.23px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:7857.89px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:5803.15px;left:8213.75px;white-space:nowrap">complex.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6274.63px;left:0px;white-space:nowrap">Manraj
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6274.63px;left:560.16px;white-space:nowrap">S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6274.63px;left:755.78px;white-space:nowrap">Sekhon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:6274.63px;left:1378.13px;white-space:nowrap">(1969)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:2316px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:3036.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6466.63px;left:2316px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6466.63px;left:2733.97px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6658.63px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6658.63px;left:2827.64px;white-space:nowrap">&#8211;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6850.63px;left:2316px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7042.63px;left:2316px;white-space:nowrap">Management</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:4076.69px;white-space:nowrap">2018</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:5348px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:7514px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6274.63px;left:7798.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6481.12px;left:0px;white-space:nowrap">7 </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6481.12px;left:130.55px;letter-spacing:-2.22px;white-space:nowrap">Temasek
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6481.12px;left:815.23px;white-space:nowrap">Blvd.,</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6673.12px;left:0px;white-space:nowrap">Suntec
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6673.12px;left:539.69px;letter-spacing:-2.96px;white-space:nowrap">Tower
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6673.12px;left:1010.94px;white-space:nowrap">1,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6673.12px;left:1188.83px;white-space:nowrap">#38-03</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6865.12px;left:0px;white-space:nowrap">Singapore
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:6865.12px;left:773.91px;white-space:nowrap">038987</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:7441.12px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:0px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:417.97px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:1245px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:1792.27px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:2402.89px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:3185.55px;white-space:nowrap">Emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:3914.77px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:4528.2px;white-space:nowrap">Equity;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:5061.8px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:5373.2px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:5849.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:6027.27px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:6551.95px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:6987.81px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:7156.8px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:7423.67px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:8034.3px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:8816.95px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:7647.6px;left:9172.81px;white-space:nowrap">complex.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8119.08px;left:0px;white-space:nowrap">Navid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8119.08px;left:480.16px;white-space:nowrap">J.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8119.08px;left:658.05px;text-rendering:optimizeLegibility;letter-spacing:-1.08px;white-space:nowrap">Tofigh
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8119.08px;left:1179.3px;white-space:nowrap">(1972)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:2316px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:2668.81px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8311.08px;left:2316px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8311.08px;left:2627.41px;white-space:nowrap">Secretary</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:3632px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:3984.81px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:4705.2px;white-space:nowrap">since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8311.08px;left:3632px;white-space:nowrap">2015
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8311.08px;left:4032.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8311.08px;left:4343.8px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8503.08px;left:3632px;white-space:nowrap">since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8503.08px;left:4049.97px;white-space:nowrap">2023</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:5348px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:7514px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8119.08px;left:7798.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8325.57px;left:0px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8325.57px;left:346.88px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8325.57px;left:960.39px;white-space:nowrap">Parkway</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8517.57px;left:0px;white-space:nowrap">San
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8517.57px;left:329.14px;white-space:nowrap">Mateo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8517.57px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:8517.57px;left:1120.63px;white-space:nowrap">94403-1906</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:8814.05px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:0px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:498.13px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:1236.25px;white-space:nowrap">General
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:1849.92px;white-space:nowrap">Counsel,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:2525.86px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:3136.48px;letter-spacing:-1.61px;white-space:nowrap">Templeton;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:3963.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:4275px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:4751.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:4929.06px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:5453.75px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:5889.61px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:6058.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:6325.47px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:6936.09px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:7718.75px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9020.54px;left:8074.61px;white-space:nowrap">complex.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9492.02px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Jeffrey
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9492.02px;left:565.31px;letter-spacing:-2.94px;white-space:nowrap">W.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9492.02px;left:796.41px;white-space:nowrap">White
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9492.02px;left:1276.33px;white-space:nowrap">(1971)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:2316px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:2733.97px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9684.02px;left:2316px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9684.02px;left:2863.27px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9876.02px;left:2316px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9876.02px;left:3152.09px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10068.02px;left:2316px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10068.02px;left:2624.52px;letter-spacing:-0.66px;white-space:nowrap">Treasurer</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:3632px;white-space:nowrap">Since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:4076.69px;white-space:nowrap">2024</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:5348px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:7514px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9492.02px;left:7798.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9698.51px;left:0px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9698.51px;left:346.88px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9698.51px;left:960.39px;white-space:nowrap">Parkway</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9890.51px;left:0px;white-space:nowrap">San
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9890.51px;left:329.14px;white-space:nowrap">Mateo,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9890.51px;left:862.73px;letter-spacing:-2.94px;white-space:nowrap">CA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:9890.51px;left:1120.63px;white-space:nowrap">94403-1906</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:720.23px;white-space:nowrap">Occupation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:1644.77px;white-space:nowrap">During
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:2204.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:2391.41px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:2853.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:3138.28px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:3520.7px;white-space:nowrap">5
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10466.51px;left:3651.25px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:0px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:417.97px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:1102.73px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:1650px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:2059.14px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:2895.23px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:3406.88px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:3555.16px;letter-spacing:-0.59px;white-space:nowrap">Treasurer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:4287.19px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:4598.59px;text-rendering:optimizeLegibility;white-space:nowrap">officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:5074.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:5252.66px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:5777.34px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:6213.2px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:6382.19px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:6649.06px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:7259.69px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:8042.34px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:8398.2px;white-space:nowrap">complex;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:9082.89px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:10672.99px;left:9394.3px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10672.99px;left:10034.53px;white-space:nowrap">,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:0px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:604.53px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:907.11px;white-space:nowrap">Assistant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:1597.81px;letter-spacing:-0.59px;white-space:nowrap">Treasurer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:2329.84px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:2783.36px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:3393.98px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:4176.64px;white-space:nowrap">Global
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:4683.59px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:5089.84px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:5383.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:5694.69px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:6095px;white-space:nowrap">Administration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:7153.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:7464.61px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:8149.38px;white-space:nowrap">Reporting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:10864.99px;left:8887.58px;white-space:nowrap">(2017-2023).</div></div>
</div>

