<SEC-DOCUMENT>0000088053-24-000900.txt : 20240906
<SEC-HEADER>0000088053-24-000900.hdr.sgml : 20240906
<ACCEPTANCE-DATETIME>20240905175933
ACCESSION NUMBER:		0000088053-24-000900
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240906
DATE AS OF CHANGE:		20240905
EFFECTIVENESS DATE:		20240906

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPEAN EQUITY FUND, INC / MD
		CENTRAL INDEX KEY:			0000791718
		ORGANIZATION NAME:           	
		IRS NUMBER:				260529973
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		241282411

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225
		BUSINESS PHONE:		212-454-4500

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr63024eea.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM N-CSRS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number: 811-04632</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>The European Equity Fund, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">875 Third Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10022-6225</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s Telephone Number, including Area Code: <U>(212) 454-4500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Diane Kenneally</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">100 Summer Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Boston, MA 02110</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">Date of fiscal year end:</TD>
    <TD STYLE="width: 73%; padding-right: 5.4pt; padding-left: 5.4pt">12/31</TD></TR>
  <TR STYLE="height: 4pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">6/30/24</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 1.</B></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Reports to Stockholders.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"></P>

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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:203px;position:absolute;top:0px;left:2781.32px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:203px;position:absolute;top:0px;left:3241.83px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:203px;position:absolute;top:0px;left:3569.47px;white-space:nowrap">2024</div></div>
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			<div style="width:4320px;height:2792.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,8.23px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:438px;font-weight:bold;position:absolute;top:0px;left:176.97px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:438px;font-weight:bold;position:absolute;top:0px;left:2728.97px;letter-spacing:-1.05px;white-space:nowrap">Report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:438px;font-weight:bold;position:absolute;top:700px;left:521.69px;letter-spacing:-1.63px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:438px;font-weight:bold;position:absolute;top:700px;left:1071.99px;letter-spacing:-0.98px;white-space:nowrap">Shareholders</div></div>
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			<div style="width:6796.8px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1215.13px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1813.95px;letter-spacing:-0.46px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3242.51px;letter-spacing:-0.71px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:4207.56px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:5075.49px;white-space:nowrap">Inc.</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2718.43px;letter-spacing:-0.88px;white-space:nowrap">Ticker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3186.63px;letter-spacing:-0.27px;white-space:nowrap">Symbol: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3802.74px;letter-spacing:-0.59px;white-space:nowrap">EEA</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
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			<div style="width:6595.2px;height:2893.76px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.02px) rotate(0deg) scale(0.05)">







			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:310.17px;letter-spacing:-0.59px;white-space:nowrap">brand </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:774.67px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:1162.88px;letter-spacing:-0.64px;white-space:nowrap">represents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:1972.88px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:2361.09px;letter-spacing:-0.59px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:2854.16px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:3355.14px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:3516.42px;white-space:nowrap">Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:3791.34px;letter-spacing:-1.41px;white-space:nowrap">KGaA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:4214.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:4527.33px;letter-spacing:-0.88px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:4822.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:5010.47px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:5219.65px;letter-spacing:-0.07px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:373.89px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:568.92px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:957.13px;letter-spacing:-0.53px;white-space:nowrap">Distributors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:1885.61px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:2184.35px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:2654.12px;text-rendering:optimizeLegibility;letter-spacing:-1.26px;white-space:nowrap">offers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:3103.77px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:3949.8px;letter-spacing:-0.39px;white-space:nowrap">products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:4628.76px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:4825.37px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1739px;left:5213.58px;letter-spacing:-0.8px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:0px;letter-spacing:-0.28px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:1009.95px;letter-spacing:-0.18px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:1758.34px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:2057.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:2369.53px;white-space:nowrap">RREEF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:2860.58px;letter-spacing:-0.22px;white-space:nowrap">America </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:3495.32px;letter-spacing:-0.5px;white-space:nowrap">L.L.C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:3911.75px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:4381.52px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">offer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:4765.08px;letter-spacing:0.1px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1955px;left:5408.7px;letter-spacing:0.2px;white-space:nowrap">services.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:0px;letter-spacing:-1.32px;white-space:nowrap">NOT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:355.08px;letter-spacing:-0.35px;white-space:nowrap">FDIC/NCUA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:1216.85px;white-space:nowrap">INSURED </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:2027.37px;white-space:nowrap">NO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:2300.71px;letter-spacing:-0.35px;white-space:nowrap">BANK </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:2743.07px;letter-spacing:-0.35px;white-space:nowrap">GUARANTEE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:3806.19px;letter-spacing:-3.08px;white-space:nowrap">MAY </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:4172.52px;letter-spacing:-0.88px;white-space:nowrap">LOSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2286.2px;left:4571.46px;letter-spacing:-2.29px;white-space:nowrap">VALUE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:0px;letter-spacing:-1.32px;white-space:nowrap">NOT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:355.08px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:497.2px;white-space:nowrap">DEPOSIT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:1238.12px;letter-spacing:-1.32px;white-space:nowrap">NOT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:1593.19px;white-space:nowrap">INSURED </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:2281.64px;letter-spacing:-1.46px;white-space:nowrap">BY </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:2498.73px;white-space:nowrap">ANY </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:2840.19px;white-space:nowrap">FEDERAL </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:3521.51px;letter-spacing:-0.16px;white-space:nowrap">GOVERNMENT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2502.2px;left:4631.48px;letter-spacing:-0.15px;white-space:nowrap">AGENCY</div></div>
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		<div style="height:339.08px;left:0px;position:absolute;top:0px;transform:translate(28.800px,55.756px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:6667.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.72px) rotate(0deg) scale(0.05)">










			<div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:15px;left:0px;white-space:nowrap">4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:460.8px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">Letter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1029.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1264.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1609.25px;letter-spacing:-0.63px;white-space:nowrap">Shareholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:423px;left:0px;white-space:nowrap">9</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:408px;left:460.8px;letter-spacing:-0.85px;white-space:nowrap">Performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:408px;left:1647.06px;letter-spacing:0.15px;white-space:nowrap">Summary</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:831px;left:0px;white-space:nowrap">11</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:816px;left:460.8px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:816px;left:1312.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:816px;left:1542.75px;letter-spacing:-0.98px;white-space:nowrap">Investments</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1239px;left:0px;white-space:nowrap">17</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1224px;left:460.8px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1224px;left:1426.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1224px;left:1656.84px;letter-spacing:-0.15px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1224px;left:2265.7px;letter-spacing:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1224px;left:2647.59px;text-rendering:optimizeLegibility;white-space:nowrap">Liabilities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1647px;left:0px;white-space:nowrap">18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1632px;left:460.8px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1632px;left:1426.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1632px;left:1656.84px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">Operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2055px;left:0px;white-space:nowrap">19</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2040px;left:460.8px;letter-spacing:-0.88px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2040px;left:1511.71px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2040px;left:1741.91px;letter-spacing:-0.2px;white-space:nowrap">Changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2040px;left:2536.84px;letter-spacing:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2040px;left:2749.42px;letter-spacing:-0.27px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2040px;left:3119.49px;letter-spacing:-0.18px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2463px;left:0px;white-space:nowrap">20</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2448px;left:460.8px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2448px;left:1286.66px;letter-spacing:-0.21px;white-space:nowrap">Highlights</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2871px;left:0px;white-space:nowrap">22</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2856px;left:460.8px;letter-spacing:-0.36px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2856px;left:1029.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2856px;left:1264.21px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2856px;left:2090.07px;letter-spacing:-0.97px;white-space:nowrap">Statements</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3279px;left:0px;white-space:nowrap">29</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3264px;left:460.8px;letter-spacing:-0.61px;white-space:nowrap">Report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3264px;left:1109.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3264px;left:1339.4px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3264px;left:2008.1px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3264px;left:2796.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3264px;left:3026.79px;letter-spacing:-0.54px;white-space:nowrap">Stockholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687px;left:0px;white-space:nowrap">30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3672px;left:460.8px;text-rendering:optimizeLegibility;white-space:nowrap">Additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3672px;left:1411.91px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">Information</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:153.57px;white-space:nowrap">3 </div></div>
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		<div style="height:530.90px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.879px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10539.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.92px) rotate(0deg) scale(0.05)">






			<div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:327.4px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:753.88px;letter-spacing:-0.31px;white-space:nowrap">seeks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:1213.48px;letter-spacing:-0.19px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:2013.65px;letter-spacing:-0.58px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:2556.65px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:3554.06px;letter-spacing:-0.46px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:4205.51px;letter-spacing:-0.84px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:5098.55px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:5820.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:0px;left:6004.11px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:329.81px;letter-spacing:-0.8px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:1358.2px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:2125.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:2324.53px;letter-spacing:-0.46px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:2884.23px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:3674.48px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:228px;left:3858.08px;letter-spacing:-0.53px;white-space:nowrap">Europe.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:0px;letter-spacing:-0.77px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:970.97px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:1154.57px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:1623.91px;letter-spacing:-0.87px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:2202.63px;letter-spacing:-0.27px;white-space:nowrap">risks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:2628.36px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:3361.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:3659.82px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:3990.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:571.2px;left:4189.56px;white-space:nowrap">principal.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:327.4px;letter-spacing:-0.4px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:862.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:1060.86px;letter-spacing:-0.46px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:1486.79px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:2367.11px;white-space:nowrap">funds, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:2882.93px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:3616.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:3914.39px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:4387.35px;letter-spacing:-0.7px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:4676.34px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:4979.52px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">continuously </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:914.4px;left:5994.65px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">offered. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:0px;white-space:nowrap">Once </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:440.67px;white-space:nowrap">issued, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:1010.3px;letter-spacing:-0.4px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:1544.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:1743.77px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:2624.1px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:3093.44px;letter-spacing:-0.7px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:3382.43px;letter-spacing:-0.27px;white-space:nowrap">bought </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:3970.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:4300.05px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:4656.21px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:4839.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:5137.79px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1142.4px;left:5571.14px;letter-spacing:-0.93px;white-space:nowrap">market. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:547.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:745.99px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:1626.32px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:2095.66px;letter-spacing:-0.42px;white-space:nowrap">frequently </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:2928.3px;letter-spacing:-0.62px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:3377.51px;letter-spacing:-0.62px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:3570.48px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:3702.87px;letter-spacing:-0.41px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:4395.98px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:4598.59px;letter-spacing:-0.23px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:4895.65px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:5330.39px;letter-spacing:-0.4px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1370.4px;left:5824.59px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:423.79px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:622.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:920.59px;letter-spacing:-1.72px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:1454.97px;letter-spacing:-0.4px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:1989.62px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:2147.98px;letter-spacing:-0.25px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:3086.11px;letter-spacing:-0.31px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:3310.62px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:3443.01px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:4091.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:4290.59px;letter-spacing:-1.08px;white-space:nowrap">factors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:4897.79px;letter-spacing:-0.81px;white-space:nowrap">several </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:5475.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:5674.77px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1598.4px;left:6170.64px;letter-spacing:-0.7px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:0px;letter-spacing:-0.46px;white-space:nowrap">beyond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:612.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:910.57px;letter-spacing:-0.93px;white-space:nowrap">control </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:1493.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:1692.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:1990.45px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:2463.41px;letter-spacing:-1.1px;white-space:nowrap">Therefore, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:3299.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:3597.85px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:4024.33px;letter-spacing:-0.27px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:4594.6px;letter-spacing:-0.35px;white-space:nowrap">predict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:5176.76px;letter-spacing:-0.12px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:5864.67px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1826.4px;left:6085.47px;letter-spacing:-0.4px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:301.51px;letter-spacing:-0.62px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:750.72px;letter-spacing:-0.46px;white-space:nowrap">at, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:990.17px;letter-spacing:-0.15px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:1498.57px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:1706.1px;letter-spacing:-0.46px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:2210.98px;letter-spacing:-0.23px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:2508.04px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2054.4px;left:2942.77px;letter-spacing:-0.46px;white-space:nowrap">value.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:0px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:348.92px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:775.4px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:933.76px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:1760.84px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:2090.65px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:2812.61px;letter-spacing:-0.58px;white-space:nowrap">focuses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:3427.14px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:3647.94px;letter-spacing:-0.77px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:4614.46px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:4798.06px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:5320.46px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2397.6px;left:6087.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:0px;letter-spacing:-0.46px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:559.7px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:1349.95px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:1533.54px;letter-spacing:-0.46px;white-space:nowrap">Europe, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:2168.02px;letter-spacing:-0.46px;white-space:nowrap">thereby </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:2804.17px;letter-spacing:-0.25px;white-space:nowrap">increasing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:3617.79px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:3838.59px;letter-spacing:-0.27px;white-space:nowrap">vulnerability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:4820.32px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:5022.94px;letter-spacing:-0.36px;white-space:nowrap">developments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2625.6px;left:6149.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:0px;letter-spacing:-0.37px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:354.12px;letter-spacing:-0.35px;white-space:nowrap">region. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:928.94px;text-rendering:optimizeLegibility;letter-spacing:-0.74px;white-space:nowrap">Investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:1651.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:1834.78px;letter-spacing:-0.93px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:2415.26px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:3229.26px;text-rendering:optimizeLegibility;white-space:nowrap">particularly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:4130.83px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:4601.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:4800.19px;letter-spacing:-0.31px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:2853.6px;left:5562.7px;letter-spacing:-0.82px;white-space:nowrap">markets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:0px;letter-spacing:-0.52px;white-space:nowrap">presents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:698.4px;letter-spacing:-0.35px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:1271.27px;letter-spacing:-0.27px;white-space:nowrap">risks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:1697.01px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:2091.67px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:2297.53px;letter-spacing:-0.31px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:3005.4px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">fluctuations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:3995.29px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:4633.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:4962.92px;letter-spacing:-0.21px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3081.6px;left:5748.61px;letter-spacing:-0.15px;white-space:nowrap">changes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:329.81px;letter-spacing:-1.06px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:910.66px;letter-spacing:-0.27px;white-space:nowrap">risks. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:1336.4px;letter-spacing:-0.93px;white-space:nowrap">Any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:1665.19px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:2061.05px;letter-spacing:-0.37px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:2415.17px;letter-spacing:-0.86px;white-space:nowrap">concentrates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:3446.16px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:3629.76px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:3762.15px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:4538.01px;letter-spacing:-0.23px;white-space:nowrap">segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:5240.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:5439.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3309.6px;left:5737.67px;letter-spacing:-1.06px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:207.53px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:391.13px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:523.52px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:1299.38px;letter-spacing:-0.54px;white-space:nowrap">geographical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:2312.93px;letter-spacing:-0.4px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:2841.28px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:3142.79px;letter-spacing:-0.51px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:3878.76px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:4114.32px;letter-spacing:-0.56px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:4563.25px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">volatile </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:5155.23px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:5547.48px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:5679.87px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3537.6px;left:6075.73px;letter-spacing:-0.37px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3765.6px;left:0px;letter-spacing:-0.93px;white-space:nowrap">invests </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3765.6px;left:563.04px;letter-spacing:-0.56px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:3765.6px;left:1011.97px;letter-spacing:-2.09px;white-space:nowrap">broadly.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:327.4px;letter-spacing:-0.27px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:884.97px;letter-spacing:-0.81px;white-space:nowrap">States, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:1435.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:1733.56px;letter-spacing:-0.41px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:2509.71px;white-space:nowrap">Union </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:3011.89px;white-space:nowrap">(EU), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:3428.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:3726.52px;letter-spacing:-0.27px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:4284.09px;letter-spacing:-0.15px;white-space:nowrap">Kingdom, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:5045.76px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:5375.57px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4108.8px;left:5838.14px;letter-spacing:-0.37px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:0px;letter-spacing:-1.02px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:403.47px;white-space:nowrap">imposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:1102.52px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:1862.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:2045.65px;letter-spacing:-0.31px;white-space:nowrap">response </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:2782.55px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:2985.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:3283.16px;white-space:nowrap">Russian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:3902.98px;letter-spacing:-0.21px;white-space:nowrap">military </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:4521.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:4851.12px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:5313.69px;text-rendering:optimizeLegibility;white-space:nowrap">actions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:5901.04px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4336.8px;left:6084.64px;letter-spacing:-0.66px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:0px;letter-spacing:-0.86px;white-space:nowrap">years. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:489.47px;white-space:nowrap">Russia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:1057.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:1240.66px;white-space:nowrap">turn, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:1655.45px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:1960.02px;white-space:nowrap">imposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:2659.07px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:3418.61px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">targeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:4144.65px;letter-spacing:-1.39px;white-space:nowrap">Western </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:4831.73px;white-space:nowrap">individuals, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4564.8px;left:5730.24px;white-space:nowrap">businesses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:329.81px;letter-spacing:-0.37px;white-space:nowrap">products. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:1092.96px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:1420.36px;letter-spacing:-0.35px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:2012.26px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:2771.79px;letter-spacing:-1.02px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:3175.26px;letter-spacing:-0.56px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:3936.84px;text-rendering:optimizeLegibility;letter-spacing:-0.83px;white-space:nowrap">affected, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:4646.09px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:4975.9px;letter-spacing:-0.93px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:5338.65px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:4792.8px;left:6050.68px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:0px;letter-spacing:-0.56px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:761.58px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">affect, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:1280.09px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:1583.27px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:1949.73px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:2247.71px;white-space:nowrap">Russian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:2867.53px;letter-spacing:-0.7px;white-space:nowrap">economy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:3610.56px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:3913.37px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:4260.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:4558.24px;letter-spacing:-0.19px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:5430.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5020.8px;left:5629.31px;letter-spacing:-0.74px;white-space:nowrap">many </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:0px;letter-spacing:-0.37px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:753.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:937.38px;letter-spacing:-0.46px;white-space:nowrap">Europe, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:1571.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:1901.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:2199.66px;text-rendering:optimizeLegibility;white-space:nowrap">imposition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:3048.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:3247.53px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:3832.01px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:4591.54px;letter-spacing:-0.93px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:4954.29px;letter-spacing:-0.34px;white-space:nowrap">materially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5248.8px;left:5754.09px;letter-spacing:-0.56px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:472.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:770.02px;letter-spacing:-0.46px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:1217.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:1416.56px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:2184.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:2367.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:2665.66px;letter-spacing:-0.8px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5476.8px;left:3200.03px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">portfolio.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:0px;letter-spacing:-4.82px;white-space:nowrap">War, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:387.61px;letter-spacing:-0.51px;white-space:nowrap">terrorism, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:1189.08px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:1995.09px;letter-spacing:-0.21px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:2780.79px;letter-spacing:-1.5px;white-space:nowrap">uncertainty, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:3727.08px;letter-spacing:-0.62px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:4176.29px;letter-spacing:-0.19px;white-space:nowrap">disputes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:4905.21px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:5408.97px;white-space:nowrap">health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:5820px;left:5937.04px;white-space:nowrap">crises, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:0px;letter-spacing:-0.7px;white-space:nowrap">natural </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:583.54px;letter-spacing:-0.72px;white-space:nowrap">disasters, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:1337.42px;letter-spacing:-0.46px;white-space:nowrap">climate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:1937.39px;letter-spacing:-0.2px;white-space:nowrap">change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:2529.56px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:2859.37px;letter-spacing:-0.81px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:3441.62px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">geopolitical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:4360.07px;letter-spacing:-0.66px;white-space:nowrap">events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:4904.38px;letter-spacing:-1.02px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:5307.85px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:5585.33px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:5961.62px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6048px;left:6145.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:0px;letter-spacing:-0.35px;white-space:nowrap">future, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:562.67px;letter-spacing:-0.93px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:925.42px;white-space:nowrap">lead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:1292.33px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:1494.95px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:2308.76px;text-rendering:optimizeLegibility;letter-spacing:-0.08px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:3201.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:3385.58px;letter-spacing:-0.74px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:3724.58px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:4054.38px;letter-spacing:-0.31px;white-space:nowrap">world </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:4533.47px;letter-spacing:-0.19px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:5405.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6276px;left:5735.53px;letter-spacing:-0.82px;white-space:nowrap">markets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:495.87px;letter-spacing:-0.93px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:858.62px;white-space:nowrap">lead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:1225.54px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:1428.15px;letter-spacing:-0.28px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:2204.67px;letter-spacing:-1.06px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:2785.52px;text-rendering:optimizeLegibility;letter-spacing:-0.34px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:3471.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:3801.58px;letter-spacing:-0.93px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:4164.32px;letter-spacing:-1.02px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:4567.79px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:5381.6px;letter-spacing:-0.7px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6504px;left:6017.47px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6732px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6732px;left:240.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6732px;left:538.74px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6732px;left:965.21px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6732px;left:1295.02px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:6732px;left:1515.83px;letter-spacing:-0.77px;white-space:nowrap">investments.</div></div>
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		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.800px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:252.00px">
			<div style="width:5040px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">Letter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:900.47px;letter-spacing:-1.11px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1274.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1823.02px;letter-spacing:-0.66px;white-space:nowrap">Shareholders</div></div>
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		<div style="height:18.33px;left:0px;position:absolute;top:0px;transform:translate(280.800px,29.470px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:77.76px">
			<div style="width:1555.2px;height:265.82px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:505.3px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div></div>
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		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">4 </div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="height:503.15px;left:0px;position:absolute;top:0px;transform:translate(28.800px,54.376px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9978.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">