<div style="height:23.01px;left:0px;position:absolute;top:0px;transform:translate(35.999px,80.695px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Interested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1228.53px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1994.56px;white-space:nowrap">Members
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3150.34px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.38px;text-rendering:optimizeLegibility;white-space:nowrap">Officers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:53.82px;left:4617.79px;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:51.66px;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: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>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:5221.25px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:5410.86px;white-space:nowrap">expert
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:5841.09px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:5994.22px;white-space:nowrap">view
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:6315.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:6475.55px;white-space:nowrap">their
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:6796.33px;white-space:nowrap">extensive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:7430.94px;white-space:nowrap">business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:8036.25px;white-space:nowrap">background
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:8823.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:9093.36px;white-space:nowrap">experience.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1101.4px;left:9851.95px;white-space:nowrap">Ms.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:0px;white-space:nowrap">Bates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:393.75px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:656.33px;white-space:nowrap">served
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:1115.86px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:1298.28px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:1407.73px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:1954.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:2114.92px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:2348.2px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:2700.55px;white-space:nowrap">Audit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:3072.19px;white-space:nowrap">Committee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:3786.56px;white-space:nowrap">since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:4158.59px;white-space:nowrap">2008.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:4523.44px;white-space:nowrap">She
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:4800.55px;white-space:nowrap">currently
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:5398.44px;white-space:nowrap">serves
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:5850.78px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:6033.2px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:6142.66px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:6667.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:6823.13px;white-space:nowrap">Ares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:7151.25px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:7625.16px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:8412.27px;white-space:nowrap">(2010-present)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:9345.55px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1293.4px;left:9615.31px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:0px;white-space:nowrap">Natural
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:488.44px;white-space:nowrap">Foods,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:955px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:1217.58px;white-space:nowrap">(2013-present)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:2150.86px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:2420.63px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:2705.16px;white-space:nowrap">formerly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:3266.56px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:3376.02px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:3900.94px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:4061.25px;white-space:nowrap">Navient
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:4571.64px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:5358.75px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:5686.72px;white-space:nowrap">2014
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:6015.08px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:6175.39px;white-space:nowrap">2016,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:6540.23px;white-space:nowrap">SLM
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:6853.67px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:7640.78px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:7968.75px;white-space:nowrap">1997
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:8297.11px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:8457.42px;white-space:nowrap">2014
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:8785.78px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:9050.78px;white-space:nowrap">Allied
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1485.4px;left:9444.53px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:0px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:787.11px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:1115.08px;white-space:nowrap">2003
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:1443.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:1603.75px;white-space:nowrap">2010,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:1968.59px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:2617.73px;letter-spacing:-0.45px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:2921.88px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:3556.25px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:3826.02px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:4190.47px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:4795.78px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:5255.16px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:5415.47px;letter-spacing:-0.57px;white-space:nowrap">NHP
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:5726.56px;white-space:nowrap">Incorporated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:6564.92px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:6892.89px;white-space:nowrap">1995
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:7221.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:7381.56px;white-space:nowrap">1997
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:7709.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:7979.69px;letter-spacing:-0.45px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:8283.83px;white-space:nowrap">President
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:8918.2px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:9187.97px;letter-spacing:-0.72px;white-space:nowrap">Treasurer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1677.4px;left:9822.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:0px;white-space:nowrap">US
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:213.91px;white-space:nowrap">Airways,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:790.08px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:1052.66px;white-space:nowrap">until
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:1366.09px;white-space:nowrap">1995.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:1730.94px;letter-spacing:-1.8px;white-space:nowrap">Mr.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:1957.03px;white-space:nowrap">Niemiec
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:2496.72px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:2759.3px;white-space:nowrap">served
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:3218.83px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:3401.25px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:3510.7px;white-space:nowrap">member
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:4057.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:4217.89px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:4451.17px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:4803.52px;white-space:nowrap">Audit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:5175.16px;white-space:nowrap">Committee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:5889.53px;white-space:nowrap">since
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:6261.56px;white-space:nowrap">2005,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:6626.41px;white-space:nowrap">currently
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:7224.3px;white-space:nowrap">serves
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:7676.64px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:7859.06px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:8043.91px;white-space:nowrap">Advisor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:8568.83px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:8729.14px;white-space:nowrap">Saratoga
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1869.4px;left:9327.03px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:0px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:269.77px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:554.3px;white-space:nowrap">formerly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:1115.7px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:1305.31px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:1954.14px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:2493.59px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:2821.56px;white-space:nowrap">1998
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:3149.92px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:3310.23px;white-space:nowrap">2001
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:3638.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:3908.36px;white-space:nowrap">serves
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:4360.7px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:4543.13px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:4652.58px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:5177.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:5337.81px;white-space:nowrap">Hess
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:5687.89px;white-space:nowrap">Midstream
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:6380.55px;letter-spacing:-0.76px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:6582.42px;white-space:nowrap">(2017-present).
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:7552.19px;letter-spacing:-1.8px;white-space:nowrap">Mr.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:7778.28px;white-space:nowrap">Niemiec
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:8317.97px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:8602.5px;white-space:nowrap">formerly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:9163.91px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:9273.36px;white-space:nowrap">director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2061.4px;left:9798.28px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:0px;white-space:nowrap">Emeritus
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:597.89px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:1385px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:1712.97px;white-space:nowrap">1999
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:2041.33px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:2201.64px;white-space:nowrap">2010
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:2530px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:2799.77px;white-space:nowrap">OSI
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:3062.34px;white-space:nowrap">Pharmaceuticals,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:4178.2px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:4440.78px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:4768.75px;white-space:nowrap">2006
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:5097.11px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:5257.42px;white-space:nowrap">2010,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:5622.27px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:6271.09px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:6810.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:6970.86px;white-space:nowrap">SBC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:7284.22px;letter-spacing:-0.6px;white-space:nowrap">Warburg
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:7855.23px;white-space:nowrap">Dillon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:8256.17px;white-space:nowrap">Read
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:8613.44px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:8941.41px;white-space:nowrap">1997
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:9269.77px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:9430.08px;white-space:nowrap">1998,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2253.4px;left:9794.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:0px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:284.53px;letter-spacing:-0.45px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:588.67px;white-space:nowrap">Chairman
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:1230.23px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:1558.2px;white-space:nowrap">1991
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:1886.56px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:2046.88px;white-space:nowrap">1997
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:2375.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:2645px;white-space:nowrap">Chief
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:3009.45px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:3614.77px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:4074.14px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:4402.11px;white-space:nowrap">1982
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:4730.47px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:4890.78px;white-space:nowrap">1997
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:5219.14px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:5379.45px;white-space:nowrap">Dillon,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:5816.88px;white-space:nowrap">Read
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:6174.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:6305.31px;white-space:nowrap">Co.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:6553.13px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:6810.94px;white-space:nowrap">As
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:7015.08px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:7124.53px;white-space:nowrap">result
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:7518.28px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:7678.59px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:8021.33px;white-space:nowrap">background
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:8808.67px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:9078.44px;white-space:nowrap">experience,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2445.4px;left:9837.03px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:0px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:415.47px;white-space:nowrap">believes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:969.92px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:1246.88px;white-space:nowrap">Ms.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:1502.11px;white-space:nowrap">Bates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:1895.86px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:2165.63px;letter-spacing:-1.8px;white-space:nowrap">Mr.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:2391.72px;white-space:nowrap">Niemiec
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:2931.41px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:3266.95px;white-space:nowrap">each
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:3602.5px;white-space:nowrap">acquired
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:4185.86px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:4375.47px;white-space:nowrap">understanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:5323.13px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:5483.44px;white-space:nowrap">generally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:6096.09px;white-space:nowrap">accepted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:6701.41px;white-space:nowrap">accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:7437.73px;white-space:nowrap">principles
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:8094.06px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:8363.83px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:8932.66px;white-space:nowrap">statements,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2637.4px;left:9698.28px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:0px;white-space:nowrap">general
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:503.2px;white-space:nowrap">application
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:1232.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:1392.66px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:1735.39px;white-space:nowrap">principles
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:2391.72px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:2544.84px;white-space:nowrap">connection
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:3281.17px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:3580.08px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:3813.36px;white-space:nowrap">accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:4549.69px;white-space:nowrap">estimates,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:5227.97px;white-space:nowrap">accruals
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:5796.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:6066.72px;white-space:nowrap">reserves,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:6679.53px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:6949.3px;white-space:nowrap">analyzing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:7583.75px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:7853.52px;white-space:nowrap">evaluating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:8538.98px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:9107.81px;white-space:nowrap">statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2829.4px;left:9836.95px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:0px;white-space:nowrap">present
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:510.39px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:619.84px;white-space:nowrap">breadth
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:1137.42px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:1407.19px;white-space:nowrap">level
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:1735.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:1895.86px;white-space:nowrap">complexity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:2617.81px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:2778.13px;white-space:nowrap">accounting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:3514.45px;white-space:nowrap">issues
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:3959.45px;white-space:nowrap">generally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:4572.11px;white-space:nowrap">comparable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:5345.08px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:5505.39px;white-space:nowrap">those
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:5891.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:6052.11px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:6285.39px;white-space:nowrap">Fund,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:6678.98px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:6861.41px;white-space:nowrap">well
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:7145.94px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:7328.36px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:7517.97px;white-space:nowrap">understanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:8465.63px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:8625.94px;white-space:nowrap">internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:9136.33px;white-space:nowrap">controls
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3021.4px;left:9690.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:0px;white-space:nowrap">procedures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:751.02px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:962.34px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:1531.17px;white-space:nowrap">reporting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:2143.44px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:2413.2px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:2602.81px;white-space:nowrap">understanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:3550.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:3710.78px;white-space:nowrap">audit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:4060.7px;white-space:nowrap">committee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:4753.36px;white-space:nowrap">functions.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:5416.72px;white-space:nowrap">Ms.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:5671.95px;white-space:nowrap">Bates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:6065.7px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:6335.47px;letter-spacing:-1.8px;white-space:nowrap">Mr.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:6561.56px;white-space:nowrap">Niemiec
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:7101.25px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:7334.69px;white-space:nowrap">independent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:8151.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:8566.64px;white-space:nowrap">members
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:9186.48px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:9368.91px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:9645.86px;white-space:nowrap">term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3213.4px;left:9966.64px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">defined
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:503.05px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:903.98px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:1137.27px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:1815.55px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:2107.19px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:2770.86px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:3040.63px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:3696.95px;white-space:nowrap">Commission
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:4520.78px;white-space:nowrap">Rules
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:4914.53px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3405.4px;left:5184.3px;white-space:nowrap">Releases.</div></div>
</div>

<div style="height:22.79px;left:0px;position:absolute;top:0px;transform:translate(53.999px,84.950px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Interested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1228.53px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1994.56px;white-space:nowrap">Members
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3150.34px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.38px;text-rendering:optimizeLegibility;white-space:nowrap">Officers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;position:absolute;top:53.82px;left:4617.79px;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: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:40.84px;left:0px;position:absolute;top:0px;transform:translate(36.000px,75.357px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:648px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Shareholder
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1690.31px;white-space:nowrap">Information</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">44</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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:623.65px;left:0px;position:absolute;top:0px;transform:translate(36.000px,108.150px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12352px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:751.69px;white-space:nowrap">Approval
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1850.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2139.16px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:289.15px;left:0px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:260px;position:absolute;top:289.15px;left:1575.49px;white-space:nowrap">Agreements</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:664.48px;left:0px;white-space:nowrap">(unaudited)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1094.48px;left:0px;letter-spacing:-0.33px;white-space:nowrap">TEMPLETON
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1094.48px;left:1156.73px;white-space:nowrap">EMERGING
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1094.48px;left:2186.81px;white-space:nowrap">MARKETS
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:1094.48px;left:3126.8px;white-space:nowrap">FUND</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:0px;white-space:nowrap">(Fund)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774.48px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1774.48px;left:220.08px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9704.48px;left:2861.81px;white-space:nowrap">continuance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9954.48px;left:0px;white-space:nowrap">Management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9954.48px;left:1090.72px;white-space:nowrap">Agreement,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9954.48px;left:4052.37px;white-space:nowrap">to:
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9954.48px;left:4302.51px;white-space:nowrap">(i)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9954.48px;left:4512.39px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10204.48px;left:0px;white-space:nowrap">nature,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10204.48px;left:610.4px;white-space:nowrap">extent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10204.48px;left:1150.75px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10204.48px;left:1501.08px;white-space:nowrap">quality
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10204.48px;left:3281.92px;white-space:nowrap">provided
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10454.48px;left:0px;white-space:nowrap">Manager;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10454.48px;left:810.44px;white-space:nowrap">(ii)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10454.48px;left:1060.31px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10454.48px;left:1360.55px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10454.48px;left:2280.94px;white-space:nowrap">performance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10454.48px;left:3841.79px;white-space:nowrap">Fund;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10454.48px;left:4352.08px;white-space:nowrap">(iii)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:0px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:300.23px;white-space:nowrap">costs
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:770.36px;white-space:nowrap">of
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:1270.72px;white-space:nowrap">services
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:1980.88px;white-space:nowrap">provided
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:3071.69px;text-rendering:optimizeLegibility;white-space:nowrap">profits
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:3611.87px;white-space:nowrap">realized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:1781.1px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:300.23px;white-space:nowrap">Fund;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:810.53px;white-space:nowrap">(iv)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:1110.41px;white-space:nowrap">the
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</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:1680.05px;white-space:nowrap">grows;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:2610.07px;white-space:nowrap">(v)
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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:490.34px;white-space:nowrap">economies
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</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:3892.32px;white-space:nowrap">investors.</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6560.95px;white-space:nowrap">continuance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6090.56px;white-space:nowrap">Franklin
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6780.76px;white-space:nowrap">Resources,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7741.14px;white-space:nowrap">Inc.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8081.28px;white-space:nowrap">(FRI),
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8891.37px;letter-spacing:-0.67px;white-space:nowrap">Managers&#8217;
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7941.27px;white-space:nowrap">mutual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8531.54px;white-space:nowrap">fund
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5460.12px;white-space:nowrap">evidenced
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7631.54px;white-space:nowrap">reassessment
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12088.64px;left:7403.91px;white-space:nowrap">acquisitions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:0px;white-space:nowrap">leveraged
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:840.59px;white-space:nowrap">closed-end
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:1771.17px;white-space:nowrap">emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:2571.59px;white-space:nowrap">markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3261.71px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:3662.05px;white-space:nowrap">(peer
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:4132.27px;white-space:nowrap">fund),
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:0px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:2341.67px;white-space:nowrap">information
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:3652.21px;white-space:nowrap">provided
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:4392.69px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:0px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:300.23px;white-space:nowrap">Fund.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:807.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1167.45px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1697.78px;white-space:nowrap">noted
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2848.71px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3308.99px;white-space:nowrap">outperformed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:0px;white-space:nowrap">peer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:410.27px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:810.62px;white-space:nowrap">seven
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:1841.31px;white-space:nowrap">10
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2091.53px;white-space:nowrap">calendar
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2832.01px;white-space:nowrap">years
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3322.18px;white-space:nowrap">ended
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3872.72px;white-space:nowrap">December
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:0px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:300.23px;white-space:nowrap">2024.
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1157.61px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1687.94px;white-space:nowrap">concluded
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3209.06px;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:10268.64px;left:3796.08px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:0px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:370.11px;letter-spacing:-1.03px;white-space:nowrap">satisfactory.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:10948.64px;left:0px;white-space:nowrap">Comparative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:10948.64px;left:1140.38px;white-space:nowrap">Fees
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:10948.64px;left:1600.66px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:175px;font-weight:bold;position:absolute;top:10948.64px;left:1970.68px;white-space:nowrap">Expenses</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:0px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:360.18px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:890.51px;white-space:nowrap">reviewed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:1660.87px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:2011.2px;white-space:nowrap">considered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:2941.79px;white-space:nowrap">information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:3882.22px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:0px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:300.23px;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:11448.64px;left:887.26px;white-space:nowrap">actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:1417.59px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:1807.82px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:2538.37px;white-space:nowrap">ratio
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:3288.87px;white-space:nowrap">its
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:3518.88px;white-space:nowrap">various
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:0px;white-space:nowrap">components,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:1080.62px;white-space:nowrap">including,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:1891.14px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:2131.26px;white-space:nowrap">applicable,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:3041.89px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:4142.55px;white-space:nowrap">fees;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:0px;white-space:nowrap">underlying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:880.58px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:1280.92px;white-space:nowrap">expenses;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:2151.47px;white-space:nowrap">investment-related
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:3682.18px;white-space:nowrap">expenses;
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:0px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:350.33px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:810.62px;white-space:nowrap">non-management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:2271.53px;white-space:nowrap">fees.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:2708.53px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:3068.7px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:3599.03px;white-space:nowrap">considered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:4529.62px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:0px;white-space:nowrap">actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:530.33px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:920.57px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:1651.11px;white-space:nowrap">ratio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:2051.28px;white-space:nowrap">and,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:2451.62px;letter-spacing:-1.11px;white-space:nowrap">separately,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:3368.76px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:3668.99px;white-space:nowrap">contractual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:0px;white-space:nowrap">management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:1100.65px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:1400.89px;white-space:nowrap">rate,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:1811.07px;white-space:nowrap">without
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:2431.41px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:2731.64px;text-rendering:optimizeLegibility;white-space:nowrap">effect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:3218.03px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:3418.15px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:3718.39px;white-space:nowrap">waivers,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">if
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5360.01px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5700.23px;white-space:nowrap">(Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6860.83px;white-space:nowrap">Rate)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7351px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7551.12px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7851.36px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8311.64px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8501.75px;white-space:nowrap">comparison
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9482.17px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5520.23px;white-space:nowrap">median
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6160.61px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6891.15px;white-space:nowrap">ratio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7291.32px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7641.65px;white-space:nowrap">median
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8282.02px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9382.68px;white-space:nowrap">Rate,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;letter-spacing:-0.95px;white-space:nowrap">respectively,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6257.02px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6457.15px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6917.43px;white-space:nowrap">mutual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7507.71px;white-space:nowrap">funds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7998.05px;white-space:nowrap">deemed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8698.54px;white-space:nowrap">comparable
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12311.84px;left:6200.77px;white-space:nowrap">calling
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12311.84px;left:6761.07px;white-space:nowrap">(800)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:12311.84px;left:7231.29px;white-space:nowrap">SEC-0330.</div></div>
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<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(54.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:200.13px;white-space:nowrap">Equiniti
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:837.25px;letter-spacing:-1.11px;white-space:nowrap">Trust
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1290.59px;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:-21.36px;left:2147.61px;white-space:nowrap">LLC
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2527.82px;white-space:nowrap">(&quot;Equiniti&quot;),
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4296.09px;white-space:nowrap">Plan
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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">Administrator
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1110.32px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2461.29px;white-space:nowrap">account
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3141.74px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3401.81px;white-space:nowrap">participating
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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">shareholders
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1088.16px;white-space:nowrap">(&#8220;participant&#8221;)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2205.93px;white-space:nowrap">under
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2713.83px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3011.59px;white-space:nowrap">Dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3759.52px;white-space:nowrap">Reinvestment
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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">and </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:350.33px;white-space:nowrap">Cash
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:820.55px;white-space:nowrap">Purchase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1630.99px;white-space:nowrap">Plan
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2041.26px;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:3972.04px;white-space:nowrap">name
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2358.02px;white-space:nowrap">present
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3908.85px;white-space:nowrap">registered,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2928.16px;text-rendering:optimizeLegibility;white-space:nowrap">first
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3268.13px;white-space:nowrap">record
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3828.34px;white-space:nowrap">date
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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">dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:720.53px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:930.59px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1500.91px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1981.23px;white-space:nowrap">distribution
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2901.71px;white-space:nowrap">after
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3311.89px;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:3952.27px;white-space:nowrap">receives
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:300.23px;white-space:nowrap">authorization
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1380.94px;white-space:nowrap">duly
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1761.15px;white-space:nowrap">executed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3212.05px;white-space:nowrap">participant.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">2. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:200.13px;white-space:nowrap">Whenever
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1947.74px;white-space:nowrap">Emerging
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2768.12px;white-space:nowrap">Markets
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3458.23px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">&#8220;Fund&#8221;)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1370.48px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1520.6px;white-space:nowrap">distribution
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2441.07px;white-space:nowrap">from
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2851.08px;white-space:nowrap">capital
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3421.41px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3901.73px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:4111.79px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:630.26px;white-space:nowrap">dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:770.54px;white-space:nowrap">date
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1520.77px;white-space:nowrap">will
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1820.74px;white-space:nowrap">receive
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2881.23px;white-space:nowrap">dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">entirely
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5978.64px;left:6931.05px;white-space:nowrap">48
</div>