			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">Dear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:471.37px;letter-spacing:-1.97px;white-space:nowrap">Shareholder,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:0px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:338.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:683.31px;letter-spacing:-0.86px;white-space:nowrap">six-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:1607.14px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:2233.3px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:2843.35px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:3299.14px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:3625.7px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:4175.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:4520.31px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:4976.1px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:5582.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:395.2px;left:5813.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:0px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:898.69px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:1499.18px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:2046.82px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:2411.94px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:2822.72px;white-space:nowrap">&#8220;Fund&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:3562.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:3774.91px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:4167.43px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:4803.48px;white-space:nowrap">(USD) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:5357.67px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:675.2px;left:5747.07px;white-space:nowrap">3.89% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:575.67px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:854.43px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:1198.4px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:1701.78px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:2220.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:2602.08px;white-space:nowrap">4.61% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:3195.69px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:3771.37px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:4050.13px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:4722.7px;white-space:nowrap">price. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:5267.22px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:5906.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:0px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:521.1px;white-space:nowrap">period, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:1201.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:1546.12px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:2152.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:2383.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:2728.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:3346.84px;white-space:nowrap">benchmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:4445.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:4791.02px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:5297.62px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:5978.46px;letter-spacing:-0.46px;white-space:nowrap">Index, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:389.4px;white-space:nowrap">5.81%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:128.3px;font-variant:small-caps;font-weight:300;position:absolute;top:1510.75px;left:987.1px;white-space:nowrap">1</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:1101.84px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:1480.93px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:2099.68px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:2902.23px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:3136.84px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:3480.81px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:3984.19px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:4502.6px;letter-spacing:-1.31px;white-space:nowrap">averaged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:5355.1px;white-space:nowrap">17.19% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:6060.22px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:345.04px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:971.2px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:1446.97px;letter-spacing:0.13px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:2175.08px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:2390.14px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:2885.89px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3120.5px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3576.29px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3902.85px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:4452.42px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:5395.8px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:5834.4px;white-space:nowrap">13.66% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:300.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:645.71px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:1166.82px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:1792.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:1946.27px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:2378.43px;letter-spacing:-2.95px;white-space:nowrap">earlier.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:0px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:563.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:908.68px;letter-spacing:-0.13px;white-space:nowrap">journey </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:1632.81px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:2022.22px;letter-spacing:-0.36px;white-space:nowrap">somewhat </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:2995.14px;letter-spacing:-0.4px;white-space:nowrap">uneven, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:3752.57px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:4651.26px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:5399.78px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:5638.14px;letter-spacing:-0.84px;white-space:nowrap">gauged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:605px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:1650.32px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:2156.92px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:2837.76px;letter-spacing:-0.54px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:3367.35px;white-space:nowrap">closed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:3982.02px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:4447.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:4792.41px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:5181.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:5563.81px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">quarters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:793.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:1023.41px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:1519.16px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:1742.6px;letter-spacing:-0.27px;white-space:nowrap">new </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:2167.99px;text-rendering:optimizeLegibility;white-space:nowrap">all-time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:2887.61px;white-space:nowrap">highs. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:3456.51px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">After </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:3945.61px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">essentially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:4911.87px;letter-spacing:-0.36px;white-space:nowrap">treading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3030.4px;left:5699.05px;letter-spacing:-1.16px;white-space:nowrap">water </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:0px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:620.15px;letter-spacing:-1.79px;white-space:nowrap">January, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:1384.88px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:2057.45px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:2749.25px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:3240.6px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:3975.47px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:4276.14px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:4741.49px;letter-spacing:-0.24px;white-space:nowrap">February </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:5579.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:5961.7px;letter-spacing:-0.46px;white-space:nowrap">March. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:379.09px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:1057.35px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:1769.78px;letter-spacing:-0.27px;white-space:nowrap">saw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:2160.79px;letter-spacing:-0.32px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:3059.91px;text-rendering:optimizeLegibility;letter-spacing:-1.79px;white-space:nowrap">volatility, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:3891.14px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:4129.51px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:4282.8px;letter-spacing:-0.38px;white-space:nowrap">modest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:4998.98px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:5685.41px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:5898px;white-space:nowrap">April </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:389.4px;letter-spacing:-0.95px;white-space:nowrap">followed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:1199.58px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:1459.54px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:1612.83px;letter-spacing:-1px;white-space:nowrap">strong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:2220.95px;letter-spacing:-1.07px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:2652.78px;letter-spacing:-1.53px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:3279.8px;white-space:nowrap">some </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:3812.08px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:4312.13px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:4803.48px;letter-spacing:-0.36px;white-space:nowrap">given </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:5322.54px;white-space:nowrap">back </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:5780.69px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:5993.28px;white-space:nowrap">June.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:379.09px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:872.27px;letter-spacing:-0.54px;white-space:nowrap">important </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:1806.51px;letter-spacing:-0.63px;white-space:nowrap">story </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:2297.43px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:2510.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:2855.06px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:3244.57px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:3956.99px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:4346.4px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:4756.43px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4265.6px;left:5338.97px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:438.07px;letter-spacing:-1.72px;white-space:nowrap">kept </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:871.51px;white-space:nowrap">surprising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:1786.21px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:2064.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:2410.01px;letter-spacing:-0.13px;white-space:nowrap">upside, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:3097.72px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:3671.89px;letter-spacing:-0.61px;white-space:nowrap">raised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:4253.37px;white-space:nowrap">hopes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:4840.21px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:5250.24px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4545.6px;left:5403.54px;text-rendering:optimizeLegibility;letter-spacing:-0.9px;white-space:nowrap">&#8220;soft </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:0px;letter-spacing:1.07px;white-space:nowrap">landing&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:796.1px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:1185.51px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">still </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:1533.88px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:1812.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:2157.68px;letter-spacing:-0.6px;white-space:nowrap">horizon. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:2924.88px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:3142.63px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:3512.59px;letter-spacing:-0.36px;white-space:nowrap">vein, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:3982.34px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:4857.08px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:5535.45px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4825.6px;left:5971.04px;letter-spacing:-0.69px;white-space:nowrap">steady </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:212.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:557.63px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:1270.05px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:1482.64px;letter-spacing:-1.25px;white-space:nowrap">contrast </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:2252.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:2487.35px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:3019.74px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:4187.3px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:4487.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:4641.27px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:5150.77px;white-space:nowrap">decline. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5105.6px;left:5891.02px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:832.41px;letter-spacing:-0.29px;white-space:nowrap">purchasing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:1845.83px;letter-spacing:-0.2px;white-space:nowrap">manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:2677.06px;white-space:nowrap">indices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:3339.85px;white-space:nowrap">(PMIs) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:3957.42px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:4258.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:4603.13px;letter-spacing:-0.46px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:5214.9px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:6153.66px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:0px;white-space:nowrap">rise, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:421.74px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:860.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:1205.38px;text-rendering:optimizeLegibility;white-space:nowrap">flash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:1671.59px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:2546.33px;letter-spacing:-0.43px;white-space:nowrap">composite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:3517.74px;white-space:nowrap">PMI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:3918.75px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:4219.42px;letter-spacing:-0.54px;white-space:nowrap">March </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:4839.03px;letter-spacing:-0.36px;white-space:nowrap">reaching </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:5647.49px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:5800.78px;white-space:nowrap">nine-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:637.23px;white-space:nowrap">high </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:1067.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:1297.44px;white-space:nowrap">49.9.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:984.41px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:1662.68px;letter-spacing:-2.51px;white-space:nowrap">quarter, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:2408.51px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:3198.16px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:3955.81px;letter-spacing:-0.67px;white-space:nowrap">focused </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:4696.59px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:4975.35px;letter-spacing:-0.94px;white-space:nowrap">several </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:5644.8px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6340.8px;left:6083.95px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:345.04px;white-space:nowrap">benign, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:1051.88px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">soft-landing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:2140.92px;white-space:nowrap">outlook. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:2920.8px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:3484.44px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:4232.96px;letter-spacing:-0.72px;white-space:nowrap">again </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:4751.48px;letter-spacing:-0.36px;white-space:nowrap">advanced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6620.8px;left:5647.06px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:345.04px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:871.41px;letter-spacing:-0.27px;white-space:nowrap">months, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:1647.53px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:2841.2px;letter-spacing:-0.39px;white-space:nowrap">leadership </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:3808.54px;letter-spacing:-0.36px;white-space:nowrap">remained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:4703.04px;letter-spacing:-0.77px;white-space:nowrap">narrow </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:5385.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:5767.27px;letter-spacing:-0.38px;white-space:nowrap">mostly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:0px;letter-spacing:-0.31px;white-space:nowrap">driven </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:606.07px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:866.04px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:1870.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:2309.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:2654.07px;letter-spacing:-0.94px;white-space:nowrap">largest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:3293.45px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:3966.02px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">capitalizations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7180.8px;left:5314.05px;letter-spacing:-2.69px;white-space:nowrap">Moreover, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:0px;letter-spacing:-0.64px;white-space:nowrap">sovereign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:899.12px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:1491.55px;letter-spacing:-0.05px;white-space:nowrap">struggled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:2366.07px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:2604.44px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:3440.51px;white-space:nowrap">priced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:4045.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:4258.1px;letter-spacing:-0.4px;white-space:nowrap">reduced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:5034.33px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7460.8px;left:6201.89px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:0px;letter-spacing:-0.81px;white-space:nowrap">central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:660.11px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:1138.99px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:1540.54px;white-space:nowrap">cuts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:1955.51px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:2398.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:2743.13px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:3421.39px;white-space:nowrap">half </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:3803.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:4033.48px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:4583.05px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:5058.07px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:5296.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7740.8px;left:5641.47px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:0px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:684.28px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:1166.6px;letter-spacing:-0.54px;white-space:nowrap">delivered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:2035.43px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:2291.09px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:2680.61px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:3082.15px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:3412.04px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:3911.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:4257.02px;white-space:nowrap">pandemic. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8020.8px;left:5231.88px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">Geopolitical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:0px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:439.14px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:930.49px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:1332.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:1544.73px;letter-spacing:-0.77px;white-space:nowrap">focus, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:2116.32px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:2965.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:3310.63px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">potential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:4151.64px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:4452.31px;white-space:nowrap">widening </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:5307.61px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">conflict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8300.8px;left:6004.67px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:345.04px;white-space:nowrap">Middle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:1015.03px;letter-spacing:-1.16px;white-space:nowrap">East. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:1480.06px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:1697.8px;white-space:nowrap">June, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:2207.41px;letter-spacing:-0.46px;white-space:nowrap">French </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:2861.83px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:3450.28px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:3862.68px;text-rendering:optimizeLegibility;white-space:nowrap">off </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:4153.36px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:4620.97px;letter-spacing:-0.75px;white-space:nowrap">President </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8580.8px;left:5502.69px;letter-spacing:-0.61px;white-space:nowrap">Macron </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:0px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:1041.78px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:1195.07px;white-space:nowrap">snap </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:1662.03px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">legislative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:2578.23px;text-rendering:optimizeLegibility;white-space:nowrap">election. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:3389.48px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:3648.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:3993.3px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:4705.72px;letter-spacing:-0.86px;white-space:nowrap">drew </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:5203.73px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:5438.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8860.8px;left:5591.63px;white-space:nowrap">close, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:526.37px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:1017.71px;letter-spacing:-0.67px;white-space:nowrap">growing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:1775.47px;white-space:nowrap">signs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:2261.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:2491.54px;letter-spacing:-0.24px;white-space:nowrap">weakness </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:3395.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:3607.87px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:4190.42px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:5100.18px;letter-spacing:-0.9px;white-space:nowrap">data. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:5592.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9140.8px;left:5971.15px;text-rendering:optimizeLegibility;white-space:nowrap">flash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:0px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:874.74px;letter-spacing:-0.43px;white-space:nowrap">composite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:1846.15px;white-space:nowrap">PMI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:2300.98px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:2875.15px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:3257.03px;letter-spacing:-0.4px;white-space:nowrap">reached </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:4022.52px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:4175.81px;white-space:nowrap">high </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:4605.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:4836.03px;white-space:nowrap">52.2 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:5274.09px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9420.8px;left:5574.77px;letter-spacing:-4.3px;white-space:nowrap">May, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9700.8px;left:0px;white-space:nowrap">declined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9700.8px;left:800.72px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9700.8px;left:1035.33px;white-space:nowrap">50.9 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9700.8px;left:1473.4px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9700.8px;left:1774.07px;white-space:nowrap">June.</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:153.57px;white-space:nowrap">5 </div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:531.95px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">






