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</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:0px;letter-spacing:-3.33px;white-space:nowrap">TERMS
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:724.14px;letter-spacing:-3px;white-space:nowrap">AND
</div>

<div style="font-family:Arial, 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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:2464.14px;letter-spacing:-2.67px;white-space:nowrap">OF
</div>

<div style="font-family:Arial, 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
</div>

<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
</div>

<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
</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
</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)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">as </div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:740.48px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1220.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1420.93px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1721.16px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2181.45px;white-space:nowrap">shares
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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:-21.36px;left:3772.27px;white-space:nowrap">participant
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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:228.64px;left:820.46px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1140.47px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1440.7px;white-space:nowrap">purposes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2231.19px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2431.32px;white-space:nowrap">purchases
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3802.15px;white-space:nowrap">open
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4252.59px;white-space:nowrap">market,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">Equiniti
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:640.37px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1030.43px;white-space:nowrap">aggregate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2771.63px;white-space:nowrap">with
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3832.21px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">participants,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1020.5px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1370.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1671.06px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2371.55px;white-space:nowrap">price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2811.71px;white-space:nowrap">(including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3632.17px;white-space:nowrap">trading
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4232.55px;white-space:nowrap">fees)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4682.72px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">all </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:230.1px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:820.37px;white-space:nowrap">purchased
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1710.97px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1951.08px;white-space:nowrap">Equiniti
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2591.46px;white-space:nowrap">shall
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3011.66px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3261.88px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3562.12px;white-space:nowrap">price
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4002.28px;white-space:nowrap">per
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">allocable
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1190.74px;white-space:nowrap">participants.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">7. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:200.13px;white-space:nowrap">Equiniti
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:840.5px;white-space:nowrap">will
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1140.47px;white-space:nowrap">hold
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1530.79px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2121.06px;white-space:nowrap">acquired
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4142.29px;white-space:nowrap">Plan,
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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1971.12px;white-space:nowrap">of
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2631.53px;white-space:nowrap">participants
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3602.02px;white-space:nowrap">acquired
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3651.86px;white-space:nowrap">nominee.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">Equiniti
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1340.51px;white-space:nowrap">vote
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</div>

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</div>

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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>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:2464.14px;letter-spacing:-2.67px;white-space:nowrap">OF
</div>

<div style="font-family:Arial, 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
</div>

<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
</div>

<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
</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
</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:610.68px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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: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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:940.61px;white-space:nowrap">shall
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1560.94px;white-space:nowrap">all
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1791.04px;white-space:nowrap">times
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2271.09px;white-space:nowrap">act
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2561.22px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2751.33px;white-space:nowrap">good
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3201.77px;white-space:nowrap">faith
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3592px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3942.33px;white-space:nowrap">agree
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4452.71px;white-space:nowrap">to
</div>

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

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:960.47px;text-rendering:optimizeLegibility;white-space:nowrap">efforts
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1506.8px;white-space:nowrap">within
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2017px;white-space:nowrap">reasonable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2957.7px;white-space:nowrap">limits
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3417.63px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3617.75px;white-space:nowrap">ensure
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4218.13px;white-space:nowrap">the
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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">accuracy
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1200.5px;white-space:nowrap">services
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1910.65px;white-space:nowrap">performed
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3611.6px;white-space:nowrap">Agreement
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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">and </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:350.33px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:550.46px;white-space:nowrap">comply
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1170.62px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1540.72px;white-space:nowrap">applicable
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2401.35px;letter-spacing:-1.99px;white-space:nowrap">law,
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3481.96px;white-space:nowrap">assume
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4162.24px;white-space:nowrap">no
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1090.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1440.79px;white-space:nowrap">shall
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1861px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2161.23px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2411.46px;white-space:nowrap">liable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2881.76px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3141.83px;white-space:nowrap">loss
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3721.99px;white-space:nowrap">damage
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">due
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2681.1px;white-space:nowrap">caused
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3311.54px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3551.66px;letter-spacing:-0.3px;white-space:nowrap">Equiniti&#8217;s
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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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1321.08px;white-space:nowrap">faith
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1711.32px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1921.38px;white-space:nowrap">willful
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2411.46px;white-space:nowrap">misconduct
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3371.84px;white-space:nowrap">or
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">employees.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">14.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1270.72px;white-space:nowrap">Plan
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2781.47px;white-space:nowrap">permitted
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1250.68px;white-space:nowrap">participant
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3832.21px;white-space:nowrap">writing
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1727.84px;letter-spacing:-1.11px;white-space:nowrap">Trust
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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,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3038.2px;white-space:nowrap">LLC,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3468.43px;letter-spacing:-4.64px;white-space:nowrap">P.O.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3855.32px;white-space:nowrap">Box
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:4215.5px;white-space:nowrap">922,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;letter-spacing:-1.34px;white-space:nowrap">Wall
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:393.31px;white-space:nowrap">Street
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:923.55px;white-space:nowrap">Station,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1583.96px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1990.81px;letter-spacing:-2.75px;white-space:nowrap">York,
</div>

<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:9114.28px;left:2491.52px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:2861.63px;white-space:nowrap">quality
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:3431.95px;white-space:nowrap">service,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:4102.12px;white-space:nowrap">all
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:4332.22px;white-space:nowrap">calls
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:4742.31px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:4942.44px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:5292.77px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:5702.78px;white-space:nowrap">our
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:6012.95px;white-space:nowrap">service
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:6633.11px;white-space:nowrap">areas
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:7133.38px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:7443.54px;white-space:nowrap">monitored
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:9114.28px;left:8293.97px;white-space:nowrap">and/or
</div>

<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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:155px;font-weight:bold;position:absolute;top:9840.46px;left:3796.64px;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
</div>

<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
</div>

<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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">(b) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">ITEM 2.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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: 0pt 0pt 0pt 50pt">(a) The Registrant has adopted a code of ethics that applies
to its principal executive officers and principal financial and accounting officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(d) N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(f) Pursuant to Item 19(a) (1), the Registrant is attaching
as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">ITEM 3.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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: 0pt 0pt 0pt 50pt">The Board of Trustees of the Registrant has determined that
Ann Torre Bates and David W. Niemiec possess the technical attributes identified in Item 3 to Form N-CSR to qualify as &ldquo;audit committee
financial experts,&rdquo; and has designated Ann Torre Bates and David W. Niemiec as the Audit Committee&rsquo;s financial experts. Ann
Torre Bates and David W. Niemiec are &ldquo;independent&rdquo; Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Under applicable securities laws, a person determined to
be an audit committee financial expert will not be deemed an &ldquo;expert&rdquo; for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.
The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations,
or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board
of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee
financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">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 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) <U>Audit Fees</U>. The aggregate fees billed in the last
two fiscal years ending August 31, 2024 and August 31, 2025 (the &ldquo;Reporting Periods&rdquo;) for professional services rendered by
the Registrant&rsquo;s principal accountant (the &ldquo;Auditor&rdquo;) for the audit of the Registrant&rsquo;s annual financial statements,
or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting
Periods, were $53,545 in August 31, 2024 and $47,840 in August 31, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(b) <U>Audit-Related Fees</U>. The aggregate fees billed
in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant&rsquo;s
financial statements were $0 in August 31, 2024 and $0 in August 31, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) <U>Tax Fees</U>. The aggregate fees billed in the Reporting
Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (&ldquo;Tax Services&rdquo;)
were $0 in August 31, 2024 and $10,000 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state,
local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or
administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments
held or proposed to be acquired or held.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">The aggregate fees billed for tax services by the Auditors
to the Registrant&rsquo;s investment manager and any entity controlling, controlled by, or under common control with the investment manager
that provides ongoing services to the Registrant (&ldquo;Service Affiliates&rdquo;) during the Reporting Periods that required pre-approval
by the Audit Committee were $140,000 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included
global access to tax platform International Tax View.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(d) <U>All Other Fees</U>. The aggregate fees billed in the
Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs
(a) through (c) of this item, were $<FONT STYLE="background-color: white">0 in </FONT>August 31, 2024 <FONT STYLE="background-color: white">and
$0 in </FONT>August 31, 2025<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">There were no other non-audit services rendered by the Auditor
to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(e) Audit Committee&rsquo;s pre&ndash;approval policies and
procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(1) The Registrant&rsquo;s Audit Committee is directly responsible
for approving the services to be provided by the Auditors, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">(i)&nbsp;pre-approval of all audit and audit related services;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">(ii)&nbsp;pre-approval of all non-audit related services
to be provided to the Registrant by the Auditors;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">(iii)&nbsp;pre-approval of all non-audit related services
to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations
or financial reporting of the Registrant; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">(iv)&nbsp;establishment by the Audit Committee, if deemed
necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs
(ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment
of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to
the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit
Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through
(iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(2) None of the services described in paragraphs (b) through
(d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(f) Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(g) Non-audit fees billed by the Auditor for services rendered
to the Registrant and the Service Affiliates during the reporting period were $140,000 in August 31, 2024 and $200,966 in August 31, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(h) Yes. The Registrant&rsquo;s Audit Committee has considered
whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval),
is compatible with maintaining the Auditor&rsquo;s independence. All services provided by the Auditor to the Registrant or to the Service
Affiliates, which were required to be pre-approved, were pre-approved as required.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(i) Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(j) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">ITEM 5.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AUDIT COMMITTEE OF LISTED REGISTRANTS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) The independent board members are acting as the registrant&rsquo;s
audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">David W. Niemiec</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">Ann Torre Bates</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">J. Michael Luttig</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">Terrence J. Checki</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 72pt">Constantine D. Tseretopoulos</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(b) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">ITEM 6.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SCHEDULE OF INVESTMENTS.</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; width: 100%; 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: 50pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">(a)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Please see schedule of investments contained in the Financial Statements and Financial
        Highlights included under Item 1 of this Form N-CSR.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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: 50pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">(b)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Not applicable.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 50pt; vertical-align: top">ITEM 7.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 50pt; vertical-align: top">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 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">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 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 50pt; vertical-align: top">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 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">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 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">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 72pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 50pt; vertical-align: top">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>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Proxy Voting Policies &amp; Procedures</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">An SEC Compliance Rule Policy and Procedures*</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt"><B>RESPONSIBILITY OF THE INVESTMENT MANAGERS
TO VOTE PROXIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Franklin Templeton Emerging Markets Equity Group, a separate investment
group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on Appendix A (hereinafter
individually an &ldquo;Investment Manager&rdquo; and collectively the &ldquo;Investment Managers&rdquo;) have delegated the administrative
duties with respect to voting proxies for securities to the Franklin Templeton Proxy Group. Proxy duties consist of disseminating proxy
materials and analyses of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed
by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked
for information and/or recommendations on the issues to be voted. The Investment Managers will inform advisory clients that have not delegated
the voting responsibility but that have requested voting advice about the Investment Managers&rsquo; views on such proxy votes. The Proxy
Group also provides these services to other advisory affiliates of the Investment Managers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Proxy Group will process proxy votes on behalf of, and the Investment
Managers vote proxies solely in the best interests of, separate account clients, the Investment Managers&rsquo;-managed investment company
shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.&agrave;.r.l. (&ldquo;FTIS S.&agrave;.r.l.&rdquo;)
as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit
plan assets subject to the Employee Retirement Income Security Act of 1974, as amended, are involved (&ldquo;ERISA accounts&rdquo;), in
the best interests of the plan participants and beneficiaries (collectively, &ldquo;Advisory Clients&rdquo;), unless (i) the power to
vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Managers
or (ii) the documents otherwise expressly prohibit the Investment Managers from voting proxies. The Investment Managers recognize that
the exercise of voting rights on securities held by ERISA plans for which the Investment Managers have voting responsibility is a fiduciary
duty that must be exercised with care, skill, prudence and diligence.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In certain circumstances, Advisory Clients are permitted to direct their
votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give
reasonable prior written notice to the Investment Managers indicating such intention and provide written instructions directing the Investment
Managers or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote
proxies in accordance with such written notification received from the Advisory Client.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Investment Managers have adopted and implemented Proxy Voting Policies
and Procedures (&ldquo;Proxy Policies&rdquo;) that they believe are reasonably designed to ensure that proxies are voted in the best interest
of Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent
that the Investment Managers have a subadvisory agreement with an affiliated investment manager (the &ldquo;Affiliated Subadviser&rdquo;)
with respect to a particular Advisory Client, the Investment Managers may delegate proxy voting responsibility to the Affiliated Subadviser.
The Investment Managers may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain
limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser
that is not an Affiliated Subadviser to manage all or a portion of the assets).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><SUP>* </SUP></I><SUP>Rule 38a-1 under the Investment
Company Act of 1940 (&ldquo;1940 Act&rdquo;) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (&ldquo;Advisers Act&rdquo;)
(together the &ldquo;Compliance Rule&rdquo;) require registered investment companies and registered investment advisers to, among other
things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (&ldquo;Compliance
Rule Policies and Procedures&rdquo;).</SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>HOW THE INVESTMENT MANAGERS VOTE PROXIES</B></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>Proxy Services</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All proxies received by the Proxy Group will be voted based upon the Investment
Managers&rsquo; instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe
to Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;), an unaffiliated third-party corporate governance research service that
provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Managers subscribe to
ISS&rsquo;s Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations,
account maintenance, vote execution, ballot reconciliation, vote record maintenance, comprehensive reporting capabilities, and vote disclosure
services. Also, the Investment Managers subscribe to Glass, Lewis &amp; Co., LLC (&ldquo;Glass Lewis&rdquo;), an unaffiliated third-party
analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as
well as a limited subscription to its international research.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For accounts managed by the Templeton Global Equity Group (&ldquo;TGEG&rdquo;),
in making voting decisions, the Investment Managers may consider Glass Lewis&rsquo;s proxy voting guidelines, ISS&rsquo;s guidelines,
and TGEG&rsquo;s custom sustainability guidelines, where appropriate. Although analyses provided by ISS, Glass Lewis, and/or another independent
third-party proxy service provider (each a &ldquo;Proxy Service&rdquo;) are thoroughly reviewed and considered in making a final voting
decision, the Investment Managers do not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment
Managers&rsquo; ultimate decision. Rather, the Investment Managers exercise their independent judgment in making voting decisions. As
a matter of policy, the officers, directors and employees of the Investment Managers and the Proxy Group will not be influenced by outside
sources whose interests conflict with the interests of Advisory Clients.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For ease of reference, the Proxy Policies often refer to all Advisory Clients.
However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some
cases, the Investment Managers&rsquo; evaluation may result in an individual Advisory Client or Investment Manager voting differently,
depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted
a specialty or custom voting policy, and other factors.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Proxy Services</B></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">Certain of the Investment Managers&rsquo; separate accounts or funds (or
a portion thereof) are included under Franklin Templeton Investment Solutions (&ldquo;FTIS&rdquo;), a separate investment group within
Franklin Templeton, and employ a quantitative strategy.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For such accounts, FTIS&rsquo;s proprietary methodologies rely on a combination
of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively-managed
portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts
and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment
Manager may review ISS&rsquo;s guidelines&rsquo;&rsquo; or Glass Lewis&rsquo;s US guidelines (the &ldquo;ISS and Glass Lewis Proxy Voting
Guidelines&rdquo;) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group
to vote proxies according to the recommendations of ISS or Glass Lewis.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition, the Investment Managers may request in-house voting research
from Franklin Templeton&rsquo;s Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate governance
issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on voting decisions;
however, there is no obligation or inference for the Investment Manager to formally vote in line with these opinions. This research supports
the independent vote decision making process, and may reduce reliance on third-party advice for certain votes.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Investment Manager, however, retains the ability to vote a proxy differently
than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Conflicts of Interest</B></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; text-align: justify">All conflicts of interest will be resolved in the best
interests of the Advisory Clients. The Investment Managers are affiliates of a large, diverse financial services firm with many affiliates
and make their best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Managers take the position
that relationships between certain affiliates that do not use the &ldquo;Franklin Templeton&rdquo; name (&ldquo;Independent Affiliates&rdquo;)
and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of
interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent
business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and
the Independent Affiliate business units.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Material conflicts of interest could arise in a variety
of situations, including as a result of the Investment Managers&rsquo; or an affiliate&rsquo;s (other than an Independent Affiliate as
described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer
or proponent; or (iii) significant personal or family relationship with an issuer or proponent. Material conflicts of interest are identified
by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from
directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this
information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group,
and the Proxy Group relies on the accuracy of the information it receives from such parties.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Nonetheless, even though a potential conflict of interest between the Investment
Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1) the Investment Managers
may vote in opposition to the recommendations of an issuer&rsquo;s management even if contrary to the recommendations of a third-party
proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of
the Investment Managers; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts,
such shares may be voted without regard to these conflict procedures.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Otherwise, in situations where a material conflict of interest is identified
between the Investment Managers or one of its affiliates (other than Independent Affiliates) and an issuer, the Proxy Group may vote consistent
with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Managers&rsquo;
recommendation regarding the vote for approval. To address certain affiliate conflict situations, the Investment Managers will employ
pass-through voting or mirror voting when required pursuant to a fund&rsquo;s governing documents or applicable law.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Where the Proxy Group refers a matter to an Advisory Client, it may rely
upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board,
or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed
FTIS S.&agrave;.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator
in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached
by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients
of the Investment Managers and affiliated Investment Managers (other than Independent Affiliates) in accordance with the instructions
of one or more of the Advisory Clients.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Investment Managers may also decide whether to vote proxies for securities
deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Managers
may consider various factors in deciding whether to vote such proxies, including the Investment Managers&rsquo; long-term view of the
issuer&rsquo;s securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Managers
also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons
outlined in the first paragraph of the section of these policies entitled &ldquo;Proxy Procedures.&rdquo;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Weight Given Management Recommendations</B></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">One of the primary factors the Investment Managers consider when determining
the desirability of investing in a particular company is the quality and depth of that company&rsquo;s management. Accordingly, the recommendation
of management on any issue is a factor that the Investment Managers consider in determining how proxies should be voted. However, the
Investment Managers do not consider recommendations from management to be determinative of the Investment Managers&rsquo; ultimate decision.
Each issue is considered on its own merits, and the Investment Managers will not support the position of a company&rsquo;s management
in any situation where it determines that the ratification of management&rsquo;s position would adversely affect the investment merits
of owning that company&rsquo;s shares.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Engagement with Issuers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Investment Managers believe that engagement with issuers is important
to good corporate governance and to assist in making proxy voting decisions. The Investment Managers may engage with issuers to discuss
specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the
proposals. The Investment Managers may also engage with management on a range of issues throughout the year.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>THE PROXY GROUP</B></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">The Proxy Group&rsquo;s &lsquo;full-time staff members and support staff
are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy
Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service
or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are
held by the Investment Managers&rsquo; managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult
with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations
and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the
Investment Managers&rsquo; research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based
on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other
information publicly available.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In situations where the Investment Managers have not responded with vote
recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy
Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group
must obtain voting instructions from the Investment Managers&rsquo; research analysts, relevant portfolio manager(s), legal counsel and/or
the Advisory Client prior to submitting the vote. In the event that an account holds a security that an Investment Manager did not purchase
on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy
Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PROXY ADMINISTRATION PROCEDURES</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Situations Where Proxies Are Not Voted</B></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">The Proxy Group is fully cognizant of its responsibility to process proxies
and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Managers understand their
fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers
will generally attempt to process every proxy they receive for all domestic and foreign securities.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">However, there may be situations in which the Investment Managers may be
unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian
bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that
such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets
that preclude the ability to dispose of a security if an Investment Manager votes a proxy or where the Investment Manager is prohibited
from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to,
effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment
Managers held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record
date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian
in the market; (ix) due to either system error or human error, the Investment Managers&rsquo; intended vote is not correctly submitted;
(x) the Investment</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Managers believe it is not in the best interest of the Advisory Client to
vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that
has transferred legal title to the security to another person.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Rejected Votes</B></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">Even if the Investment Managers use reasonable efforts to vote a proxy on