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.86px;white-space:nowrap">From </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:511.22px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:664.51px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1262.31px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">perspective, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2384.55px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3470.59px;letter-spacing:-0.2px;white-space:nowrap">technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4499.47px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4888.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5233.92px;letter-spacing:-0.54px;white-space:nowrap">top </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5582.82px;letter-spacing:-0.54px;white-space:nowrap">performer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:0px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:601.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:946.49px;white-space:nowrap">benchmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:2045.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:2258.22px;letter-spacing:-0.81px;white-space:nowrap">large </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:2742.91px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3158.63px;white-space:nowrap">due </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3545.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3780.28px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">optimism </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:4658.78px;letter-spacing:-0.61px;white-space:nowrap">around </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:5341.23px;text-rendering:optimizeLegibility;white-space:nowrap">artificial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:-0.42px;white-space:nowrap">intelligence, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:1115.58px;text-rendering:optimizeLegibility;white-space:nowrap">particularly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:2159.5px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:2627.11px;letter-spacing:-0.75px;white-space:nowrap">chipmaker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:3599.17px;white-space:nowrap">Nvidia </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:4201.05px;letter-spacing:-0.36px;white-space:nowrap">released </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:5001.03px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:5256.69px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:5646.2px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:0px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:803.19px;letter-spacing:-0.46px;white-space:nowrap">report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:1411.42px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:1624px;letter-spacing:-3.87px;white-space:nowrap">May. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:2094.62px;letter-spacing:-0.49px;white-space:nowrap">Healthcare </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3104.28px;letter-spacing:-0.69px;white-space:nowrap">posted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3758.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:4103.62px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:4781.88px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:5275.06px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:0px;letter-spacing:-0.36px;white-space:nowrap">advance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:835.1px;letter-spacing:-0.31px;white-space:nowrap">driven </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:1441.17px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:1701.13px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">large-capitalization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:3412.58px;text-rendering:optimizeLegibility;letter-spacing:-0.14px;white-space:nowrap">pharmaceutical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:4827.11px;letter-spacing:-1px;white-space:nowrap">stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:5417.61px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:5874.58px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:0px;letter-spacing:-1.03px;white-space:nowrap">AstraZeneca </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:1128.9px;letter-spacing:-0.64px;white-space:nowrap">PLC, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:1550.85px;letter-spacing:-0.64px;white-space:nowrap">Novo </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:2064px;letter-spacing:-0.4px;white-space:nowrap">Nordisk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:2786.42px;white-space:nowrap">A/S </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:3139.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:3521.29px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">Novartis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:4302.25px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:4612.91px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:5187.08px;letter-spacing:-0.86px;white-space:nowrap">rose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:5616.88px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:0px;letter-spacing:-1px;white-space:nowrap">strong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:608.12px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:997.63px;letter-spacing:-0.21px;white-space:nowrap">quarterly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:1855.61px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:2658.8px;letter-spacing:-0.4px;white-space:nowrap">reports </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:3352.1px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:3733.98px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:4012.74px;letter-spacing:-1.12px;white-space:nowrap">excitement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:5043.35px;letter-spacing:-0.61px;white-space:nowrap">around </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:5725.8px;letter-spacing:-0.54px;white-space:nowrap">product </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">innovations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:1122.56px;letter-spacing:-0.85px;white-space:nowrap">Performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:2308.82px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:2609.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:2954.53px;text-rendering:optimizeLegibility;white-space:nowrap">financials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:3829.27px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:4427.07px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:4816.47px;letter-spacing:-0.21px;white-space:nowrap">supported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1960px;left:5777.9px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:0px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:614.56px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:1389.18px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:2556.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:2938.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:3283.67px;letter-spacing:-0.48px;white-space:nowrap">prospect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:4107.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:4338.13px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:5063.44px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2240px;left:5550.06px;letter-spacing:-1.28px;white-space:nowrap">staying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:0px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:614.56px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:915.23px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:1068.53px;letter-spacing:-0.59px;white-space:nowrap">prolonged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:2020.93px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:2700.91px;letter-spacing:-1.91px;white-space:nowrap">Finally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:3348.98px;letter-spacing:-0.22px;white-space:nowrap">industrials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:4306.44px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:4708.09px;letter-spacing:-0.41px;white-space:nowrap">outperformed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2520px;left:6005.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:0px;letter-spacing:-0.54px;white-space:nowrap">broader </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:752.71px;white-space:nowrap">benchmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:1851.85px;letter-spacing:-0.38px;white-space:nowrap">mostly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:2490.58px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:2769.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:3114.38px;letter-spacing:-1.13px;white-space:nowrap">strength </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:3899.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:4130.05px;letter-spacing:-1.07px;white-space:nowrap">defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:4876.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2800px;left:5258.62px;letter-spacing:-0.43px;white-space:nowrap">aerospace </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:0px;letter-spacing:-0.87px;white-space:nowrap">stocks. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:644.32px;letter-spacing:-0.81px;white-space:nowrap">Sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:1337.4px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:1747.43px;letter-spacing:0.08px;white-space:nowrap">lagged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:2379.07px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:2980.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:3325.57px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:4370.89px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3080px;left:5177.2px;letter-spacing:-0.24px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">discretionary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:1197.11px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:1435.48px;letter-spacing:-1.27px;white-space:nowrap">automakers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:2520.33px;letter-spacing:-1.07px;white-space:nowrap">confronted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:3546.75px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">softer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:4111.68px;white-space:nowrap">demand </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:4890.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3360px;left:5272.48px;letter-spacing:-0.45px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:438.6px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:1143.61px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:1378.22px;white-space:nowrap">China, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:1980.21px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:2503.79px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:3182.16px;letter-spacing:-0.46px;white-space:nowrap">slowed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:3853.76px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:4066.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:4411.39px;letter-spacing:-0.15px;white-space:nowrap">luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:5002.1px;letter-spacing:-0.18px;white-space:nowrap">goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3640px;left:5582.71px;letter-spacing:-0.24px;white-space:nowrap">segment. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:217.74px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:1050.16px;letter-spacing:-0.81px;white-space:nowrap">sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:1728.74px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:2138.77px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">benefit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:2818.21px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:3293.98px;letter-spacing:-0.54px;white-space:nowrap">lower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:3842.05px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:4567.36px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:5053.98px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">suffered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3920px;left:5827.21px;white-space:nowrap">declines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:238.37px;letter-spacing:-0.81px;white-space:nowrap">central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:898.48px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:1377.36px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:1778.91px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:2108.8px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:3276.37px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:3767.71px;white-space:nowrap">pushed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:4468.43px;white-space:nowrap">back, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:4980.4px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4200px;left:5473.57px;letter-spacing:-0.4px;white-space:nowrap">notably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">utilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:693.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:1075.08px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:1309.69px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:1462.98px;white-space:nowrap">lesser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:2024.69px;letter-spacing:-0.46px;white-space:nowrap">degree </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:2690.6px;letter-spacing:-0.24px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:3618.72px;letter-spacing:-0.74px;white-space:nowrap">staples </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:4280.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:4662px;letter-spacing:-0.64px;white-space:nowrap">real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4480px;left:5045.18px;letter-spacing:-1.46px;white-space:nowrap">estate.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:0px;white-space:nowrap">With </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:478.67px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:1183.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:1418.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:1763.33px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:2382.08px;letter-spacing:-0.41px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:3629.57px;text-rendering:optimizeLegibility;white-space:nowrap">positioning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:4656.09px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8641.9px;left:4868.68px;letter-spacing:-0.22px;white-space:nowrap">industrials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:0px;letter-spacing:-0.27px;white-space:nowrap">weighed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:799px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:1292.18px;letter-spacing:-0.47px;white-space:nowrap">heavily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:1955.62px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:2234.38px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:2841.09px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:3544.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:3779.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:4124.25px;white-space:nowrap">benchmark. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8921.9px;left:5223.39px;white-space:nowrap">Individual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:0px;letter-spacing:-1px;white-space:nowrap">stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:590.5px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:1000.53px;letter-spacing:-0.75px;white-space:nowrap">detracted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:1906.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:2251.35px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:2744.52px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:3550.83px;letter-spacing:-0.54px;white-space:nowrap">Germany-domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9201.9px;left:5335px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">logistics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:0px;letter-spacing:-0.95px;white-space:nowrap">operator </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:821.13px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:1701.35px;letter-spacing:-1.5px;white-space:nowrap">Post </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:2127.38px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:2438.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:2819.93px;letter-spacing:-0.24px;white-space:nowrap">industrial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:3692.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:4074.19px;white-space:nowrap">specialty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9481.9px;left:4895.54px;letter-spacing:-0.21px;white-space:nowrap">chemicals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:0px;letter-spacing:-0.4px;white-space:nowrap">distributor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:980.98px;letter-spacing:-0.95px;white-space:nowrap">Brenntag </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:1831.97px;white-space:nowrap">SE. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:2142.64px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">Positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:2980.85px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:3193.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:3538.48px;white-space:nowrap">Danish </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:4187.52px;letter-spacing:-0.43px;white-space:nowrap">transport </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:5061.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9761.9px;left:5443.07px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">logistics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:0px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:754.21px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:1608.96px;letter-spacing:-0.27px;white-space:nowrap">DSV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:2012.66px;white-space:nowrap">A/S </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:2365.64px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:2747.53px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:3511.73px;white-space:nowrap">airline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:4109.53px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:4989.75px;text-rendering:optimizeLegibility;white-space:nowrap">Lufthansa </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:5899.72px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10041.9px;left:6210.38px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10321.9px;left:0px;letter-spacing:-1.03px;white-space:nowrap">registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10321.9px;left:939.62px;white-space:nowrap">declines. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5083.2px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5083.2px;left:598.62px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">Diversification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5105.7px;left:1893.9px;white-space:nowrap">(As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5105.7px;left:2159.41px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5105.7px;left:2284.83px;white-space:nowrap">% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5105.7px;left:2452.79px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5105.7px;left:2641.14px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5105.7px;left:3132.45px;text-rendering:optimizeLegibility;white-space:nowrap">Securities)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5105.7px;left:4832.36px;white-space:nowrap">6/30/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5105.7px;left:5893.13px;white-space:nowrap">12/31/23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5354.7px;left:0px;white-space:nowrap">Financials</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5354.7px;left:5133.47px;white-space:nowrap">20%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5354.7px;left:6285.47px;white-space:nowrap">21%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5618.7px;left:0px;letter-spacing:-0.2px;white-space:nowrap">Industrials</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5618.7px;left:5133.47px;white-space:nowrap">16%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5618.7px;left:6285.47px;white-space:nowrap">16%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5882.7px;left:0px;white-space:nowrap">Health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5882.7px;left:518.2px;letter-spacing:-0.66px;white-space:nowrap">Care</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5882.7px;left:5133.47px;white-space:nowrap">16%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5882.7px;left:6285.47px;white-space:nowrap">14%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6146.7px;left:0px;white-space:nowrap">Consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6146.7px;left:780.91px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">Discretionary</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6146.7px;left:5133.47px;white-space:nowrap">10%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6146.7px;left:6285.47px;white-space:nowrap">11%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6410.7px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">Information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6410.7px;left:892.79px;letter-spacing:-1.63px;white-space:nowrap">Technology</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6410.7px;left:5133.47px;white-space:nowrap">10%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6410.7px;left:6376.7px;white-space:nowrap">9%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6674.7px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">Communication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6674.7px;left:1185.03px;letter-spacing:0.22px;white-space:nowrap">Services</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6674.7px;left:5224.7px;white-space:nowrap">8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6674.7px;left:6376.7px;white-space:nowrap">8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6938.7px;left:0px;letter-spacing:-0.39px;white-space:nowrap">Materials</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6938.7px;left:5224.7px;white-space:nowrap">7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6938.7px;left:6376.7px;white-space:nowrap">8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7202.7px;left:0px;white-space:nowrap">Consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7202.7px;left:780.91px;letter-spacing:-0.38px;white-space:nowrap">Staples</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7202.7px;left:5224.7px;white-space:nowrap">5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7202.7px;left:6376.7px;white-space:nowrap">6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7466.7px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Energy</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7466.7px;left:5224.7px;white-space:nowrap">5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7466.7px;left:6376.7px;white-space:nowrap">5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7730.7px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Utilities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7730.7px;left:5224.7px;white-space:nowrap">3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7730.7px;left:6376.7px;white-space:nowrap">2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7994.7px;left:5042.24px;white-space:nowrap">100%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7994.7px;left:6194.24px;white-space:nowrap">100%</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:531.75px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.778px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<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>
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		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">6 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:531.95px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">



























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">Positioning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1019.11px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1231.7px;letter-spacing:-0.24px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2159.82px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">discretionary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3356.93px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3758.58px;letter-spacing:-0.76px;white-space:nowrap">constrained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4844.4px;letter-spacing:-0.54px;white-space:nowrap">return, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5504.94px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:0px;letter-spacing:-0.4px;white-space:nowrap">notably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:711.24px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:1503.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:1734.11px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:2498.31px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">athletic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3204.93px;letter-spacing:-0.4px;white-space:nowrap">apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3920.25px;letter-spacing:-0.62px;white-space:nowrap">manufacturer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:5177.95px;letter-spacing:-0.43px;white-space:nowrap">Puma </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:5729.13px;white-space:nowrap">SE. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:6039.79px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:-0.86px;white-space:nowrap">drag </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:442.26px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:721.02px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:1424.52px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:2618.19px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:3007.6px;text-rendering:optimizeLegibility;white-space:nowrap">partially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:3767.82px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">offset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:4320.29px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:4580.25px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:5425.88px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:5638.47px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">athletic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:706.62px;letter-spacing:-0.4px;white-space:nowrap">apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:1421.94px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:2276.7px;white-space:nowrap">adidas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:2895.77px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3206.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3588.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3800.91px;letter-spacing:-0.86px;white-space:nowrap">U.K. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:4204.81px;letter-spacing:-1.21px;white-space:nowrap">caterer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:4883.4px;white-space:nowrap">Compass </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:5727.63px;letter-spacing:-0.72px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:0px;letter-spacing:-0.43px;white-space:nowrap">PLC. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:307.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:653.02px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:1387.89px;white-space:nowrap">side, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:1848.09px;text-rendering:optimizeLegibility;white-space:nowrap">positioning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:2874.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:3087.2px;letter-spacing:-0.49px;white-space:nowrap">healthcare </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:4074.94px;letter-spacing:-1.07px;white-space:nowrap">proved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:4741.82px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">additive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:5494.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:5729.35px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:0px;letter-spacing:-0.41px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:1247.49px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:1686.09px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">contributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:2912.64px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3233.94px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3493.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3838.94px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:4457.69px;letter-spacing:-0.42px;white-space:nowrap">long-standing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:5705.07px;text-rendering:optimizeLegibility;white-space:nowrap">position </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:212.59px;white-space:nowrap">Danish </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:861.63px;text-rendering:optimizeLegibility;letter-spacing:-0.14px;white-space:nowrap">pharmaceutical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:2276.16px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:3130.92px;letter-spacing:-0.64px;white-space:nowrap">Novo </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:3644.07px;letter-spacing:-0.4px;white-space:nowrap">Nordisk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:4366.48px;white-space:nowrap">A/S, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:4773.29px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:5347.46px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:5700.13px;white-space:nowrap">seen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:6166.66px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:0px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:636.37px;letter-spacing:-0.6px;white-space:nowrap">boosted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:1405.4px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:1665.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:2010.4px;letter-spacing:-0.32px;white-space:nowrap">expanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:2970.11px;letter-spacing:-1.69px;white-space:nowrap">uptake </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:3618.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:3848.39px;letter-spacing:-1.25px;white-space:nowrap">GLP-1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:4411.39px;white-space:nowrap">drugs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:4953.76px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:5254.43px;letter-spacing:-0.61px;white-space:nowrap">weight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:5900.58px;white-space:nowrap">loss.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8664.39px;left:0px;letter-spacing:-1.12px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8664.39px;left:746.38px;white-space:nowrap">Outlook</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:0px;letter-spacing:-0.86px;white-space:nowrap">From </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:511.22px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:664.51px;letter-spacing:-0.46px;white-space:nowrap">macroeconomic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:2131.68px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">perspective, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:3253.92px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:3563.94px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:3898.55px;letter-spacing:-0.45px;white-space:nowrap">maintaining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:4988.03px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9067.09px;left:5342.63px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:0px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:495.75px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:1270.37px;letter-spacing:-1.49px;white-space:nowrap">forecast </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:2026.19px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:2256.4px;white-space:nowrap">2.5%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:2792.32px;letter-spacing:-0.21px;white-space:nowrap">down </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:3338.03px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:3813.8px;white-space:nowrap">2.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:4295.91px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:4519.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:4864.38px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:5251.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9347.09px;left:5481.63px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:238.37px;letter-spacing:-0.43px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:645.5px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:883.87px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:1037.16px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:1723.58px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:1958.19px;white-space:nowrap">2.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:2440.3px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:2652.89px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:3252.2px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:3596.38px;letter-spacing:-0.46px;white-space:nowrap">expect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:4232.53px;letter-spacing:-0.86px;white-space:nowrap">U.K. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:4636.44px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:5411.05px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9627.09px;left:5645.66px;letter-spacing:-0.43px;white-space:nowrap">come </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:0px;letter-spacing:-0.21px;white-space:nowrap">down </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:545.7px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:780.31px;white-space:nowrap">2.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:1262.42px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:1475.01px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:1970.76px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:2352.65px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:2587.26px;white-space:nowrap">2.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:3069.37px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:3281.95px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:3777.71px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:4016.07px;letter-spacing:-0.36px;white-space:nowrap">well. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:4477.02px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:4821.2px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">anticipate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9907.09px;left:5742.45px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:345.04px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:1219.78px;letter-spacing:-0.81px;white-space:nowrap">economy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:2080.12px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:2429.24px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:3253.7px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:3488.31px;white-space:nowrap">see </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:3840.55px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:3993.84px;letter-spacing:-0.54px;white-space:nowrap">gradual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:4702.5px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">acceleration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10187.09px;left:5830px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:0px;letter-spacing:-4.54px;white-space:nowrap">Ten </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:351.71px;letter-spacing:-0.88px;white-space:nowrap">Largest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:1021.08px;letter-spacing:-0.44px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:1617.14px;white-space:nowrap">Holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:2421.87px;letter-spacing:-0.65px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:2643.87px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:3091.96px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2970.4px;left:3406.45px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3224.9px;left:0px;white-space:nowrap">(34.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3224.9px;left:539.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3224.9px;left:727.82px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3224.9px;left:1030.61px;letter-spacing:-0.13px;white-space:nowrap">Assets)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3224.9px;left:4435.2px;letter-spacing:-0.13px;white-space:nowrap">Country</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3224.9px;left:6026.99px;letter-spacing:-1.02px;white-space:nowrap">Percent</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3473.9px;left:290.45px;white-space:nowrap">1</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3473.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3473.9px;left:720.2px;letter-spacing:-0.44px;white-space:nowrap">Novo </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3473.9px;left:1155.96px;letter-spacing:-0.27px;white-space:nowrap">Nordisk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3473.9px;left:1772.78px;white-space:nowrap">A/S</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3473.9px;left:4435.2px;white-space:nowrap">Denmark</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3473.9px;left:6233.44px;white-space:nowrap">7.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3737.9px;left:290.45px;white-space:nowrap">2</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3737.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3737.9px;left:720.2px;white-space:nowrap">ASML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3737.9px;left:1188.48px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3737.9px;left:1806.44px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3737.9px;left:4435.2px;letter-spacing:-0.08px;white-space:nowrap">Netherlands</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3737.9px;left:6233.44px;white-space:nowrap">5.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4109.9px;left:290.45px;white-space:nowrap">3</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4109.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4109.9px;left:720.2px;white-space:nowrap">HSBC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4109.9px;left:1155.7px;white-space:nowrap">Holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4109.9px;left:1845.46px;letter-spacing:-0.73px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.9px;left:4435.2px;letter-spacing:-0.25px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.9px;left:4435.2px;letter-spacing:-0.19px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4109.9px;left:6233.44px;white-space:nowrap">3.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4481.9px;left:290.45px;white-space:nowrap">4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4481.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4481.9px;left:720.2px;white-space:nowrap">Allianz </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4481.9px;left:1259.58px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4481.9px;left:1473.16px;letter-spacing:-0.74px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4481.9px;left:4435.2px;letter-spacing:-0.5px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4481.9px;left:6233.44px;white-space:nowrap">2.9%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4745.9px;left:290.45px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4745.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4745.9px;left:720.2px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4745.9px;left:1458.31px;letter-spacing:-2.58px;white-space:nowrap">Telekom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4745.9px;left:2122.49px;letter-spacing:-0.73px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4745.9px;left:2384.76px;letter-spacing:-0.74px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4745.9px;left:4435.2px;letter-spacing:-0.5px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4745.9px;left:6233.44px;white-space:nowrap">2.9%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5009.9px;left:290.45px;white-space:nowrap">6</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5009.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5009.9px;left:720.2px;white-space:nowrap">CRH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5009.9px;left:1071.06px;letter-spacing:-0.73px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5009.9px;left:4435.2px;letter-spacing:-0.25px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5009.9px;left:4963.42px;letter-spacing:-1.03px;white-space:nowrap">States</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5009.9px;left:6233.44px;white-space:nowrap">2.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5273.9px;left:290.45px;white-space:nowrap">7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5273.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5273.9px;left:720.2px;letter-spacing:-1.49px;white-space:nowrap">TotalEnergies</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5273.9px;left:1753.79px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5273.9px;left:4435.2px;letter-spacing:-0.59px;white-space:nowrap">France</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5273.9px;left:6233.44px;white-space:nowrap">2.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5537.9px;left:290.45px;white-space:nowrap">8</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5537.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5537.9px;left:720.2px;white-space:nowrap">AXA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5537.9px;left:1078.18px;letter-spacing:-1.1px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5537.9px;left:4435.2px;letter-spacing:-0.59px;white-space:nowrap">France</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5537.9px;left:6233.44px;white-space:nowrap">2.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5801.9px;left:290.45px;white-space:nowrap">9</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5801.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5801.9px;left:720.2px;letter-spacing:-0.34px;white-space:nowrap">Swedbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5801.9px;left:1532.66px;white-space:nowrap">AB</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5801.9px;left:4435.2px;letter-spacing:-0.51px;white-space:nowrap">Sweden</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5801.9px;left:6233.44px;white-space:nowrap">2.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6173.9px;left:244.83px;white-space:nowrap">10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6173.9px;left:427.29px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6173.9px;left:720.2px;white-space:nowrap">Compass </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6173.9px;left:1428.42px;letter-spacing:-0.37px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6173.9px;left:1935.55px;letter-spacing:-0.73px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6065.9px;left:4435.2px;letter-spacing:-0.25px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6281.9px;left:4435.2px;letter-spacing:-0.19px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6173.9px;left:6233.44px;white-space:nowrap">2.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.83px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:655.05px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:1303.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:1616.04px;text-rendering:optimizeLegibility;letter-spacing:-0.47px;white-space:nowrap">characteristics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:2690.51px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:2964.29px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:3527.67px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:3719.62px;letter-spacing:-0.19px;white-space:nowrap">change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:4280.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:4593.08px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:4880.3px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">indicative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:5609.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6837.69px;left:5797.44px;letter-spacing:-0.38px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7053.69px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7053.69px;left:661.11px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">composition.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:0px;letter-spacing:-0.66px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:276.77px;letter-spacing:-0.53px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:702.07px;letter-spacing:-0.44px;white-space:nowrap">details </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:1214.65px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:1680.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:1962.42px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:2468.67px;letter-spacing:-0.68px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:3428.35px;white-space:nowrap">see </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:3716.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:3998.85px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:4695.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7346.69px;left:4884.08px;letter-spacing:-0.73px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:0px;letter-spacing:-0.16px;white-space:nowrap">commencing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:970.75px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:1198.83px;letter-spacing:-0.26px;white-space:nowrap">page </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:1589.77px;white-space:nowrap">11. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:1856.95px;letter-spacing:-0.66px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:2133.72px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:2895.21px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:3783.78px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:4249.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:4531.55px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7562.69px;left:4979.62px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:0px;letter-spacing:-0.34px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:1020.67px;white-space:nowrap">dividends, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:1796.66px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">presentations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:2867.52px;letter-spacing:-0.44px;white-space:nowrap">press </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:3289.31px;letter-spacing:-0.26px;white-space:nowrap">releases, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:3963.96px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:4514.24px;letter-spacing:-0.39px;white-space:nowrap">updates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:5178.43px;white-space:nowrap">daily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:5556.18px;letter-spacing:-1.76px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7778.69px;left:5905.9px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7994.69px;left:0px;letter-spacing:-0.22px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7994.69px;left:908.53px;letter-spacing:-0.29px;white-space:nowrap">reports, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7994.69px;left:1519.8px;white-space:nowrap">please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7994.69px;left:2025.97px;white-space:nowrap">visit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7994.69px;left:2354.06px;letter-spacing:-0.44px;white-space:nowrap">dws.com.</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:153.57px;white-space:nowrap">7 </div></div>
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		<div style="height:531.95px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">