behalf of their Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one
or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer
for which the Investment Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote
of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the
Investment Managers&rsquo; votes are not received, or properly tabulated, by an issuer or the issuer&rsquo;s agent.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Securities on Loan</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Investment Managers or their affiliates may, on behalf of one or more
of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any
security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially affect a security
on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security
for voting purposes. The ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain
circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates
or other administrative considerations.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Split Voting</B></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">There may be instances in certain non-U.S. markets where split voting is
not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets
and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton
investment manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction
from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management
Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager
with accounts holding the greatest number of shares of the security within the omnibus structure.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Bundled Items</B></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">If several issues are bundled together in a single voting item, the Investment
Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES &amp; PRIVATELY
HELD ISSUERS</B></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">From time to time, certain custodians may process events for fixed income
securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the
Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the
Investment Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers,
the Proxy Group will take no action on the event. The Investment Managers may be unable to vote a proxy for a fixed income security, or
may choose not to vote a proxy, for the reasons described under the section entitled &ldquo;Proxy Procedures.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the rare instance where there is a vote for a privately held issuer,
the decision will generally be made by the relevant portfolio managers or research analysts.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Proxy Group will monitor such meetings involving fixed income securities
or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is
flagged as a potential conflict of interest, the Investment Managers may nonetheless vote as it deems in the best interests of its Advisory
Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Appendix A</B></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">These Proxy Policies apply to accounts managed by personnel within Franklin
Templeton Emerging Markets Equity Group, which includes the following Investment Managers:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Franklin Templeton Investment Management Limited Templeton Asset Management
Ltd.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Franklin Templeton Investments (ME) Limited</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; width: 100%; 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: 50pt">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 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(1) As of August 31, 2025, the portfolio managers of the Fund are as
follows:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Chetan Sehgal CFA, </B><I>Director of Global Emerging Markets/Small Cap
Strategies of the Templeton Emerging Markets Group and portfolio manager of Asset Management</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Sehgal has been a portfolio manager of the emerging markets equity portion
of the Fund since March 2017. He joined Franklin Templeton Investments in 1995.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Andrew Ness, ASIP</B>, <I>Portfolio Manager of FTIML</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Ness has been portfolio manager of the Fund since April 2021. He joined
Franklin Templeton in 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Messrs. Sehgal and Ness are jointly and primarily responsible for the day-to-day
management of the Fund. Each manager has equal authority over all aspects of the Fund&rsquo;s investment portfolio, including, but not
limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance
with anticipated investment management requirements. The degree to which each portfolio manager may perform these functions, and the nature
of these functions, may change from time to time.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ASIP stands for Associate of the United Kingdom Society for Investment Professionals
(now CFA Society of the United Kingdom).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(2) This section reflects information about the portfolio manager as
of the fiscal year ended August 31, 2025.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table shows the number of other accounts managed by each portfolio
manager and the total assets in the accounts managed within each category:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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; background-color: rgb(166,166,166)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border: Black 1pt solid; padding: 4pt; text-align: left; vertical-align: bottom; width: 19%">Name</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding: 4pt; text-align: center; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Number
        of Other Registered<BR> Investment Companies <BR> Managed<SUP>1</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding: 4pt; text-align: center; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Assets
        of Other Registered <BR> Investment Companies<BR> &nbsp;Managed</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding: 4pt; text-align: center; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Number
        of Other Pooled Investment<BR> &nbsp;Vehicles Managed<SUP>1</SUP></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding: 4pt; text-align: center; width: 15%">Assets
        of Other Pooled Investment Vehicles<BR> &nbsp;Managed<BR> (x $1 million)1</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding: 4pt; text-align: center; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Number
        of Other Accounts<BR> &nbsp;Managed<SUP>1</SUP></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding: 4pt; text-align: center; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Assets
        of Other Accounts Managed<BR> (x $1 million)<SUP>1</SUP></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: top">Chetan
        Sehgal</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">5</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">2,425.9</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">13</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">7,352.4</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">3<SUP>2</SUP></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">1,007.7</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Andrew
        Ness</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">2,081.0</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">8</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">5,470.5</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">2<SUP>2</SUP></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid">821.6</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; text-align: justify"><SUP>1</SUP>The various pooled investment vehicles
and accounts listed are managed by a team of investment professionals. Accordingly, the individual managers listed would not be solely
responsible for managing such listed amounts.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>2</SUP>Of these accounts, Messrs. Sehgal and Ness both manage one other
account with $821.3 million in assets with a performance fee.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Portfolio managers that provide investment services to the Fund may also
provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory
fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation
(as noted, in the chart above, if any). This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As
a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation
of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures
help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different
advisory fees.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Conflicts.</I> The management of multiple funds, including the Fund,
and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks,
time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts.
The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers
focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment
strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry
and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted
above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce
potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities
selected for the Fund. Moreover, if a</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">portfolio manager identifies a limited investment opportunity that may be
suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation
of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using
procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The structure of a portfolio manager&rsquo;s compensation may give rise
to potential conflicts of interest. A portfolio manager&rsquo;s base pay and bonus tend to increase with additional and more complex responsibilities
that include increased assets under management. As such, there may be a relationship between a portfolio manager&rsquo;s marketing or
sales efforts and his or her bonus.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Finally, the management of personal accounts by a portfolio manager may
give rise to potential conflicts of interest. While the funds and the manager have adopted a code of ethics which they believe contains
provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their
personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts
of interest.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The manager and the Fund have adopted certain compliance procedures that
are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and
every situation where a conflict arises.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Compensation.</I> The investment manager seeks to maintain a compensation
program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive
a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation
is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager&rsquo;s
level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or
account over another. Each portfolio manager&rsquo;s compensation consists of the following three elements:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Base salary</B> Each portfolio manager is paid a base salary.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Annual bonus</B> Annual bonuses are structured to align the interests
of the portfolio manager with those of the Fund&rsquo;s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses
generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to
25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance
of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual
bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial
incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers
of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in
accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:</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: 18pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Investment performance. </I>Primary consideration is given to the historic investment
        performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund
        managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">&bull;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Non-investment performance.</I> The more qualitative contributions of the portfolio
        manager to the investment manager&rsquo;s business and the investment management team, including professional knowledge, productivity,
        responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<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">&bull;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Responsibilities.</I> The characteristics and complexity of funds managed by the portfolio
        manager are factored in the investment manager&rsquo;s appraisal.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Additional long-term equity-based compensation </B> Portfolio managers
may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of
such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Benefits</B> Portfolio managers also participate in benefit plans and
programs available generally to all employees of the investment manager.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Ownership of Fund shares. </I>The investment manager has a policy of
encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors
or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following
is the dollar range of Fund shares beneficially owned by each portfolio manager (such amounts may change from time to time):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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">
    <TD ROWSPAN="3" STYLE="border: black 1pt solid; text-align: left; padding: 4pt; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #A6A6A6; width: 50%; vertical-align: bottom">Portfolio
        Manager</TD>
    <TD ROWSPAN="3" STYLE="border-top: black 1pt solid; vertical-align: bottom; padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #A6A6A6; text-align: center; width: 50%">Dollar
        Range of Fund<BR> Shares Beneficially<BR> Owned</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 0px">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">Chetan
        Sehgal</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">None</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">Andrew
        Ness</TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">None</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt">&nbsp;</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">Note: Because the portfolio managers are all foreign nationals, they do
not hold shares in this U.S. registered Fund; however they own shares in other similar Franklin Templeton funds managed by them, registered
offshore and appropriate for foreign nationals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 50pt; vertical-align: top">Item 14.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&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="padding: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 34%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 14%; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 12%; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 19%; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 21%; 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="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: left; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; 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="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Average
        Price Paid per Share</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; 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 Programs</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; 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 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">September
        1 &ndash; September 28, 2024</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">699,156</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">October
        1 &ndash; October 31, 2024</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">662,567</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">November
        1 &ndash; November 30, 2024</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">631,489</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">December
        1 &ndash; December 31, 2024</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">575,381</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">January
        1 &ndash; January 31, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">522,948</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">February
        1 &ndash; February 28, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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="padding: 4pt; text-align: right; 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</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">466,439</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">March
        1 &ndash; March 31, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">30,161</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">$12.95</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">30,161</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">436,278</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">April
        1 &ndash; April 30, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">28,751</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">$11.94</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">28,751</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">407,527
        </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">May
        1 &ndash; May 31, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">18,407</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">$13.35</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">18,407</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">389,120</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">June
        1 &ndash; June 30, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">5,518</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">$13.74</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">5,518</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">383,602</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">July
        1 &ndash; July 31, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">-</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">-</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">-</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">383,602
        </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">August
        1 &ndash; August 31, 2025</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">-</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">-</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">-</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">383,602</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="padding: 4pt; text-align: right; 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">327,224</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">327,224</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right; 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">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">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 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">There have been no changes to the procedures by which shareholders
may recommend nominees to the Registrant&rsquo;s Board of Trustees that would require disclosure herein.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">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 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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: 50pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">(a)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Registrant&rsquo;s chief executive officer and principal 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; width: 100%; 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: 50pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">(b)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">During the period covered by this report, the Registrant transitioned to a new third-party
        service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton&rsquo;s
        oversight.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 50pt; vertical-align: top">Item 17.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Disclosure of Securities Lending Activities for Closed-End Management Investment Company.</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"><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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For the year ended August 31, 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="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; width: 81%; layout-grid-mode: line"><B>Gross
        income earned by the Fund from&nbsp;securities lending activities</B></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; width: 19%; layout-grid-mode: line">$10,799
        </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: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line"><I>Fees
        and/or compensation paid by the Fund for securities lending activities and related services</I></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">&nbsp;</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: 2pt 0pt 2pt 18pt; layout-grid-mode: line">Fees
        paid to Securities Lending Agent from revenue split</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">$316</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: 2pt 0pt 2pt 18pt; layout-grid-mode: line">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; </TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">-</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: 2pt 0pt 2pt 18pt; layout-grid-mode: line">Administrative
        fees not included in a revenue split</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">-</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: 2pt 0pt 2pt 18pt; layout-grid-mode: line">Indemnification
        fees not included in a revenue split</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">-</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: 2pt 0pt 2pt 18pt; layout-grid-mode: line">Rebate
        (paid to borrower)</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">$6,862</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: 2pt 0pt 2pt 18pt; layout-grid-mode: line">Other
        fees not included above</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">$28
        </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: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line"><B>Aggregate
        fees/compensation paid by the Fund for securities lending activities</B></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">$7,206</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: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line"><B>Net
        income from securities lending activities</B></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0pt 2pt 5.4pt; layout-grid-mode: line">$3,593
        </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: 0pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">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 72pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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: 50pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">(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; width: 100%; 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: 50pt"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">(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 0 0 90pt; text-indent: -18pt">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt">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 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt"><A HREF="temf-efp18155_ex99code.htm">(a)
(1) Code of Ethics attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">Exhibit 99.CODE ETH</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt"><A HREF="temf-efp18155_ex99cert.htm">(a)
(3) 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 50pt; text-indent: 0pt">Exhibit 99.CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt"><A HREF="temf-efp18155_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 50pt; text-indent: 0pt">Exhibit 99.906CERT</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt"><A HREF="temf-efp18155_ex99press.htm">(c)
Pursuant to the Securities and Exchange Commission&rsquo;s Order granting relief from Section 19(b) of the Investment Company Act of 1940,
the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit.</A></P>