			<div style="height:31.77px;left:0px;position:absolute;top:0px;transform:translate(0.000px,8131.399px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:96.14px">
						<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:43.45px;left:0px;position:absolute;top:0px;transform:translate(2198.400px,8131.399px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:116.51px">
						<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="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.27px;white-space:nowrap">low </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:365.66px;letter-spacing:-0.4px;white-space:nowrap">levels, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:962.39px;white-space:nowrap">rising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1487.58px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1963.35px;white-space:nowrap">0.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2445.46px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3123.83px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3336.42px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3832.17px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4066.78px;white-space:nowrap">1.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4548.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4761.47px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5311.04px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5528.79px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5883.39px;letter-spacing:-3.58px;white-space:nowrap">view, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:345.04px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:1243.73px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:1928.01px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:2410.33px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:2593.7px;letter-spacing:-1.07px;white-space:nowrap">likely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3084.3px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3318.91px;letter-spacing:-1.5px;white-space:nowrap">keep </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:3789.84px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:4515.16px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:5001.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:280px;left:5214.37px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">restrictive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:-0.32px;white-space:nowrap">territory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:787.62px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:1642.91px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:1898.57px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:2430.96px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:2832.5px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:3162.39px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:3374.98px;white-space:nowrap">June, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:3884.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:4323.19px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:4849.56px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:560px;left:5526.32px;letter-spacing:-0.32px;white-space:nowrap">decreases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:381.88px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:535.18px;letter-spacing:-1.3px;white-space:nowrap">target </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:1111.6px;letter-spacing:-0.54px;white-space:nowrap">overnight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:2004.6px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:2706.17px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3107.71px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3337.92px;white-space:nowrap">3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3654.71px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:3878.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:4223.18px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:4610.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:4840.43px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:5296.22px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:840px;left:5845.79px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:345.04px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:827.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:1057.57px;white-space:nowrap">England </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:1812.96px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:2248.55px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:2735.18px;letter-spacing:-0.69px;white-space:nowrap">steady </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:3361.02px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:3584.45px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:3840.12px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:4295.91px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:5128.54px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:5292.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1120px;left:5637.61px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:0px;letter-spacing:-0.16px;white-space:nowrap">Kingdom&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:960.24px;letter-spacing:-0.86px;white-space:nowrap">wage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:1474.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:1856.68px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:2525.81px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:3016.51px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:3791.13px;letter-spacing:-0.95px;white-space:nowrap">moderate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:4704.43px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:4942.8px;letter-spacing:-0.54px;white-space:nowrap">expected, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1400px;left:5853.63px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:0px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:533.03px;white-space:nowrap">see </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:885.26px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:1038.55px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:1494.35px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:1724.55px;letter-spacing:-1.07px;white-space:nowrap">four </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:2139.52px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:2541.06px;white-space:nowrap">cuts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:2956.04px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:3216px;letter-spacing:-0.54px;white-space:nowrap">March </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:3835.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1680px;left:4065.81px;white-space:nowrap">2025.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:0px;white-space:nowrap">With </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:478.67px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:1183.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:1418.29px;letter-spacing:-1.07px;white-space:nowrap">corporate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:2330.84px;white-space:nowrap">earnings, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:3187.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:3341.14px;letter-spacing:-1px;white-space:nowrap">strong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:3949.26px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:4338.77px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:5051.19px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2075.2px;left:5923.67px;white-space:nowrap">season </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:0px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:321.3px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:581.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:926.3px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:2012.33px;letter-spacing:-1.61px;white-space:nowrap">technology, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:3077.85px;letter-spacing:-0.21px;white-space:nowrap">industrials, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:4089.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:4471.01px;letter-spacing:-0.49px;white-space:nowrap">healthcare </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2355.2px;left:5458.75px;letter-spacing:-0.81px;white-space:nowrap">sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:0px;white-space:nowrap">supports </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:825.64px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:1093.23px;white-space:nowrap">outlook </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:1819.3px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:2119.97px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:2798.34px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:3032.95px;letter-spacing:-0.46px;white-space:nowrap">resume </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:3746.12px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:3958.71px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:4454.46px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:4836.35px;letter-spacing:-0.36px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:5621.17px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2635.2px;left:5833.76px;letter-spacing:-0.46px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2915.2px;left:0px;letter-spacing:-1px;white-space:nowrap">years. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:0px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:258.78px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:559.45px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:914.05px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:1511.86px;letter-spacing:-2.85px;white-space:nowrap">strategy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:2304.84px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:2614.86px;white-space:nowrap">think </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:3111.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:3456.08px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">stabilization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:4552.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:4782.85px;letter-spacing:-0.29px;white-space:nowrap">purchasing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3310.4px;left:5796.27px;letter-spacing:-0.2px;white-space:nowrap">manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:0px;letter-spacing:-0.47px;white-space:nowrap">surveys </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:708.77px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:932.21px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:1667.08px;letter-spacing:-0.46px;white-space:nowrap">levels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:2209.99px;white-space:nowrap">means </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:2845.39px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:3155.41px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:3796.4px;white-space:nowrap">see </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:4148.63px;letter-spacing:-0.32px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:5047.75px;white-space:nowrap">demand </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3590.4px;left:5826.67px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:0px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:628.74px;letter-spacing:-0.18px;white-space:nowrap">goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:1209.36px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:1447.72px;letter-spacing:-0.91px;white-space:nowrap">inventory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:2330.84px;letter-spacing:-0.46px;white-space:nowrap">levels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:2873.75px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:3208.37px;letter-spacing:-0.36px;white-space:nowrap">reduced. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:4038.42px;white-space:nowrap">Within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:4679.94px;text-rendering:optimizeLegibility;white-space:nowrap">financials, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:5608.5px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3870.4px;left:5918.52px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:0px;letter-spacing:-1.79px;white-space:nowrap">taken </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:534.85px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:1156.07px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:1434.83px;white-space:nowrap">some </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:1967.11px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:2446px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:3291.62px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:3570.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:3915.42px;letter-spacing:-0.21px;white-space:nowrap">view </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:4371.86px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:4781.88px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4150.4px;left:5507.2px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:0px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:467.18px;letter-spacing:-1.07px;white-space:nowrap">peaked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:1155.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:1537.85px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:1872.47px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">ultimately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:2804.03px;white-space:nowrap">headed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:3517.64px;letter-spacing:-3.84px;white-space:nowrap">lower. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:4095.89px;letter-spacing:-1.91px;white-space:nowrap">Finally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:4743.96px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:5053.98px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4430.4px;left:5521.16px;letter-spacing:-0.4px;white-space:nowrap">reduced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:857.01px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:1091.62px;letter-spacing:-0.43px;white-space:nowrap">materials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:1957.23px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:2195.6px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:2348.89px;letter-spacing:-0.46px;white-space:nowrap">source </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:2987.62px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:3217.82px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:3661.9px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:4129.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:4474.55px;letter-spacing:-0.6px;white-space:nowrap">sector&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:5208.03px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4710.4px;left:5825.81px;letter-spacing:-1px;white-space:nowrap">strong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4990.4px;left:0px;letter-spacing:-0.45px;white-space:nowrap">performance.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:217.74px;letter-spacing:0.24px;white-space:nowrap">closing, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:931.35px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:1241.37px;letter-spacing:-0.21px;white-space:nowrap">very </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:1668.37px;white-space:nowrap">much </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:2214.29px;letter-spacing:-1.07px;white-space:nowrap">regret </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:2801.03px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:3035.63px;letter-spacing:-0.46px;white-space:nowrap">report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:3643.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:3988.9px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:4606.68px;white-space:nowrap">passing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:5310.4px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:5540.61px;letter-spacing:-1.38px;white-space:nowrap">Walter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5385.6px;left:6183.42px;white-space:nowrap">C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Dostmann, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:1012.67px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:1445.15px;white-space:nowrap">served </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:2084.31px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:2322.68px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:2475.97px;letter-spacing:-0.6px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:3243.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:3473.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:3818.63px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:4312.45px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:4812.39px;white-space:nowrap">2015. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:5361.96px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5665.6px;left:5656.62px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">valuable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:784.82px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">contributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:2011.37px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:2245.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:2591.02px;white-space:nowrap">success </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:3306.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:3536.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:3881.37px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:4375.19px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:5129.5px;white-space:nowrap">his </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5945.6px;left:5427.17px;white-space:nowrap">wise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:0px;letter-spacing:-0.27px;white-space:nowrap">counsel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:726.82px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:965.19px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:1118.48px;letter-spacing:-0.6px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:1885.9px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:2267.78px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:2936.91px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:3215.67px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">committees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:4305.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:4535.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:4880.61px;letter-spacing:-0.46px;white-space:nowrap">Board, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:5507.09px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6225.6px;left:6356.37px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6505.6px;left:0px;white-space:nowrap">Chairman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6505.6px;left:901.59px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6505.6px;left:1131.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6505.6px;left:1476.84px;white-space:nowrap">Audit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6505.6px;left:1999.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6505.6px;left:2381.87px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6505.6px;left:3188.93px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">Committees.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7691.2px;left:0px;letter-spacing:-2.04px;white-space:nowrap">Sincerely,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9411.66px;left:0px;white-space:nowrap">Juan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9411.66px;left:368.7px;letter-spacing:-0.23px;white-space:nowrap">Barriobero </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9411.66px;left:1183.01px;white-space:nowrap">de </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9411.66px;left:1406.16px;white-space:nowrap">la </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9411.66px;left:1571.31px;white-space:nowrap">Pisa</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9627.66px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.83px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9627.66px;left:655.05px;letter-spacing:-0.19px;white-space:nowrap">Manager</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9411.66px;left:2198.4px;letter-spacing:-0.08px;white-space:nowrap">Hepsen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9411.66px;left:2784.19px;letter-spacing:-1.23px;white-space:nowrap">Uzcan</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9627.66px;left:2198.4px;letter-spacing:-0.92px;white-space:nowrap">Interested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9627.66px;left:2976.76px;letter-spacing:-2.11px;white-space:nowrap">Director, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9627.66px;left:3631.98px;letter-spacing:-0.62px;white-space:nowrap">President </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9843.66px;left:2198.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9843.66px;left:2510.85px;letter-spacing:-0.29px;white-space:nowrap">Chief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9843.66px;left:2922.09px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">Executive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9843.66px;left:3644.11px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">8 </div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="height:532.47px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.053px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.75px) rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:334.63px;letter-spacing:-0.36px;white-space:nowrap">views </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:825.03px;letter-spacing:-0.51px;white-space:nowrap">expressed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:1660.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:1851.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:2158.19px;letter-spacing:-0.21px;white-space:nowrap">preceding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:2979.98px;white-space:nowrap">discussion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:3831.17px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:4380.11px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:4864.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:5069.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:5376.13px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:0px;letter-spacing:-0.35px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:1087.03px;letter-spacing:-0.46px;white-space:nowrap">team </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:1537.53px;letter-spacing:-0.62px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:2302.27px;letter-spacing:-0.29px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:2974.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:3280.84px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:3623.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:3828.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:4135px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:4693.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:4899.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:5205.52px;letter-spacing:-0.3px;white-space:nowrap">report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:5747.04px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:5959.58px;letter-spacing:-1.15px;white-space:nowrap">stated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:247.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:553.49px;letter-spacing:-0.65px;white-space:nowrap">cover</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:984.98px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:1073.88px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:1401.28px;letter-spacing:-0.3px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:2457.13px;letter-spacing:-1.99px;white-space:nowrap">team&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:3002.18px;letter-spacing:-0.46px;white-space:nowrap">views </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:3467.99px;letter-spacing:-0.7px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:3756.98px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:4351.66px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:4554.28px;letter-spacing:-0.2px;white-space:nowrap">change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:5146.45px;letter-spacing:-0.62px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:5339.42px;letter-spacing:-0.93px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:5650.58px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:456px;left:6040.6px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:240.75px;letter-spacing:-1.06px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:821.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:1151.41px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:1613.98px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:2448.48px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:2778.29px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:3331.87px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:3635.05px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:3870.6px;letter-spacing:-0.42px;white-space:nowrap">construed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:4680.7px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:684px;left:4886.56px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">recommendations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:0px;letter-spacing:-1.3px;white-space:nowrap">Past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:358.29px;letter-spacing:-0.39px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:1389.19px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:1547.55px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:1788.3px;letter-spacing:-0.74px;white-space:nowrap">guarantee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:2604.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:2803.71px;letter-spacing:-0.4px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:3319.9px;letter-spacing:-0.31px;white-space:nowrap">results. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:3915.97px;letter-spacing:-0.58px;white-space:nowrap">Current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:4540.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:4870.51px;letter-spacing:-0.4px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:912px;left:5386.7px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1140px;left:0px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1140px;left:684.58px;letter-spacing:-0.7px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1140px;left:973.56px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1140px;left:1568.24px;letter-spacing:-0.62px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:164px;font-weight:300;position:absolute;top:1140px;left:1770.86px;white-space:nowrap">risk.</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:128.3px;font-weight:300;position:absolute;top:1577.05px;left:0px;letter-spacing:-5.77px;white-space:nowrap">1</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:270px;white-space:nowrap">The </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:545.7px;white-space:nowrap">MSCI </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:914.14px;letter-spacing:-0.45px;white-space:nowrap">Europe </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:1409.3px;letter-spacing:-0.39px;white-space:nowrap">Index </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:1794.45px;letter-spacing:-0.67px;white-space:nowrap">tracks </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:2209.45px;white-space:nowrap">the </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:2460.39px;letter-spacing:-0.33px;white-space:nowrap">performance </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:3328.52px;white-space:nowrap">of </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:3495.94px;white-space:nowrap">15 </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:3694.3px;letter-spacing:-0.23px;white-space:nowrap">developed </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:4403.83px;letter-spacing:-0.78px;white-space:nowrap">markets </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:4954.84px;white-space:nowrap">in </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:5109.45px;letter-spacing:-0.39px;white-space:nowrap">Europe. </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:5643.75px;white-space:nowrap">MSCI </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1626.5px;left:6012.19px;white-space:nowrap">indices </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:270px;letter-spacing:-0.59px;white-space:nowrap">are </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:513.36px;letter-spacing:-0.43px;white-space:nowrap">calculated </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:1200.08px;white-space:nowrap">using </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:1574.69px;white-space:nowrap">closing </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:2052.97px;letter-spacing:-0.26px;white-space:nowrap">local </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:2385px;letter-spacing:-0.89px;white-space:nowrap">market </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:2874.14px;white-space:nowrap">prices </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:3292.89px;white-space:nowrap">and </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:3570.63px;letter-spacing:-0.62px;white-space:nowrap">translate </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:4170.86px;letter-spacing:-0.62px;white-space:nowrap">into </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:4458.36px;letter-spacing:-0.62px;white-space:nowrap">U.S. </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:4743.83px;letter-spacing:-0.45px;white-space:nowrap">dollars</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:5206.41px;white-space:nowrap">using</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:5581.02px;white-space:nowrap">the</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:1818.5px;left:5831.95px;white-space:nowrap">London</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:270px;white-space:nowrap">close</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:633.91px;letter-spacing:-0.89px;white-space:nowrap">foreign</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:1122.73px;letter-spacing:-0.88px;white-space:nowrap">exchange</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:1761.56px;letter-spacing:-1.04px;white-space:nowrap">rates.</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:2154.61px;letter-spacing:-0.47px;white-space:nowrap">Index</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:2539.77px;letter-spacing:-0.45px;white-space:nowrap">returns</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:3042.89px;white-space:nowrap">do</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:3245.63px;white-space:nowrap">not</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:3500.94px;text-rendering:optimizeLegibility;letter-spacing:-0.56px;white-space:nowrap">reflect</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:3949.69px;letter-spacing:-0.78px;white-space:nowrap">any </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:4211.72px;letter-spacing:-0.94px;white-space:nowrap">fees </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:4511.02px;white-space:nowrap">or </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:4685.78px;letter-spacing:-0.26px;white-space:nowrap">expenses </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:5313.75px;white-space:nowrap">and </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:5591.48px;white-space:nowrap">it </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:5715.55px;white-space:nowrap">is </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2010.5px;left:5848.91px;white-space:nowrap">not </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:270px;white-space:nowrap">possible </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:829.3px;letter-spacing:-0.52px;white-space:nowrap">to </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:999.92px;letter-spacing:-0.89px;white-space:nowrap">invest </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:1412.19px;letter-spacing:-0.26px;white-space:nowrap">directly </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:1925.16px;white-space:nowrap">in </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:2079.77px;white-space:nowrap">the </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:2330.7px;white-space:nowrap">MSCI </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:2699.14px;letter-spacing:-0.45px;white-space:nowrap">Europe </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2202.5px;left:3194.3px;letter-spacing:-0.39px;white-space:nowrap">Index.</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.799px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:183.96px">
			<div style="width:3679.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-0.89px;white-space:nowrap">Performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1890.75px;letter-spacing:0.21px;white-space:nowrap">Summary</div></div>
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		<div style="height:18.33px;left:0px;position:absolute;top:0px;transform:translate(212.759px,29.470px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:145.80px">
			<div style="width:2916px;height:265.82px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:630.3px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1078.4px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1392.88px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1866.1px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:153.57px;white-space:nowrap">9 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:503.67px;left:0px;position:absolute;top:0px;transform:translate(28.800px,53.853px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:330.00px">
			<div style="width:6595.2px;height:9978.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.75px) rotate(0deg) scale(0.05)">



