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

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

<P STYLE="text-indent: 5%; 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">&nbsp;</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: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Templeton Emerging Markets Fund</B></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">By:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: justify">/s/ Christopher Kings</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Christopher Kings</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Chief Executive Officer &ndash; Finance and
    Administration</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">October 29, 2025</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 5%">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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 5%; text-align: justify">By:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%; border-bottom: Black 1pt solid; text-align: justify">/s/ Christopher Kings</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Christopher Kings</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Chief Executive Officer &ndash; Finance and Administration</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">October 29, 2025</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 5%; text-align: justify">By:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 35%; border-bottom: Black 1pt solid; text-align: justify">/s/
        Jeffrey White</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify">Jeffrey White</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify">Chief Financial Officer, Chief Accounting
        Officer and Treasurer</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">Date:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">October 29, 2025</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>temf-efp18155_ex99code.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>Code of Ethics for Principal Executives &amp; Senior Financial
Officers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 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="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15.7pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 2.5pt"><B>Procedures</B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt">Revised [September 27, 2024]</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15.7pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>



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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>CODE OF ETHICS FOR PRINCIPAL
EXECUTIVES AND</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 145pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">I.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Covered Officers
                                            and Purpose of the Code</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 145pt">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">This code of ethics (the &ldquo;Code&rdquo;)
applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the &ldquo;Covered Officers&rdquo;)
of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities &amp;
Exchange Commission (&ldquo;SEC&rdquo;) (collectively, &ldquo;FT Funds&rdquo;) for the purpose of promoting:</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; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Honest
                                            and ethical conduct, including the ethical resolution of actual or apparent conflicts of
                                            interest between personal and professional relationships;</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; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Full,
                                            fair, accurate, timely and understandable disclosure in reports and documents that a registrant
                                            files with, or submits to, the SEC and in other public communications made by or on behalf
                                            of the FT Funds;</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; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Compliance
                                            with applicable laws and governmental rules and regulations;</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; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">The
                                            prompt internal reporting of violations of the Code to an appropriate person or persons identified
                                            in the Code; and</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; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Accountability
                                            for adherence to the Code.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Each Covered Officer will be
expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.85pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 0"><I>* </I>Rule 38a-1 under the Investment Company Act of 1940 (&ldquo;1940
Act&rdquo;) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (&ldquo;Advisers Act&rdquo;) (together the &ldquo;Compliance
Rule&rdquo;) require registered investment companies and registered investment advisers to, among other things, adopt and implement written
policies and procedures reasonably designed to prevent violations of the federal securities laws (&ldquo;Compliance Rule Policies and
Procedures&rdquo;).</P>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">II.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other Policies
                                            and Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.95pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">This Code
shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
to registered investment companies thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Franklin
Resources, Inc. has separately adopted the <U>Code of Ethics and Business Conduct</U> (&ldquo;Business Conduct&rdquo;), which is applicable
to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles
and business practices that guide the employee&rsquo;s business conduct and also provides a set of basic principles to guide officers,
directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business
conduct identified in the Code and other existing employee policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12.65pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Additionally,
the Franklin Templeton Funds have separately adopted the <U>FTI Personal Investments and Insider Trading Policy</U> governing personal
securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered
Officers and others, and therefore is not part of this Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Insofar as other
policies or procedures of Franklin Resources, Inc., the Funds, the Funds&rsquo; adviser, principal underwriter, or other service providers
govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this
Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with
the Legal Department if have questions regarding the applicability of these policies to you.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">III.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 80.1pt">Covered
                                            Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt"><B>Overview.
</B>A &ldquo;conflict of interest&rdquo; occurs when a Covered Officer&rsquo;s private interest interferes with the interests of, or
his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family,
receives improper personal benefits as a result of a position with the FT Funds.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Certain conflicts
of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 (&ldquo;Investment Company Act&rdquo;) and the Investment Advisers Act of 1940 (&ldquo;Investment
Advisers Act&rdquo;). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale
of securities or other property) with the FT Funds because of their status as &ldquo;affiliated persons&rdquo; of the FT Funds. The FT
Funds&rsquo; and the investment advisers&rsquo; compliance programs and procedures are designed to prevent, or identify and correct,
violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such
conflicts fall outside of the parameters of this Code.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Although
typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship
between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees.
As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds,
for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have
different effects on the</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">adviser, administrator and the FT
Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds,
the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the
FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities
will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds&rsquo; Boards of Directors (&ldquo;Boards&rdquo;)
that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Other conflicts
of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and
the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should
keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should
not be placed improperly before the interest of the FT Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify">Each Covered Officer must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            use his or her personal influence or personal relationships improperly to influence investment
                                            decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
                                            personally to the detriment of the FT Funds;</TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            cause the FT Funds to take action, or fail to take action, for the individual personal benefit
                                            of the Covered Officer rather than the benefit of the FT Funds;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
                                            persons for reports of potential violations that are made in good faith;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Report
                                            at least annually the following affiliations or other relationships:<SUP>1</SUP></TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">all
                                            directorships for public companies and all companies that are required to file reports with
                                            the SEC;</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect business relationship with any independent directors of the FT Funds;&#8239;</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect business relationship with any independent public accounting firm (which
                                            are not related to the routine issues related to the firm&rsquo;s service as the Covered
                                            Persons accountant); and</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect interest in any transaction with any FT Fund that will benefit the officer
                                            (not including benefits derived from the advisory, sub-advisory, distribution or service
                                            agreements with affiliates of Franklin Resources).</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0pt 0pt 36pt; text-align: justify">These reports will be reviewed by the
Legal Department for compliance with the Code.</P>

<P STYLE="font: 10pt/100% Arial, Helvetica, Sans-Serif; margin: 5.85pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">There
are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General
Counsel, if material. Examples of these include<SUP>2</SUP>:</P>

<P STYLE="font: 10pt/100% Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Service
                                            as a director on the board of any public or private Company.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                                                                                  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
                                            receipt of any gifts in excess of $100 from any person, from any corporation or association.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0pt 0pt"><SUP>1</SUP> Reporting of these affiliations or other
relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin
Resources Inc, General Counsel or Deputy General Counsel.</P>

<P STYLE="font: 10pt/9.45pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt"><SUP>2</SUP> Any activity or relationship that would present
a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer&rsquo;s immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by
FT&rsquo;s General Counsel in such situations.</P>






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    <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; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">The
                                            receipt of any entertainment from any Company with which the FT Funds has current or prospective
                                            business dealings unless such entertainment is business related, reasonable in cost, appropriate
                                            as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
                                            the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
                                            General Counsel for any entertainment with a value in excess of $1000.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">&nbsp;</TD></TR>
                                                                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            ownership interest in, or any consulting or employment relationship with, any of the FT Fund&rsquo;s
                                            service providers, other than an investment adviser, principal underwriter, administrator
                                            or any affiliated person thereof.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.95pt">&nbsp;</TD></TR>
                                                                                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">A
                                            direct or indirect financial interest in commissions, transaction charges or spreads paid
                                            by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
                                            than an interest arising from the Covered Officer&rsquo;s employment, such as compensation
                                            or equity ownership.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                          </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Franklin
                                            Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
                                            provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
                                            scheduled meeting.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">IV.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Disclosure
                                            and Compliance</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should familiarize himself with the disclosure requirements generally applicable
                                            to the FT Funds;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.05pt">&nbsp;</TD></TR>
                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
                                            about the FT Funds to others, whether within or outside the FT Funds, including to the FT
                                            Funds&rsquo; directors and auditors, and to governmental regulators and self- regulatory
                                            organizations;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should, to the extent appropriate within his or her area of responsibility,
                                            consult with other officers and employees of the FT Funds, the FT Fund&rsquo;s adviser and
                                            the administrator with the goal of promoting full, fair, accurate, timely and understandable
                                            disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
                                            in other public communications made by the FT Funds; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.6pt">&nbsp;</TD></TR>
                                                                                                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">It
                                            is the responsibility of each Covered Officer to promote compliance with the standards and
                                            restrictions imposed by applicable laws, rules and regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">V.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Reporting
                                            and Accountability</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin: 10pt 0pt 0pt">Each Covered Officer must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Upon
                                            becoming a covered officer affirm in writing to the Board that he or she has received, read,
                                            and understands the Code (see Exhibit A);</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.1pt">&nbsp;</TD></TR>
                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Annually
                                            thereafter affirm to the Board that he has complied with the requirements of the Code; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.65pt">&nbsp;</TD></TR>
                                                                                                                                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Notify
                                            Franklin Resources&rsquo; General Counsel or Deputy General Counsel promptly if he or she
                                            knows of any violation of this Code. Failure to do so is itself is a violation of this Code.</TD></TR></TABLE>




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    <!-- Field: /Page -->



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.9pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Franklin Resources&rsquo;
General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented
under it and have the authority to interpret this Code in any particular situation.<SUP>3</SUP> However, the Independent Directors of
the respective FT Funds will consider any approvals or waivers<SUP>4</SUP> sought by any Chief Executive Officers of the Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 35.95pt">The FT Funds will follow these procedures in investigating and
enforcing this Code:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Franklin
                                            Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
                                            any potential violations reported to the Legal Department;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.85pt">&nbsp;</TD></TR>
                                                                                                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">If,
                                            after such investigation, the General Counsel or Deputy General Counsel believes that no
                                            violation has occurred, The General Counsel is not required to take any further action;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">&nbsp;</TD></TR>
                                                                                                                                             </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            matter that the General Counsel or Deputy General Counsel believes is a violation will be
                                            reported to the Independent Directors of the appropriate FT Fund;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.05pt">&nbsp;</TD></TR>
                                                                                                                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">If
                                            the Independent Directors concur that a violation has occurred, it will inform and make a
                                            recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
                                            action, which may include review of, and appropriate modifications to, applicable policies
                                            and procedures; notification to appropriate personnel of the investment adviser or its board;
                                            or a recommendation to dismiss the Covered Officer;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">The
                                            Independent Directors will be responsible for granting waivers, as appropriate; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            changes to or waivers of this Code will, to the extent required, are disclosed as provided
                                            by SEC rules.<SUP>5</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VI.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Other
                                            Policies and Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">This Code
shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds&rsquo;
advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers
who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this
Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund&rsquo;s principal
underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies
and procedures set forth in FT&rsquo;s Employee Handbook are separate requirements applying to the Covered Officers and others, and are
not part of this Code.</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VII.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Amendments</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.9pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Any amendments
to this Code must be approved or ratified by a majority vote of the FT Funds&rsquo; Board including a majority of independent directors.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0pt 0pt; text-align: justify"><SUP>3</SUP> Franklin Resources
General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to
the FT Funds and counsel to the Independent Directors, and are encouraged to do so.</P>

<P STYLE="font: 10pt/9.45pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify"><SUP>4</SUP> Item 2 of Form N-CSR
defines &ldquo;waiver&rdquo; as &ldquo;the approval by the registrant of a material departure from a provision of the code of
ethics&rdquo; and &ldquo;implicit waiver,&rdquo; which must also be disclosed, as &ldquo;the registrant&rsquo;s failure to take
action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made
known to an executive officer&rdquo; of the registrant. See Part X.</P>

<P STYLE="font: 10pt/10.95pt Arial, Helvetica, Sans-Serif; margin: 0pt"><SUP>5</SUP> See Part X.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 4.05pt; 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: 36pt">VIII.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Confidentiality</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify; text-indent: 35.95pt">All reports
and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds&rsquo; Board
and their counsel.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top:
pt; 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: 36pt">IX.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Internal
                                            Use</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.85pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The Code
is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to
any fact, circumstance, or legal conclusion.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 10pt; 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: 36pt">X.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Disclosure
                                            on Form N-CSR</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Item 2 of
Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the
report, it has adopted a code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed
by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The registrant
must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet
website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet
website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the
code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit
waivers) from, a provision of the code in the registrant&rsquo;s annual report on Form N-CSR or on its website. If the registrant intends
to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose
its Internet address and this intention.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The Legal Department shall be responsible
for ensuring that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">a
                                            copy of the Code is filed with the SEC as an exhibit to each Fund&rsquo;s annual report;
                                            and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
                                            in the registrant&rsquo;s annual report on Form N-CSR.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">In the event
that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information
with the SEC as an amendment to Form N- CSR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5.95pt 0pt 0pt; text-indent: 35.95pt">In such an event, the Fund Chief
Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>Franklin Templeton Funds Code
of Ethics</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 10pt"><B>For Principal Executives
and Senior Financial Officers</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>Instructions:</B></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; width: 100%; 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">1.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Complete
                                            all sections of this form.</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; width: 100%; 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">2.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Print
                                            the completed form, sign, and date.</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; width: 100%; 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: 17.9pt">3.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 5pt">Submit
                                            completed form to FT&rsquo;s General Counsel c/o Code of Ethics Administration within 10
                                            days of becoming a Covered Officer and by February 15<SUP>th</SUP> of each subsequent year.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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; text-align: justify">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40pt; text-align: left"><B>E-mail:</B></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">Code
                                            of Ethics Inquiries &amp; Requests (internal address);</P>
                                                                                <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">lpreclear@franklintempleton.com
                                            (external address)</P></TD>
</TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red">&nbsp;</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="border: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 30%"><B>Covered Officer&rsquo;s
    Name:</B></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Title:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Department:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Location:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Certification
    for Year Ending:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><B><I>To:</I></B>&#9;<B><I>Franklin Resources General
Counsel, Legal Department</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">I acknowledge receiving, reading and understanding
the Franklin Templeton Fund&rsquo;s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the &ldquo;Code&rdquo;).
I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand
and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></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">
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>temf-efp18155_ex99cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
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<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="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have reviewed this report on
Form N-CSR of <B>Templeton Emerging Markets Fund</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;</FONT></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; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;</FONT></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; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: 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; </FONT></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="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: 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;</FONT></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="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></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="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: 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</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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):</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></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="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<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">&nbsp;</P>



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  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:
    &#8239; &#8239;&#8239;October 29, 2025</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 35%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Christopher Kings</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Kings</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">Executive Officer &ndash; Finance and Administration</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
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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, Jeffrey 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: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have reviewed this report on Form N-CSR of <B>Templeton
Emerging Markets Fund</B>;</FONT></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: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: 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;</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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;</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: 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:</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: 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="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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 </FONT></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: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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):</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<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">&nbsp;</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: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date: &#8239;&#8239;&#8239;&#8239;October 29, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
    Jeffrey White</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jeffrey White</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Financial Officer, Chief Accounting Officer and Treasurer</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>temf-efp18155_ex99906cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
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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>Jeffrey 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Registrant&rsquo;s periodic report on Form N-CSR for
the period ended <B>August 31, 2025</B> (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</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 30%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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 STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Finance and Administration</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accounting Officer and Treasurer</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Templeton Emerging Markets Fund</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Templeton Emerging Markets Fund</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Christopher Kings</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Jeffrey White</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher Kings</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jeffrey White</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: October 29, 2025</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: October 29, 2025</FONT></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">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>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.PRESS
<SEQUENCE>5
<FILENAME>temf-efp18155_ex99press.htm
<DESCRIPTION>PURSUANT TO THE SECURITIES AND EXCHANGE
<TEXT>
<html>
<head>
<title></title>
<!--Uncomment the following meta tag to help resolve IE/Edge rendering problems. This tag cannot be uncommented in an SEC submission or it will be rejected.-->
<!--<meta http-equiv="X-UA-Compatible" content="IE=edge">-->

</head><body style="margin: 0px"><div style="page: WordSection1">

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

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

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">300
S.E. 2nd Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
EMERGING MARKETS FUND (&#8220;EMF&#8221;)</div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort
Lauderdale, Florida, March 28, 2025. Templeton Emerging Markets Fund [NYSE: EMF]<br>
<br>
</div></div>

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

</div><table cellpadding="0" cellspacing="0" align="left">
 <tr>
  <td width="102" height="0"></td>
 </tr>
 <tr>
  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s estimated
sources of the distribution to be paid on March 31, 2025 and for the fiscal
year 2025 year-to-date are as follows:</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Estimated Allocations for March Quarterly
Distribution:</div></div>

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

<table border="1" cellspacing="0" cellpadding="0" width="620" style="border-collapse: collapse;border: none;margin-left: 9.0pt">
 <tr style="height: 17.25pt">
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.9pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="152" valign="top" style="width: 113.75pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="131" valign="top" style="width: 98.25pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital Gains </div></div>
  </td>
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: .15in">
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.2200 </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.9pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="152" valign="top" style="width: 113.75pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0602 (27%)</div></div>
  </td>
  <td width="131" valign="top" style="width: 98.25pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1598 (73%)</div></div>
  </td>
 </tr>
</table>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative Estimated Allocations fiscal
year-to-date as of December 31, 2024, for the fiscal year ending August 31,
2025:</div></div>

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

<table border="1" cellspacing="0" cellpadding="0" width="621" style="border-collapse: collapse;border: none;margin-left: 9.0pt">
 <tr style="height: 16.6pt">
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.95pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="152" valign="top" style="width: 113.85pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="131" valign="top" style="width: 98.35pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 6.75pt">
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.5114 </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.95pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="152" valign="top" style="width: 113.85pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.3623 (71%)</div></div>
  </td>
  <td width="131" valign="top" style="width: 98.35pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1491 (29%)</div></div>
  </td>
 </tr>
</table>