				<div style="height:215.63px;left:0px;position:absolute;top:0px;transform:translate(0.000px,4187.200px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:330.00px">
					<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="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">All </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:251.42px;letter-spacing:-0.24px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:1311.91px;letter-spacing:-0.06px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:1877.92px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:2043.33px;letter-spacing:-0.43px;white-space:nowrap">historical, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:2856.77px;white-space:nowrap">assumes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:3573.08px;letter-spacing:-0.81px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:4662.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:4867.82px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:5097.9px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:0px;left:5827.56px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:0px;letter-spacing:-0.37px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:568.24px;letter-spacing:-0.65px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:940.44px;text-rendering:optimizeLegibility;letter-spacing:-0.14px;white-space:nowrap">distributions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:2029.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:2370.45px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:2788.96px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:3101.88px;letter-spacing:-0.83px;white-space:nowrap">guarantee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:3942.87px;letter-spacing:-0.3px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:4476.78px;letter-spacing:-0.24px;white-space:nowrap">results. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:5097.62px;letter-spacing:-0.76px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:228px;left:6030.09px;letter-spacing:-0.49px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:340.66px;letter-spacing:-0.32px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:645.8px;letter-spacing:-0.22px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:1094.36px;letter-spacing:-0.46px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:1562.49px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">fluctuate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:2311.26px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:2710.28px;white-space:nowrap">changing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:3459.24px;letter-spacing:-0.93px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:4064.31px;text-rendering:optimizeLegibility;letter-spacing:-0.08px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:4929.7px;white-space:nowrap">so </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:5150.6px;letter-spacing:-0.29px;white-space:nowrap">that, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:5568.26px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:456px;left:6052.35px;white-space:nowrap">sold, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:0px;letter-spacing:-0.3px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:551.35px;letter-spacing:-0.86px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:929.22px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:1169.78px;letter-spacing:-0.26px;white-space:nowrap">worth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:1690.24px;letter-spacing:-0.43px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:2150.95px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:2363.59px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:2700.45px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:3106.98px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:3527.62px;white-space:nowrap">original </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:4166.08px;letter-spacing:-0.51px;white-space:nowrap">cost. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:4580.04px;letter-spacing:-0.49px;white-space:nowrap">Current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:684px;left:5220.18px;letter-spacing:-0.24px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:0px;letter-spacing:-0.86px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:377.87px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:618.43px;letter-spacing:-0.31px;white-space:nowrap">lower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:1113.1px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:1325.73px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:1872.54px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:2279.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:2585.5px;letter-spacing:-0.24px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:3646px;letter-spacing:-0.72px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:4040.75px;letter-spacing:-0.29px;white-space:nowrap">quoted. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:4701.67px;white-space:nowrap">Please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:5253.3px;white-space:nowrap">visit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:5621.14px;letter-spacing:-0.27px;white-space:nowrap">dws.com </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:912px;left:6368.25px;letter-spacing:-0.72px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1140px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1140px;left:306.43px;letter-spacing:-0.43px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1140px;left:745.62px;letter-spacing:-0.56px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1140px;left:1290.85px;letter-spacing:-0.24px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1140px;left:2351.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1140px;left:2556.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1140px;left:2862.99px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:436.04px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:1063.37px;letter-spacing:-0.72px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:1458.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:1798.78px;letter-spacing:-0.24px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:2859.28px;letter-spacing:-0.53px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:3157.08px;letter-spacing:-0.32px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:3904.93px;letter-spacing:-0.72px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:4174.8px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">informational </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:5294.67px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1458px;left:6060.42px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1686px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1686px;left:340.66px;letter-spacing:-0.53px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1686px;left:638.47px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1686px;left:951.39px;letter-spacing:-0.45px;white-space:nowrap">intended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1686px;left:1701.93px;letter-spacing:-0.72px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1686px;left:1971.81px;letter-spacing:-0.52px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:163px;font-weight:bold;position:absolute;top:1686px;left:2578.45px;white-space:nowrap">purposes.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:0px;letter-spacing:-0.37px;white-space:nowrap">Growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:775.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:1024.33px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:1313.29px;white-space:nowrap">Assumed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:2237.9px;white-space:nowrap">$10,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:3048.62px;letter-spacing:-0.92px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8580.72px;left:2245.33px;letter-spacing:-1.7px;white-space:nowrap">Yearly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8580.72px;left:2713.43px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8580.72px;left:3295.36px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8580.72px;left:3794.49px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8580.72px;left:4167.41px;white-space:nowrap">30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8901.72px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8901.72px;left:344.63px;letter-spacing:-0.7px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8901.72px;left:961.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8901.72px;left:1170.61px;white-space:nowrap">$10,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8901.72px;left:1872.95px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8901.72px;left:2039.65px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">cumulative.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:0px;letter-spacing:-1.74px;white-space:nowrap">Average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:749.46px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:1417.5px;letter-spacing:-3.37px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:1889.69px;letter-spacing:-0.56px;white-space:nowrap">Returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2061px;left:2613.21px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2061px;left:2808.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2061px;left:2996.59px;white-space:nowrap">6/30/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2437px;left:3219.89px;letter-spacing:-0.24px;white-space:nowrap">6-Month</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:bold;position:absolute;top:2433.36px;left:3874.24px;white-space:nowrap">&#8225;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2437px;left:4206.49px;letter-spacing:-2.4px;white-space:nowrap">1-Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2437px;left:5098.77px;letter-spacing:-2.4px;white-space:nowrap">5-Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2437px;left:5870.54px;letter-spacing:-2.06px;white-space:nowrap">10-Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2701px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2701px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2701px;left:756.21px;letter-spacing:-1.99px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:bold;position:absolute;top:2697.36px;left:1172.99px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2701px;left:3346.71px;white-space:nowrap">3.89%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2701px;left:4210.71px;white-space:nowrap">9.17%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2701px;left:5107.21px;white-space:nowrap">7.87%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2701px;left:5970.21px;white-space:nowrap">4.83%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2965px;left:0px;letter-spacing:-0.88px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2965px;left:584.12px;white-space:nowrap">Price</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:bold;position:absolute;top:2961.35px;left:954.05px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2965px;left:3346.71px;white-space:nowrap">4.61%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2965px;left:4210.71px;white-space:nowrap">6.45%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2965px;left:5107.21px;white-space:nowrap">7.09%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2965px;left:5970.21px;white-space:nowrap">4.10%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:0px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:414.49px;letter-spacing:-0.5px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:971.54px;letter-spacing:-0.53px;white-space:nowrap">Index</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:3225.36px;left:1364.15px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:165px;position:absolute;top:3229px;left:3349.3px;white-space:nowrap">5.81%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:4169.09px;white-space:nowrap">11.68%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:5115.21px;white-space:nowrap">7.13%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:5978.21px;white-space:nowrap">4.16%</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">10 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:529.73px;left:0px;position:absolute;top:0px;transform:translate(28.800px,27.799px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;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:128.3px;font-weight:300;position:absolute;top:35.55px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:360.2px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:746.48px;letter-spacing:-0.5px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1242.89px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1713.89px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1941.97px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2223.39px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2635.25px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3059.41px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">reflects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3633.86px;letter-spacing:-0.16px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4264.48px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4438.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4720.72px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5226.97px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5508.39px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5920.25px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:360.2px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:867.59px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1252.03px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1808.37px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2194.65px;letter-spacing:-0.5px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2691.06px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:3162.07px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:3390.14px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:3940.42px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:4364.58px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">reflects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:4939.04px;letter-spacing:-0.16px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:5569.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:5743.59px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:360.2px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:784.36px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:1291.75px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:1676.19px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:2232.53px;letter-spacing:-0.7px;white-space:nowrap">Each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:2612.49px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">figure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:3072.33px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:3708.13px;letter-spacing:-0.82px;white-space:nowrap">reinvestments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:4772.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:4960.48px;letter-spacing:-0.25px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:5534.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:5846.86px;letter-spacing:-0.55px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:360.2px;letter-spacing:-0.7px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:699.72px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">distributions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:1687.52px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:1821.73px;letter-spacing:-3.52px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:2146.49px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:2329.3px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:2879.58px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:3350.68px;letter-spacing:-0.59px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:4035.7px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:4227.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:4509.96px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:5172.3px;letter-spacing:-0.88px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:6166.69px;white-space:nowrap">plan. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:360.2px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:746.48px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:1312.49px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:1783.5px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:2011.58px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:2293px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:2704.86px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:3129.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:3441.47px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:3991.75px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:4393.24px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:4678.88px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:5101.81px;white-space:nowrap">depending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:5912.08px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:360.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:642.5px;letter-spacing:-0.44px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:1017.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:1205.44px;letter-spacing:-0.88px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:1500.23px;letter-spacing:-0.39px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:2156.86px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:2546.13px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:2742.74px;letter-spacing:-0.33px;white-space:nowrap">premium </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:3443.32px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:3635.27px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:3916.69px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:4328.55px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:4752.71px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:4935.52px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:5405.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:5687.6px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:360.2px;letter-spacing:-0.38px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:866.71px;letter-spacing:-0.59px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:1292.28px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:1799.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:2081.98px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:2638.33px;white-space:nowrap">Expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:3346.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:3534.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:3817.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:4221.15px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:4787.34px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:5633.37px;letter-spacing:0.1px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:6277px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:360.2px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:1447.41px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:1784.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:2096.57px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:2534.79px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:2909.82px;letter-spacing:-0.26px;white-space:nowrap">expenses. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:3660.32px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:4046.6px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:4612.61px;letter-spacing:-0.15px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:5128.71px;letter-spacing:-1.76px;white-space:nowrap">take </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:5472.8px;letter-spacing:-0.7px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:5796.24px;letter-spacing:-0.44px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:360.2px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:801.06px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:1137.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:1450.22px;letter-spacing:-0.26px;white-space:nowrap">expenses. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:2200.72px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:2510.88px;letter-spacing:-0.4px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:3329.94px;letter-spacing:-0.33px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:3966.79px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">ratio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:4340.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:4528.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:4810.98px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5215.01px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5461.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5743.33px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5968.68px;letter-spacing:-0.25px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:360.2px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:859.33px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1232.25px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1499.44px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1905.05px;letter-spacing:-0.55px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:2223.66px;white-space:nowrap">1.49%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:128.3px;font-weight:300;position:absolute;top:2226.54px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:360.2px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:670.37px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:1084.86px;letter-spacing:-0.5px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:1641.91px;letter-spacing:-0.44px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:2075.21px;letter-spacing:-0.75px;white-space:nowrap">tracks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:2542.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:2824.39px;letter-spacing:-0.37px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:3801.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:3989.38px;white-space:nowrap">15 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:4212.53px;letter-spacing:-0.26px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:5010.76px;letter-spacing:-0.88px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:5630.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:5804.58px;letter-spacing:-0.44px;white-space:nowrap">Europe. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:360.2px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:774.69px;white-space:nowrap">indices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:1316.98px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:1590.76px;letter-spacing:-0.48px;white-space:nowrap">calculated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:2363.32px;white-space:nowrap">using </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:2784.75px;white-space:nowrap">closing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:3322.82px;letter-spacing:-0.29px;white-space:nowrap">local </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:3696.35px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:4246.64px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:4717.73px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:5030.18px;letter-spacing:-0.7px;white-space:nowrap">translate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:5705.44px;letter-spacing:-0.7px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:6028.88px;letter-spacing:-0.7px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:360.2px;letter-spacing:-0.44px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:880.6px;white-space:nowrap">using </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:1302.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:1584.34px;white-space:nowrap">London </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:2168.73px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:2578.12px;letter-spacing:-0.88px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:3128.05px;letter-spacing:-0.88px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:3846.73px;letter-spacing:-1.17px;white-space:nowrap">rates.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:360.2px;letter-spacing:-0.44px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:793.5px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:1359.52px;white-space:nowrap">do </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:1587.59px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:1874.82px;text-rendering:optimizeLegibility;letter-spacing:-0.55px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:2379.66px;letter-spacing:-0.88px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:2674.45px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:3011.16px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:3207.77px;letter-spacing:-0.29px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:3914.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4226.68px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4366.25px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4516.28px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4803.51px;white-space:nowrap">possible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:5432.72px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:5624.67px;letter-spacing:-1px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:360.2px;letter-spacing:-0.29px;white-space:nowrap">directly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:937.29px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:1111.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:1393.53px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:1808.02px;letter-spacing:-0.5px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:2365.07px;letter-spacing:-0.44px;white-space:nowrap">Index.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:128.3px;font-weight:300;position:absolute;top:3337.54px;left:0px;white-space:nowrap">&#8225;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:360.2px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:746.48px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:1312.49px;letter-spacing:-0.15px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:1828.59px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:2074.59px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:2656.52px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:2965.1px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:3336.7px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:3653.73px;letter-spacing:-0.44px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:4007.31px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:4281.09px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:4568.32px;letter-spacing:-0.4px;white-space:nowrap">annualized.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:362.89px;letter-spacing:-0.24px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:882.25px;letter-spacing:-1.93px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:1415.96px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:1792.49px;letter-spacing:-1.03px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:2473.96px;white-space:nowrap">Price</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4824.5px;left:3921.79px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4824.5px;left:4143.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4824.5px;left:4337.77px;white-space:nowrap">6/30/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4824.5px;left:5316.17px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4824.5px;left:5537.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4824.5px;left:5732.16px;white-space:nowrap">12/31/23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:302.78px;letter-spacing:-0.15px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:731.34px;letter-spacing:-2.02px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5072.77px;left:4095.72px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:4365.72px;white-space:nowrap">10.75</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5072.77px;left:5535.72px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:5805.72px;white-space:nowrap">10.39</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:0px;letter-spacing:-1px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:559.95px;letter-spacing:-0.35px;white-space:nowrap">Price</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5336.77px;left:4096.34px;white-space:nowrap">$ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:4456.34px;white-space:nowrap">8.98</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5336.77px;left:5536.34px;white-space:nowrap">$ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:5896.34px;white-space:nowrap">8.62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:467.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:779.68px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:1082.46px;letter-spacing:-0.15px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:1511.02px;letter-spacing:-1.68px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:1948.27px;text-rendering:optimizeLegibility;letter-spacing:-0.35px;white-space:nowrap">fluctuate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:2633.91px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:2946.36px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:3220.14px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:3507.36px;letter-spacing:-0.64px;white-space:nowrap">guaranteed.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6685.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">Distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6685.5px;left:1085.79px;text-rendering:optimizeLegibility;letter-spacing:-0.57px;white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6705.25px;left:5519.55px;letter-spacing:-0.73px;white-space:nowrap">Per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6705.25px;left:5807.74px;letter-spacing:-0.4px;white-space:nowrap">Share</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:0px;white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:237.22px;letter-spacing:-0.25px;white-space:nowrap">Months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:837.86px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:1032.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:1221.24px;white-space:nowrap">6/30/24:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7221px;left:180px;letter-spacing:-0.25px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7221px;left:758.14px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">Distribution</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7205.27px;left:5581.34px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7221px;left:5851.34px;white-space:nowrap">0.04</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:959.5px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:1233.28px;letter-spacing:-0.48px;white-space:nowrap">historical, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:1970.95px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:2258.17px;letter-spacing:-0.64px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:3125.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:3437.75px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:3723.4px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">fluctuate. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:4453.07px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:5412.57px;white-space:nowrap">do </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:5640.64px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:5927.87px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:0px;letter-spacing:-0.5px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:496.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:684.76px;letter-spacing:-0.55px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:1199.18px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:1395.79px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:1834.01px;letter-spacing:-0.16px;white-space:nowrap">non-income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:2743.95px;letter-spacing:-0.33px;white-space:nowrap">sources.</div></div>
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			<div style="width:3498.05px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1353.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1720.25px;letter-spacing:-1.36px;white-space:nowrap">Investments</div></div>
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		<div style="height:18.33px;left:0px;position:absolute;top:0px;transform:translate(203.702px,29.470px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:154.86px">
			<div style="width:3097.15px;height:265.88px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:349.72px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:584.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:811.45px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1259.55px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1574.04px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:2047.25px;letter-spacing:-0.21px;white-space:nowrap">(Unaudited) </div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">11 </div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:487.24px;left:0px;position:absolute;top:0px;transform:translate(28.800px,55.131px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9675.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.47px) rotate(0deg) scale(0.05)">






































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5020.29px;letter-spacing:-0.34px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5934.35px;letter-spacing:-1.66px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:300px;left:0px;white-space:nowrap">Common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:300px;left:918.65px;letter-spacing:-0.59px;white-space:nowrap">Stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:300px;left:1576.98px;white-space:nowrap">95.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:584.5px;left:0px;letter-spacing:-0.47px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:584.5px;left:844.51px;white-space:nowrap">22.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:854px;left:0px;white-space:nowrap">Air </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:854px;left:257.96px;letter-spacing:-0.46px;white-space:nowrap">Freight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:854px;left:820.72px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:854px;left:988.24px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">Logistics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:854px;left:1653.66px;white-space:nowrap">1.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:720.18px;letter-spacing:-1.23px;white-space:nowrap">Post </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:1068.75px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:5015.01px;white-space:nowrap">27,152</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1069px;left:5863.77px;white-space:nowrap">1,099,438</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1344px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">Diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1344px;left:837.25px;text-rendering:optimizeLegibility;letter-spacing:-1.06px;white-space:nowrap">Telecommunication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1344px;left:2338.59px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1344px;left:2987.67px;white-space:nowrap">2.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:720.18px;letter-spacing:-2.86px;white-space:nowrap">Telekom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:1358.26px;letter-spacing:-0.29px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:1612.44px;letter-spacing:-0.84px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:5015.01px;white-space:nowrap">83,257</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1559px;left:5863.77px;white-space:nowrap">2,094,648</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1834px;left:0px;white-space:nowrap">Health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1834px;left:536.92px;letter-spacing:-0.4px;white-space:nowrap">Care </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1834px;left:914.33px;letter-spacing:-0.49px;white-space:nowrap">Providers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1834px;left:1659.02px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1834px;left:1826.54px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1834px;left:2475.62px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:0px;letter-spacing:-0.26px;white-space:nowrap">Fresenius </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:726.77px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:936.91px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:1098.19px;white-space:nowrap">Co </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:1329.08px;letter-spacing:-1.41px;white-space:nowrap">KGaA*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:5015.01px;white-space:nowrap">30,534</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2049px;left:6001.41px;white-space:nowrap">912,155</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2324px;left:0px;letter-spacing:-0.14px;white-space:nowrap">Independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2324px;left:1000.81px;letter-spacing:-0.78px;white-space:nowrap">Power </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2324px;left:1518.13px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2324px;left:1685.65px;letter-spacing:-0.54px;white-space:nowrap">Renewable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2324px;left:2554.45px;white-space:nowrap">Electricity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2324px;left:3330.88px;letter-spacing:-0.44px;white-space:nowrap">Producers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2324px;left:4118.64px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539px;left:0px;letter-spacing:-0.44px;white-space:nowrap">RWE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539px;left:381.27px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539px;left:5015.01px;white-space:nowrap">26,621</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2539px;left:6001.41px;white-space:nowrap">911,355</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2814px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Insurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2814px;left:765.09px;white-space:nowrap">2.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3029px;left:0px;white-space:nowrap">Allianz </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3029px;left:510.38px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3029px;left:720.53px;letter-spacing:-0.84px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3029px;left:5106.24px;white-space:nowrap">7,564</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3029px;left:5863.77px;white-space:nowrap">2,103,202</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3304px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">Interactive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3304px;left:838.13px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3304px;left:1356.42px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3304px;left:1523.94px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3304px;left:2173.01px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3519px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Scout24 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3519px;left:625.96px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3519px;left:836.1px;white-space:nowrap">144A</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3519px;left:5015.01px;white-space:nowrap">12,092</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3519px;left:6001.41px;white-space:nowrap">922,508</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3794px;left:0px;letter-spacing:0.08px;white-space:nowrap">Machinery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3794px;left:840.23px;white-space:nowrap">2.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4009px;left:0px;white-space:nowrap">Daimler </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4009px;left:607.5px;letter-spacing:-2.05px;white-space:nowrap">Truck </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4009px;left:1034.38px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4009px;left:1631.25px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4009px;left:5015.01px;white-space:nowrap">17,444</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4009px;left:6003.78px;white-space:nowrap">694,754</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4224px;left:0px;letter-spacing:-0.95px;white-space:nowrap">Knorr-Bremse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4224px;left:1034.03px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4224px;left:5106.24px;white-space:nowrap">9,357</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4224px;left:6003.78px;white-space:nowrap">714,856</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4488px;left:5863.77px;white-space:nowrap">1,409,610</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4735px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Multi-Utilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4735px;left:1078.42px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4950px;left:0px;letter-spacing:-0.35px;white-space:nowrap">E.ON </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4950px;left:403.59px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4950px;left:5015.01px;white-space:nowrap">65,340</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4950px;left:6001.41px;white-space:nowrap">857,995</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5225px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Passenger </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5225px;left:790.66px;white-space:nowrap">Airlines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5225px;left:1396.05px;white-space:nowrap">0.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5440px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5440px;left:720.18px;text-rendering:optimizeLegibility;white-space:nowrap">Lufthansa </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5440px;left:1464.7px;letter-spacing:-0.29px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5440px;left:1718.88px;letter-spacing:-0.84px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5440px;left:5015.01px;white-space:nowrap">81,593</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5440px;left:6001.41px;white-space:nowrap">499,207</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5715px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5715px;left:1268.26px;white-space:nowrap">1.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5930px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Merck </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5930px;left:497.02px;letter-spacing:-1.76px;white-space:nowrap">KGaA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5930px;left:5106.24px;white-space:nowrap">6,583</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5930px;left:5863.77px;white-space:nowrap">1,091,558</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205px;left:1234.34px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205px;left:1401.86px;letter-spacing:-0.19px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205px;left:2566.58px;letter-spacing:-0.43px;white-space:nowrap">Equipment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205px;left:3420.79px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">Infineon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:640.02px;letter-spacing:-1.25px;white-space:nowrap">Technologies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:1614.11px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:5015.01px;white-space:nowrap">23,718</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6420px;left:6001.41px;white-space:nowrap">871,822</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6695px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Software </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6695px;left:710.6px;white-space:nowrap">1.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6910px;left:0px;letter-spacing:-0.22px;white-space:nowrap">SAP </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6910px;left:314.12px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6910px;left:5106.24px;white-space:nowrap">6,182</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6910px;left:5863.77px;white-space:nowrap">1,255,383</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7185px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.84px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7185px;left:643.18px;letter-spacing:-0.25px;white-space:nowrap">Apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7185px;left:1271.78px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7185px;left:1439.3px;letter-spacing:-0.14px;white-space:nowrap">Luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7185px;left:1980.26px;white-space:nowrap">Goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7185px;left:2497.59px;white-space:nowrap">2.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7400px;left:0px;white-space:nowrap">adidas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7400px;left:506.51px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7400px;left:5106.24px;white-space:nowrap">3,033</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7400px;left:6003.78px;white-space:nowrap">724,719</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7615px;left:0px;letter-spacing:-0.35px;white-space:nowrap">Puma </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7615px;left:450.97px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7615px;left:5015.01px;white-space:nowrap">16,346</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7615px;left:6003.78px;white-space:nowrap">750,857</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7879px;left:5863.77px;white-space:nowrap">1,475,576</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8126px;left:0px;letter-spacing:-1.65px;white-space:nowrap">Trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8126px;left:592.21px;white-space:nowrap">Companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8126px;left:1460.04px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8126px;left:1627.56px;letter-spacing:-0.46px;white-space:nowrap">Distributors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8126px;left:2550.5px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8341px;left:0px;letter-spacing:-0.78px;white-space:nowrap">Brenntag </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8341px;left:696.27px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8341px;left:5015.01px;white-space:nowrap">13,880</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8341px;left:6001.41px;white-space:nowrap">936,367</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8648px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8648px;left:404.74px;letter-spacing:-0.46px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8648px;left:1128.6px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8648px;left:1539.84px;white-space:nowrap">$15,410,675)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8648px;left:5772.54px;white-space:nowrap">16,440,824</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
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		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">12 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:516.04px;left:0px;position:absolute;top:0px;transform:translate(28.800px,26.331px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10251.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.47px) rotate(0deg) scale(0.05)">















































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5020.29px;letter-spacing:-0.34px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5934.35px;letter-spacing:-1.66px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:300px;left:0px;letter-spacing:-0.66px;white-space:nowrap">France </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:300px;left:623.85px;white-space:nowrap">17.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:569.5px;left:0px;letter-spacing:-0.84px;white-space:nowrap">Beverages </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:569.5px;left:800.16px;white-space:nowrap">0.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:0px;letter-spacing:-0.57px;white-space:nowrap">Pernod </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:560.04px;letter-spacing:-0.63px;white-space:nowrap">Ricard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:1048.71px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:5106.24px;white-space:nowrap">3,677</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:784.5px;left:6001.41px;white-space:nowrap">499,186</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1059.5px;left:0px;white-space:nowrap">Building </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1059.5px;left:649.34px;letter-spacing:-0.24px;white-space:nowrap">Products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1059.5px;left:1347.1px;white-space:nowrap">2.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:0px;white-space:nowrap">Cie </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:265.69px;white-space:nowrap">de </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:488.85px;letter-spacing:-0.61px;white-space:nowrap">Saint-Gobain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:1453.62px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:5015.01px;white-space:nowrap">19,060</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1274.5px;left:5863.77px;white-space:nowrap">1,483,103</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1549.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Construction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1549.5px;left:996.15px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1549.5px;left:1163.67px;white-space:nowrap">Engineering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1549.5px;left:2086.26px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1764.5px;left:0px;white-space:nowrap">Vinci </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1764.5px;left:389.97px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1764.5px;left:5015.01px;white-space:nowrap">11,305</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1764.5px;left:5863.77px;white-space:nowrap">1,191,707</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2039.5px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Insurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2039.5px;left:765.09px;white-space:nowrap">3.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2254.5px;left:0px;white-space:nowrap">AXA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2254.5px;left:333.81px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2254.5px;left:5015.01px;white-space:nowrap">56,414</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2254.5px;left:5868.52px;white-space:nowrap">1,847,883</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2469.5px;left:0px;letter-spacing:-0.35px;white-space:nowrap">SCOR </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2469.5px;left:430.31px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2469.5px;left:5015.01px;white-space:nowrap">28,500</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2469.5px;left:6003.78px;white-space:nowrap">722,523</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2733.5px;left:5863.77px;white-space:nowrap">2,570,406</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2980.5px;left:0px;white-space:nowrap">IT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2980.5px;left:177.8px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2980.5px;left:826.88px;white-space:nowrap">0.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3195.5px;left:0px;letter-spacing:-0.13px;white-space:nowrap">Capgemini </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3195.5px;left:802.62px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3195.5px;left:5106.24px;white-space:nowrap">3,101</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3195.5px;left:6001.41px;white-space:nowrap">617,030</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3470.5px;left:0px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3470.5px;left:518.29px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3685.5px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Vivendi </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3685.5px;left:573.31px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3685.5px;left:5015.01px;white-space:nowrap">85,716</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3685.5px;left:6001.41px;white-space:nowrap">896,037</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3960.5px;left:0px;white-space:nowrap">Oil, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3960.5px;left:297.25px;white-space:nowrap">Gas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3960.5px;left:613.3px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3960.5px;left:780.82px;white-space:nowrap">Consumable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3960.5px;left:1745.24px;white-space:nowrap">Fuels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3960.5px;left:2171.78px;white-space:nowrap">2.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4175.5px;left:0px;letter-spacing:-1.54px;white-space:nowrap">TotalEnergies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4175.5px;left:998.79px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4175.5px;left:5015.01px;white-space:nowrap">30,148</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4175.5px;left:5863.77px;white-space:nowrap">2,013,482</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4450.5px;left:0px;letter-spacing:-0.57px;white-space:nowrap">Personal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4450.5px;left:684.23px;letter-spacing:-0.4px;white-space:nowrap">Care </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4450.5px;left:1061.63px;letter-spacing:-0.24px;white-space:nowrap">Products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4450.5px;left:1759.39px;white-space:nowrap">1.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4665.5px;left:0px;letter-spacing:-0.33px;white-space:nowrap">L&#39;Oreal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4665.5px;left:545.19px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4665.5px;left:5106.24px;white-space:nowrap">2,239</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4665.5px;left:6001.41px;white-space:nowrap">983,746</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4940.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4940.5px;left:1268.26px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5155.5px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Sanofi </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5155.5px;left:487.18px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5155.5px;left:5015.01px;white-space:nowrap">12,217</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5155.5px;left:5863.77px;white-space:nowrap">1,177,361</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5430.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.84px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5430.5px;left:643.18px;letter-spacing:-0.25px;white-space:nowrap">Apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5430.5px;left:1271.78px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5430.5px;left:1439.3px;letter-spacing:-0.14px;white-space:nowrap">Luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5430.5px;left:1980.26px;white-space:nowrap">Goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5430.5px;left:2497.59px;white-space:nowrap">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5645.5px;left:0px;letter-spacing:-2.46px;white-space:nowrap">LVMH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5645.5px;left:467.05px;letter-spacing:-0.18px;white-space:nowrap">Moet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5645.5px;left:900.88px;letter-spacing:-0.39px;white-space:nowrap">Hennessy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5645.5px;left:1633.01px;white-space:nowrap">Louis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5645.5px;left:2045.83px;text-rendering:optimizeLegibility;letter-spacing:-0.71px;white-space:nowrap">Vuitton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5645.5px;left:2613.16px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5645.5px;left:5106.24px;white-space:nowrap">1,769</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5645.5px;left:5863.77px;white-space:nowrap">1,352,617</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5952.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5952.5px;left:404.74px;letter-spacing:-0.66px;white-space:nowrap">France</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5952.5px;left:939.46px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5952.5px;left:1350.7px;white-space:nowrap">$11,695,915)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5952.5px;left:5772.54px;white-space:nowrap">12,784,675</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6414.5px;left:0px;letter-spacing:-0.37px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6414.5px;left:637.49px;letter-spacing:-0.29px;white-space:nowrap">Kingdom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6414.5px;left:1457.7px;white-space:nowrap">14.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6684px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6684px;left:483.75px;white-space:nowrap">3.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6899px;left:0px;white-space:nowrap">HSBC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6899px;left:426.27px;white-space:nowrap">Holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6899px;left:1092.74px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6899px;left:4923.78px;white-space:nowrap">302,012</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6899px;left:5863.77px;white-space:nowrap">2,610,535</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7174px;left:0px;letter-spacing:-0.23px;white-space:nowrap">Commercial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7174px;left:930.23px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7174px;left:1579.31px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7174px;left:1746.83px;white-space:nowrap">Supplies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7174px;left:2413.21px;white-space:nowrap">0.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7389px;left:0px;letter-spacing:-0.78px;white-space:nowrap">Rentokil </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7389px;left:623.76px;text-rendering:optimizeLegibility;white-space:nowrap">Initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7389px;left:1063.56px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7389px;left:4923.78px;white-space:nowrap">115,540</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7389px;left:6001.41px;white-space:nowrap">673,495</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7664px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Hotels, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7664px;left:564.26px;letter-spacing:-1px;white-space:nowrap">Restaurants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7664px;left:1488.16px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7664px;left:1655.68px;letter-spacing:-0.25px;white-space:nowrap">Leisure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7664px;left:2228.29px;white-space:nowrap">2.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7879px;left:0px;white-space:nowrap">Compass </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7879px;left:690.73px;letter-spacing:-0.59px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7879px;left:1183.8px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7879px;left:5015.01px;white-space:nowrap">63,078</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7879px;left:5863.77px;white-space:nowrap">1,722,045</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8154px;left:0px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8154px;left:518.29px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8369px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Informa </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8369px;left:609.7px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8369px;left:5015.01px;white-space:nowrap">83,569</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8369px;left:6001.41px;white-space:nowrap">903,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8644px;left:0px;white-space:nowrap">Oil, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8644px;left:297.25px;white-space:nowrap">Gas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8644px;left:613.3px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8644px;left:780.82px;white-space:nowrap">Consumable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8644px;left:1745.24px;white-space:nowrap">Fuels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8644px;left:2171.78px;white-space:nowrap">1.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8859px;left:0px;white-space:nowrap">Shell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8859px;left:384.08px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8859px;left:5015.01px;white-space:nowrap">36,870</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8859px;left:5863.77px;white-space:nowrap">1,320,644</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9134px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9134px;left:1268.26px;white-space:nowrap">1.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9349px;left:0px;letter-spacing:-0.84px;white-space:nowrap">AstraZeneca </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9349px;left:923.64px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9349px;left:5106.24px;white-space:nowrap">8,552</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9349px;left:5863.77px;white-space:nowrap">1,335,544</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9624px;left:0px;letter-spacing:-0.41px;white-space:nowrap">Professional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9624px;left:953.7px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9624px;left:1602.77px;white-space:nowrap">2.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9839px;left:0px;white-space:nowrap">RELX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9839px;left:390.15px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9839px;left:5015.01px;white-space:nowrap">31,571</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9839px;left:5863.77px;white-space:nowrap">1,452,055</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">13 </div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:516.04px;left:0px;position:absolute;top:0px;transform:translate(28.800px,26.331px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10251.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.47px) rotate(0deg) scale(0.05)">






































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5020.29px;letter-spacing:-0.34px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5934.35px;letter-spacing:-1.66px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:300px;left:0px;letter-spacing:-1.65px;white-space:nowrap">Trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:300px;left:592.21px;white-space:nowrap">Companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:300px;left:1460.04px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:300px;left:1627.56px;letter-spacing:-0.46px;white-space:nowrap">Distributors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:300px;left:2550.5px;white-space:nowrap">0.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Ashtead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;left:628.07px;letter-spacing:-0.59px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;left:1121.13px;letter-spacing:-0.59px;white-space:nowrap">PLC</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;left:5106.24px;white-space:nowrap">8,718</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:515px;left:6001.41px;white-space:nowrap">582,007</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:822px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:822px;left:404.74px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:822px;left:951.15px;letter-spacing:-0.29px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:822px;left:1654.19px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:822px;left:2065.43px;white-space:nowrap">$7,472,555)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:822px;left:5772.54px;white-space:nowrap">10,600,245</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1284px;left:0px;letter-spacing:-0.12px;white-space:nowrap">Netherlands </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1284px;left:1120.34px;white-space:nowrap">10.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1553.5px;left:0px;letter-spacing:-0.15px;white-space:nowrap">Automobiles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1553.5px;left:994.39px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">Stellantis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768.5px;left:691.52px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768.5px;left:5015.01px;white-space:nowrap">36,346</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1768.5px;left:6001.41px;white-space:nowrap">719,309</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2043.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2043.5px;left:483.75px;white-space:nowrap">3.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:0px;white-space:nowrap">ABN </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:353.32px;letter-spacing:-0.35px;white-space:nowrap">AMRO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:859.31px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:1253.94px;white-space:nowrap">NV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:1509.26px;letter-spacing:-1.32px;white-space:nowrap">(CVA) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:1947.13px;white-space:nowrap">144A</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:5015.01px;white-space:nowrap">67,370</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2258.5px;left:5868.52px;white-space:nowrap">1,108,070</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2473.5px;left:0px;white-space:nowrap">ING </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2473.5px;left:312.45px;letter-spacing:-0.59px;white-space:nowrap">Groep </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2473.5px;left:800.95px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2473.5px;left:5015.01px;white-space:nowrap">65,131</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2473.5px;left:5868.52px;white-space:nowrap">1,113,954</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2737.5px;left:5863.77px;white-space:nowrap">2,222,024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2984.5px;left:0px;letter-spacing:-0.52px;white-space:nowrap">Entertainment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2984.5px;left:1122.89px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3199.5px;left:0px;letter-spacing:-0.53px;white-space:nowrap">Universal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3199.5px;left:707.34px;white-space:nowrap">Music </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3199.5px;left:1179.49px;letter-spacing:-0.59px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3199.5px;left:1672.56px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3199.5px;left:5015.01px;white-space:nowrap">30,562</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3199.5px;left:6001.41px;white-space:nowrap">909,717</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3474.5px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3474.5px;left:1234.34px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3474.5px;left:1401.86px;letter-spacing:-0.19px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3474.5px;left:2566.58px;letter-spacing:-0.43px;white-space:nowrap">Equipment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3474.5px;left:3420.79px;white-space:nowrap">5.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3689.5px;left:0px;white-space:nowrap">ASML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3689.5px;left:451.05px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3689.5px;left:1047.92px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3689.5px;left:5106.24px;white-space:nowrap">3,463</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3689.5px;left:5863.77px;white-space:nowrap">3,577,765</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3996.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3996.5px;left:404.74px;letter-spacing:-0.11px;white-space:nowrap">Netherlands</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3996.5px;left:1365.03px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3996.5px;left:1776.27px;white-space:nowrap">$3,872,122)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3996.5px;left:5863.77px;white-space:nowrap">7,428,815</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4458.5px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Switzerland </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4458.5px;left:1066.2px;white-space:nowrap">8.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4728px;left:0px;letter-spacing:-0.11px;white-space:nowrap">Chemicals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4728px;left:792.95px;white-space:nowrap">2.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4943px;left:0px;white-space:nowrap">DSM-Firmenich </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4943px;left:1157.78px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4943px;left:5106.24px;white-space:nowrap">9,121</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4943px;left:5868.52px;white-space:nowrap">1,032,045</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5158px;left:0px;letter-spacing:-0.7px;white-space:nowrap">Sika </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5158px;left:322.47px;letter-spacing:-0.29px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5158px;left:576.65px;letter-spacing:-0.84px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5158px;left:5106.24px;white-space:nowrap">3,153</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5158px;left:6003.78px;white-space:nowrap">902,160</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5422px;left:5863.77px;white-space:nowrap">1,934,205</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5669px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Food </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5669px;left:411.24px;letter-spacing:-0.24px;white-space:nowrap">Products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5669px;left:1109px;white-space:nowrap">2.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5884px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Nestle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5884px;left:499.75px;letter-spacing:-0.29px;white-space:nowrap">SA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5884px;left:722.46px;letter-spacing:-0.84px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5884px;left:5015.01px;white-space:nowrap">13,981</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5884px;left:5863.77px;white-space:nowrap">1,426,563</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6159px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6159px;left:1268.26px;white-space:nowrap">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6374px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Roche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6374px;left:485.42px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6374px;left:1082.29px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6374px;left:5106.24px;white-space:nowrap">5,062</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6374px;left:5863.77px;white-space:nowrap">1,405,016</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6649px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6649px;left:1234.34px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6649px;left:1401.86px;letter-spacing:-0.19px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6649px;left:2566.58px;letter-spacing:-0.43px;white-space:nowrap">Equipment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6649px;left:3420.79px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6864px;left:0px;letter-spacing:-0.42px;white-space:nowrap">STMicroelectronics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6864px;left:1414.16px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6864px;left:5015.01px;white-space:nowrap">18,529</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6864px;left:6001.41px;white-space:nowrap">731,911</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7139px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.84px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7139px;left:643.18px;letter-spacing:-0.25px;white-space:nowrap">Apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7139px;left:1271.78px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7139px;left:1439.3px;letter-spacing:-0.14px;white-space:nowrap">Luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7139px;left:1980.26px;white-space:nowrap">Goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7139px;left:2497.59px;white-space:nowrap">0.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;left:0px;white-space:nowrap">Cie </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;left:265.69px;letter-spacing:-0.24px;white-space:nowrap">Financiere </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;left:1054.25px;letter-spacing:-0.18px;white-space:nowrap">Richemont </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;left:1876.64px;letter-spacing:-0.29px;white-space:nowrap">SA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;left:2099.36px;white-space:nowrap">&#39;&#39;A&#39;&#39; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;left:2395.46px;letter-spacing:-0.84px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;left:5106.24px;white-space:nowrap">3,520</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7354px;left:6001.41px;white-space:nowrap">549,205</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7661px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7661px;left:404.74px;letter-spacing:-0.46px;white-space:nowrap">Switzerland</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7661px;left:1318.62px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7661px;left:1729.86px;white-space:nowrap">$6,801,141)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7661px;left:5863.77px;white-space:nowrap">6,046,900</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8123px;left:0px;white-space:nowrap">Denmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8123px;left:848.2px;white-space:nowrap">8.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8392.5px;left:0px;white-space:nowrap">Air </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8392.5px;left:257.96px;letter-spacing:-0.46px;white-space:nowrap">Freight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8392.5px;left:820.72px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8392.5px;left:988.24px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">Logistics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8392.5px;left:1653.66px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8607.5px;left:0px;letter-spacing:-0.22px;white-space:nowrap">DSV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8607.5px;left:330.29px;white-space:nowrap">A/S</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8607.5px;left:5106.24px;white-space:nowrap">5,609</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8607.5px;left:6001.41px;white-space:nowrap">860,108</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8882.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8882.5px;left:1268.26px;white-space:nowrap">7.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9097.5px;left:0px;letter-spacing:-0.53px;white-space:nowrap">Novo </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9097.5px;left:419.85px;letter-spacing:-0.33px;white-space:nowrap">Nordisk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9097.5px;left:1010.92px;white-space:nowrap">A/S </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9097.5px;left:1299.73px;white-space:nowrap">&#39;&#39;B&#39;&#39;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9097.5px;left:5015.01px;white-space:nowrap">34,990</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9097.5px;left:5863.77px;white-space:nowrap">5,056,759</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9404.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9404.5px;left:404.74px;white-space:nowrap">Denmark</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9404.5px;left:1131.77px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9404.5px;left:1543.01px;white-space:nowrap">$1,766,731)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9404.5px;left:5863.77px;white-space:nowrap">5,916,867</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">14 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:516.04px;left:0px;position:absolute;top:0px;transform:translate(28.800px,26.331px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10251.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.47px) rotate(0deg) scale(0.05)">






