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

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

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

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

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

<table border="1" cellspacing="0" cellpadding="0" width="636" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 44.1pt">
  <td width="154" valign="top" style="width: 115.65pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 2/28/2025)<sup>1</sup></div></div>
  </td>
  <td width="154" valign="top" style="width: 115.65pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period
  through 2/28/2025)<sup>2</sup></div></div>
  </td>
  <td width="154" valign="top" style="width: 1.6in;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 103%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 103%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through 2/28/2025)<sup>3</sup></div></div>
  </td>
  <td width="174" valign="top" style="width: 130.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 103%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 103%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 2/28/2025)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 13.0pt">
  <td width="154" valign="top" style="width: 115.65pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">4.08%</div></div>
  </td>
  <td width="154" valign="top" style="width: 115.65pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">5.91%</div></div>
  </td>
  <td width="154" valign="top" style="width: 1.6in;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">4.26%</div></div>
  </td>
  <td width="174" valign="top" style="width: 130.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">3.43%</div></div>
  </td>
 </tr>
</table>

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

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: 0in"><b><div style="font-size: 9.5pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">1.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through
February 28, 2025. Annual NAV Total Return is the percentage change in the
Fund&#8217;s NAV over a year, assuming reinvestment of distributions paid.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">2.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through February 28, 2025.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">3.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from August 31, 2024
through February 28, 2025, assuming reinvestment of distributions paid.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">4.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period (August 31, 2024 through December 31,
2024), as a percentage of the Fund&#8217;s NAV as of February 28, 2025.</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br>
The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;) has authorized a Managed
Distribution Plan (the &#8220;Plan&#8221;), under which the Fund will make quarterly
distributions to shareholders at a fixed rate of $0.22 per share. The Plan aims
to provide shareholders with consistent quarterly distributions derived from
ordinary income and short-term capital gains generated by the Fund&#8217;s investment
portfolio. Additionally, the Plan seeks to narrow the discount between the
market price and the net asset value (&#8220;NAV&#8221;) of the Fund&#8217;s common shares,
although success in this regard cannot be guaranteed.</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">In the event that sufficient distributable
income is not available on a quarterly basis, the Fund will distribute
long-term capital gains and/or return of capital to maintain its managed
distribution rate. A return of capital may occur when some or all of the
invested capital is paid back to shareholders. It is important to note that a
return of capital distribution does not necessarily reflect the Fund&#8217;s
investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;
Even if the Fund realizes capital gains in the current year, such gains may be
offset, in whole or in part, by the Fund&#8217;s capital loss carryovers from prior
years.</div></div>

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



<div style="page: WordSection1">
<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund&#8217;s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund&#8217;s common shares. The Plan will be
subject to periodic review by the Board, including a yearly review of the fixed
rate to determine if an adjustment should be made.</div></div>

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

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Franklin Limited Duration Income Trust, please visit our
web site at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b><div style="color: #0563C1;text-decoration: underline;display: inline;"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br>
</div></b></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br>
<br>
</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 150 countries. Franklin
Templeton&#8217;s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and $1.58
trillion in assets under management as of February 28, 2025. For more
information, please visit franklintempleton.com.</div></div>

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

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

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

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

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

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

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

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">300
S.E. 2nd Street</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort
Lauderdale, FL 33301</div></div>

<div style="font-size: 12.0pt;font-family: Courier;text-align: justify;line-height: 12.0pt;border: none;padding: 0in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></div>

</div>

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

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

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

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">TEMPLETON
EMERGING MARKETS FUND (&#8220;EMF&#8221;)</div></b></div>

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

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

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-family: &quot;Times New Roman&quot;,serif;display: inline;">Fort
Lauderdale, Florida, June 27, 2025. Templeton Emerging Markets Fund [NYSE: EMF]<br>
<br>
</div></div>

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

</div><table cellpadding="0" cellspacing="0" align="left">
 <tr>
  <td width="102" height="0"></td>
 </tr>
 <tr>
  <td></td>
  <td><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 48px;width: 481px;background-image:url(data:image/png;base64, )"></div></td>
 </tr>
</table>

<br clear="ALL">


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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Fund&#8217;s estimated sources of the
distribution to be paid on June 30, 2025, and for the fiscal year 2025
year-to-date are as follows:<br>
<br>
</div></div>

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

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

<table border="1" cellspacing="0" cellpadding="0" width="620" style="border-collapse: collapse;border: none;margin-left: 9.0pt">
 <tr style="height: 17.25pt">
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.9pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="152" valign="top" style="width: 113.75pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="131" valign="top" style="width: 98.25pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital Gains </div></div>
  </td>
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 17.25pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: .15in">
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.2200 </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.9pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.1043 (48%)</div></div>
  </td>
  <td width="152" valign="top" style="width: 113.75pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0161 (7%)</div></div>
  </td>
  <td width="131" valign="top" style="width: 98.25pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="110" valign="top" style="width: 82.7pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: .15in">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.0996 (45%)</div></div>
  </td>
 </tr>
</table>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative Estimated Allocations fiscal
year-to-date as of March 31, 2025, for the fiscal year ending August 31, 2025:</div></div>

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

<table border="1" cellspacing="0" cellpadding="0" width="621" style="border-collapse: collapse;border: none;margin-left: 9.0pt">
 <tr style="height: 16.6pt">
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Distribution </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Per Share </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.95pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Investment </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Income </div></div>
  </td>
  <td width="152" valign="top" style="width: 113.85pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Short-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="131" valign="top" style="width: 98.35pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Net Realized </div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Long-Term Capital</div></div>
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Gains </div></div>
  </td>
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 16.6pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">Return of Capital </div></div>
  </td>
 </tr>
 <tr style="height: 6.75pt">
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.7314 </div></div>
  </td>
  <td width="117" valign="top" style="width: 87.95pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="152" valign="top" style="width: 113.85pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.4225 (58%)</div></div>
  </td>
  <td width="131" valign="top" style="width: 98.35pt;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.00 (0%)</div></div>
  </td>
  <td width="110" valign="top" style="width: 1.15in;border: none;padding: 0in 5.4pt 0in 5.4pt;height: 6.75pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;color: black;display: inline;">$0.3089 (42%)</div></div>
  </td>
 </tr>
</table>

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

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

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

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

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

<table border="1" cellspacing="0" cellpadding="0" width="636" style="border-collapse: collapse;border: none;margin-left: -.25pt">
 <tr style="height: 44.1pt">
  <td width="154" valign="top" style="width: 115.65pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
  Annual Total Return (in relation to the change in net asset value (NAV) for
  the 5-year period ended on 5/31/2025)<sup>1</sup></div></div>
  </td>
  <td width="154" valign="top" style="width: 115.65pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 102%;text-autospace: none;margin-left: 6.35pt;margin-right: 4.3pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 102%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Annualized
  Distribution Rate (as a percentage of NAV for the current fiscal period
  through 5/31/2025)<sup>2</sup></div></div>
  </td>
  <td width="154" valign="top" style="width: 1.6in;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 103%;text-autospace: none;margin-left: 12.25pt;margin-right: 10.9pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 103%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Total Return (in relation to the change in NAV for the fiscal period through 5/31/2025)<sup>3</sup></div></div>
  </td>
  <td width="174" valign="top" style="width: 130.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 44.1pt">
  <div style="font-size: 12.0pt;font-family: Courier;line-height: 103%;text-autospace: none;margin-left: 17.45pt;margin-right: 15.85pt;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 103%;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
  Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 5/31/2025)<sup>4</sup></div></div>
  </td>
 </tr>
 <tr style="height: 13.0pt">
  <td width="154" valign="top" style="width: 115.65pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">6.68%</div></div>
  </td>
  <td width="154" valign="top" style="width: 115.65pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.5pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">5.67%</div></div>
  </td>
  <td width="154" valign="top" style="width: 1.6in;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 24.65pt;margin-right: 24.05pt;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">10.29%</div></div>
  </td>
  <td width="174" valign="top" style="width: 130.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 13.0pt">
  <div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 41.15pt;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">4.71%</div></div>
  </td>
 </tr>
</table>

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

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: 0in"><b><div style="font-size: 9.5pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">1.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Average
Annual Total Return in relation to NAV represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ended through May
31, 2025. Annual NAV Total Return is the percentage change in the Fund&#8217;s NAV
over a year, assuming reinvestment of distributions paid.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">2.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Annualized Distribution Rate is the current fiscal period&#8217;s distribution rate
annualized as a percentage of the Fund&#8217;s NAV through May 31, 2025.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">3.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">Cumulative
Total Return is the percentage change in the Fund&#8217;s NAV from August 31, 2024
through May 31, 2025, assuming reinvestment of distributions paid.</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;text-indent: -12.85pt;text-autospace: none;margin-left: .25in;margin-right: 12.2pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">4.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160; </div></div></b><div dir="LTR" style="display: inline"></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period August 31, 2024 through March 31, 2025, as
a percentage of the Fund&#8217;s NAV as of May 31, 2025.</div></b></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br>
The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;) has authorized a Managed
Distribution Plan (the &#8220;Plan&#8221;), under which the Fund will make quarterly
distributions to shareholders at a fixed rate of $0.22 per share. The Plan aims
to provide shareholders with consistent quarterly distributions derived from
ordinary income and short-term capital gains generated by the Fund&#8217;s investment
portfolio. Additionally, the Plan seeks to narrow the discount between the
market price and the net asset value (&#8220;NAV&#8221;) of the Fund&#8217;s common shares, although
success in this regard cannot be guaranteed.</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">In the event that sufficient distributable
income is not available on a quarterly basis, the Fund will distribute
long-term capital gains and/or return of capital to maintain its managed
distribution rate. A return of capital may occur when some or all of the
invested capital is paid back to shareholders. It is important to note that a
return of capital distribution does not necessarily reflect the Fund&#8217;s
investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;
Even if the Fund realizes capital gains in the current year, such gains may be
offset, in whole or in part, by the Fund&#8217;s capital loss carryovers from prior
years.</div></div>

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

<div style="font-size: 12.0pt;font-family: Courier;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund&#8217;s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund&#8217;s common shares. The Plan will be
subject to periodic review by the Board, including a yearly review of the fixed
rate to determine if an adjustment should be made.</div></div>

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

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

<div align="center" style="font-size: 12.0pt;font-family: Courier;text-align: center;text-autospace: none;margin-left: 112.2pt;margin-right: 111.8pt;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">For
further information on Franklin Limited Duration Income Trust, please visit our
web site at: </div></b><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;">www.franklintempleton.com</div></b><div style="color: #0563C1;text-decoration: underline;display: inline;"><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br>
</div></b></div><b><div style="font-size: 8.0pt;font-family: &quot;Times New Roman&quot;,serif;display: inline;"><br>
<br>
</div></b></div>

<div style="font-size: 12.0pt;font-family: Courier;line-height: 12.0pt;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,serif;letter-spacing: -.25pt;display: inline;">Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 150 countries. Franklin
Templeton&#8217;s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and $1.57
trillion in assets under management as of May 31, 2025. For more information,
please visit franklintempleton.com.</div></div>

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

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

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

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