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5020.29px;letter-spacing:-0.34px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5934.35px;letter-spacing:-1.66px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:300px;left:0px;letter-spacing:-0.51px;white-space:nowrap">Sweden </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:300px;left:736.44px;white-space:nowrap">4.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:569.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:569.5px;left:483.75px;white-space:nowrap">2.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Swedbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:778.45px;white-space:nowrap">AB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:1016.89px;white-space:nowrap">&#39;&#39;A&#39;&#39;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;left:5015.01px;white-space:nowrap">85,000</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:784.5px;left:5863.77px;white-space:nowrap">1,749,889</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1059.5px;left:0px;letter-spacing:0.08px;white-space:nowrap">Machinery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1059.5px;left:840.23px;white-space:nowrap">1.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Atlas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:391.38px;letter-spacing:-0.29px;white-space:nowrap">Copco </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:884.44px;white-space:nowrap">AB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:1122.89px;white-space:nowrap">&#39;&#39;A&#39;&#39;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:5015.01px;white-space:nowrap">68,091</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1274.5px;left:5863.77px;white-space:nowrap">1,280,310</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1581.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1581.5px;left:404.74px;letter-spacing:-0.51px;white-space:nowrap">Sweden</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1581.5px;left:1035.97px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1581.5px;left:1447.21px;white-space:nowrap">$2,024,768)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1581.5px;left:5863.77px;white-space:nowrap">3,030,199</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2043.5px;left:0px;letter-spacing:-0.37px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2043.5px;left:637.49px;letter-spacing:-0.94px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2043.5px;left:1216.42px;white-space:nowrap">2.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2313px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Construction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2313px;left:996.15px;letter-spacing:-0.43px;white-space:nowrap">Materials</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2313px;left:1745.24px;white-space:nowrap">2.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;left:0px;white-space:nowrap">CRH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;left:344.27px;letter-spacing:-0.44px;white-space:nowrap">PLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;left:646.35px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;left:1057.59px;white-space:nowrap">$1,354,353) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;left:1969.98px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;left:5015.01px;white-space:nowrap">27,092</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2528px;left:5863.77px;white-space:nowrap">2,018,884</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3018px;left:0px;white-space:nowrap">Spain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3018px;left:527.36px;white-space:nowrap">2.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3287.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3287.5px;left:483.75px;white-space:nowrap">2.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3502.5px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Banco </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3502.5px;left:483.93px;letter-spacing:-0.44px;white-space:nowrap">Santander </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3502.5px;left:1261.85px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3502.5px;left:4923.78px;white-space:nowrap">345,506</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3502.5px;left:5863.77px;white-space:nowrap">1,603,193</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3777.5px;left:0px;white-space:nowrap">Specialty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3777.5px;left:713.23px;letter-spacing:-0.8px;white-space:nowrap">Retail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3777.5px;left:1179.93px;white-space:nowrap">0.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3992.5px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Industria </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3992.5px;left:678.25px;white-space:nowrap">de </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3992.5px;left:901.41px;white-space:nowrap">Diseno </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3992.5px;left:1437.01px;text-rendering:optimizeLegibility;letter-spacing:-2.57px;white-space:nowrap">Textil </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3992.5px;left:1848.16px;letter-spacing:-0.44px;white-space:nowrap">SA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3992.5px;left:5106.24px;white-space:nowrap">7,236</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3992.5px;left:6001.41px;white-space:nowrap">359,446</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4299.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4299.5px;left:404.74px;white-space:nowrap">Spain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4299.5px;left:856.76px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4299.5px;left:1268px;white-space:nowrap">$1,698,960)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4299.5px;left:5863.77px;white-space:nowrap">1,962,639</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4761.5px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Italy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4761.5px;left:428.92px;white-space:nowrap">2.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5031px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5031px;left:483.75px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5246px;left:0px;letter-spacing:-0.5px;white-space:nowrap">Intesa </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5246px;left:477.07px;white-space:nowrap">Sanpaolo </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5246px;left:1183.18px;white-space:nowrap">SpA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5246px;left:4923.78px;white-space:nowrap">309,588</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5246px;left:5863.77px;white-space:nowrap">1,151,412</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5521px;left:0px;letter-spacing:-0.84px;white-space:nowrap">Beverages </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5521px;left:800.16px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5736px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Davide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5736px;left:532.97px;white-space:nowrap">Campari-Milano </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5736px;left:1735.84px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5736px;left:5015.01px;white-space:nowrap">76,418</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5736px;left:6001.41px;white-space:nowrap">722,526</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6043px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6043px;left:404.74px;letter-spacing:-0.35px;white-space:nowrap">Italy</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6043px;left:772.38px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6043px;left:1183.62px;white-space:nowrap">$1,871,645)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6043px;left:5863.77px;white-space:nowrap">1,873,938</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6505px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Ireland </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6505px;left:662.09px;white-space:nowrap">1.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6774.5px;left:0px;letter-spacing:-0.51px;white-space:nowrap">Containers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6774.5px;left:842.17px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6774.5px;left:1009.69px;letter-spacing:-0.63px;white-space:nowrap">Packaging</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6774.5px;left:1791.39px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Smurfit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:572.17px;letter-spacing:-0.59px;white-space:nowrap">Kappa </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:1056.62px;letter-spacing:-0.59px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:1549.69px;letter-spacing:-0.44px;white-space:nowrap">PLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:1851.77px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:2263.01px;white-space:nowrap">$1,428,553)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:5015.01px;white-space:nowrap">26,343</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6989.5px;left:5863.77px;white-space:nowrap">1,174,223</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7296.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7296.5px;left:404.74px;white-space:nowrap">Common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7296.5px;left:1123.68px;letter-spacing:-0.54px;white-space:nowrap">Stocks</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7296.5px;left:1638.9px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7296.5px;left:2050.14px;white-space:nowrap">$55,397,418)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7296.5px;left:5772.54px;white-space:nowrap">69,278,209</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7758.5px;left:0px;letter-spacing:-1.09px;white-space:nowrap">Preferred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7758.5px;left:952.34px;letter-spacing:-0.59px;white-space:nowrap">Stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7758.5px;left:1610.67px;white-space:nowrap">1.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8043px;left:0px;letter-spacing:-0.47px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8043px;left:844.51px;white-space:nowrap">1.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8312.5px;left:0px;letter-spacing:-0.15px;white-space:nowrap">Automobiles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8312.5px;left:994.39px;white-space:nowrap">1.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8527.5px;left:0px;letter-spacing:-0.93px;white-space:nowrap">Porsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8527.5px;left:609.17px;letter-spacing:-0.18px;white-space:nowrap">Automobil </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8527.5px;left:1405.28px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8527.5px;left:2002.15px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8527.5px;left:5015.01px;white-space:nowrap">12,572</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8527.5px;left:6003.78px;white-space:nowrap">568,606</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;left:0px;letter-spacing:-1.2px;white-space:nowrap">Volkswagen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;left:887.17px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;left:5106.24px;white-space:nowrap">5,686</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;left:6003.78px;white-space:nowrap">642,155</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9006.5px;left:5863.77px;white-space:nowrap">1,210,761</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9285.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9285.5px;left:404.74px;letter-spacing:-0.46px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9285.5px;left:1128.6px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9285.5px;left:1539.84px;white-space:nowrap">$2,520,052)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9285.5px;left:5863.77px;white-space:nowrap">1,210,761</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9564.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9564.5px;left:404.74px;letter-spacing:-0.85px;white-space:nowrap">Preferred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9564.5px;left:1150.05px;letter-spacing:-0.54px;white-space:nowrap">Stocks</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9564.5px;left:1665.26px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9564.5px;left:2076.5px;white-space:nowrap">$2,520,052)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9564.5px;left:5863.77px;white-space:nowrap">1,210,761</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">15 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:516.04px;left:0px;position:absolute;top:0px;transform:translate(28.800px,26.331px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10251.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.47px) rotate(0deg) scale(0.05)">







































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5020.29px;letter-spacing:-0.34px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:5934.35px;letter-spacing:-1.66px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:53px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:300px;left:0px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:300px;left:502.45px;letter-spacing:-0.74px;white-space:nowrap">Equivalents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:300px;left:1650.65px;white-space:nowrap">2.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:584.5px;left:0px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:584.5px;left:388.21px;letter-spacing:-0.66px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:584.5px;left:948.08px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:584.5px;left:1332.95px;letter-spacing:-0.28px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:584.5px;left:2342.9px;letter-spacing:-0.4px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:584.5px;left:3293.7px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:584.5px;left:3741.77px;white-space:nowrap">5.36% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:800.5px;left:0px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:800.5px;left:411.24px;white-space:nowrap">$1,594,556) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:800.5px;left:1323.63px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:800.5px;left:4788.52px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:800.5px;left:5863.77px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1551.44px;left:4878.52px;white-space:nowrap">% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1551.44px;left:5050.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1551.44px;left:5244.85px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1766.44px;left:5038.92px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1766.44px;left:5934.35px;letter-spacing:-1.66px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1766.44px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2013.44px;left:0px;letter-spacing:-3.37px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2013.44px;left:472.19px;letter-spacing:-0.84px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2013.44px;left:1502.81px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035.94px;left:2304.87px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035.94px;left:2716.11px;white-space:nowrap">$59,512,026)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035.94px;left:5180.74px;white-space:nowrap">99.7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2035.94px;left:5772.54px;white-space:nowrap">72,083,526</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2282.94px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2282.94px;left:555.35px;letter-spacing:-0.21px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2282.94px;left:1158.49px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2282.94px;left:1535.01px;text-rendering:optimizeLegibility;white-space:nowrap">Liabilities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2282.94px;left:2460.53px;letter-spacing:-0.48px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2305.44px;left:5271.97px;white-space:nowrap">0.3</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2305.44px;left:6001.41px;white-space:nowrap">242,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2305.44px;left:6321.51px;white-space:nowrap">648</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2552.44px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2552.44px;left:362.89px;letter-spacing:-0.24px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2574.94px;left:5089.51px;white-space:nowrap">100.0</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2574.94px;left:5772.54px;white-space:nowrap">72,326,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2574.94px;left:6321.51px;white-space:nowrap">174</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:0px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:153.32px;letter-spacing:0.11px;white-space:nowrap">summary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:880.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:1079.69px;letter-spacing:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:1373.19px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:1890.65px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:2823.83px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:3193.89px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:3874.29px;letter-spacing:-0.73px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:4801.14px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:5319.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:5613.24px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2959.94px;left:6136.76px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3175.94px;left:0px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3175.94px;left:372.92px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3175.94px;left:640.11px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3175.94px;left:1045.72px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3175.94px;left:1319.5px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3175.94px;left:1514.53px;letter-spacing:-0.88px;white-space:nowrap">follows:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3608.94px;left:3413.89px;letter-spacing:-0.27px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3800.94px;left:3164.12px;letter-spacing:-0.29px;white-space:nowrap">Change</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:109.64px;letter-spacing:-1.47px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:516.28px;white-space:nowrap">($) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:733.23px;letter-spacing:-0.49px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:79.95px;white-space:nowrap">12/31/2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:965.58px;letter-spacing:-0.23px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:1343px;letter-spacing:-0.45px;white-space:nowrap">Cost</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:1450.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:2233.92px;white-space:nowrap">Sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:1968.37px;letter-spacing:-0.24px;white-space:nowrap">Proceeds</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:2391.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4404.94px;left:2784.89px;letter-spacing:-0.36px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4596.94px;left:2689.65px;letter-spacing:-0.39px;white-space:nowrap">Real- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4788.94px;left:2758.87px;letter-spacing:-0.74px;white-space:nowrap">ized</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:2650.36px;white-space:nowrap">Gain/</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:2644.18px;white-space:nowrap">(Loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:2844.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4020.94px;left:3529.04px;white-space:nowrap">in</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4212.94px;left:3161px;letter-spacing:-0.22px;white-space:nowrap">Unreal- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4404.94px;left:3387.87px;letter-spacing:-0.74px;white-space:nowrap">ized</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4596.94px;left:3094.67px;letter-spacing:-0.2px;white-space:nowrap">Appreci- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4788.94px;left:3242.4px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">ation/ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:3046.23px;letter-spacing:-0.18px;white-space:nowrap">(Depreci- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:3261.31px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">ation) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:3473.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:3706.79px;letter-spacing:-0.13px;white-space:nowrap">Income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:4017.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4596.94px;left:4304.18px;letter-spacing:-0.22px;white-space:nowrap">Capital</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4788.94px;left:4459.11px;white-space:nowrap">Gain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:4362.39px;letter-spacing:-0.22px;white-space:nowrap">Distri- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:4264.11px;text-rendering:optimizeLegibility;white-space:nowrap">butions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:4584.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4788.94px;left:5115.51px;white-space:nowrap">Number</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:5047.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:5220.28px;letter-spacing:-0.3px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:5527.23px;letter-spacing:-0.74px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:4955.04px;white-space:nowrap">6/30/2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:6007.78px;letter-spacing:-1.47px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4980.94px;left:6414.42px;white-space:nowrap">($) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5172.94px;left:6462.23px;letter-spacing:-0.74px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5364.94px;left:5890.04px;white-space:nowrap">6/30/2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5598.94px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5598.94px;left:679.38px;white-space:nowrap">Lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5598.94px;left:1236.48px;letter-spacing:-0.63px;white-space:nowrap">Collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5598.94px;left:1905.16px;white-space:nowrap">0.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:0px;letter-spacing:-0.39px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:345.08px;letter-spacing:-0.36px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:1190.23px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:1333.59px;letter-spacing:-0.17px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:1834.53px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:2491.41px;text-rendering:optimizeLegibility;letter-spacing:-0.74px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:3073.67px;letter-spacing:-0.26px;white-space:nowrap">&#39;&#39;DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:3487.19px;letter-spacing:-0.36px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:4332.34px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:4674.45px;text-rendering:optimizeLegibility;letter-spacing:-0.14px;white-space:nowrap">Institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:5478.91px;letter-spacing:-0.23px;white-space:nowrap">Shares&#39;&#39;, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5847.94px;left:6047.27px;white-space:nowrap">5.24% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6039.94px;left:0px;white-space:nowrap">(b) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6039.94px;left:214.92px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:786.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:1371.36px;white-space:nowrap">0(d)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:2492.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:2945.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:3574.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:3753.59px;white-space:nowrap">10,582</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:4685.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:5580.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6288.94px;left:6515.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6537.94px;left:0px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6537.94px;left:349.53px;letter-spacing:-0.51px;white-space:nowrap">Equivalents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6537.94px;left:1148.28px;white-space:nowrap">2.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:0px;letter-spacing:-0.39px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:345.08px;letter-spacing:-0.59px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:842.73px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:1184.84px;letter-spacing:-0.25px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:2082.58px;letter-spacing:-0.36px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:2927.73px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:3326.02px;white-space:nowrap">5.36% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6786.94px;left:3757.73px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:220.26px;white-space:nowrap">1,250,300</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:985.26px;white-space:nowrap">5,782,859</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:1926.26px;white-space:nowrap">5,438,603</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:2945.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:3574.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:3753.59px;white-space:nowrap">44,088</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:4685.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:5014.26px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:7035.94px;left:5949.26px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:216.04px;white-space:nowrap">1,250,300</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:981.04px;white-space:nowrap">5,782,859</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:1922.04px;white-space:nowrap">5,438,603</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:2945.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:3574.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:3751.48px;white-space:nowrap">54,670</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:4685.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:5010.04px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:7284.94px;left:5945.04px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7696.94px;left:0px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7696.94px;left:502.2px;letter-spacing:-0.16px;white-space:nowrap">Non-income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7696.94px;left:1433.49px;letter-spacing:-0.35px;white-space:nowrap">producing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7696.94px;left:2201.3px;letter-spacing:-1.37px;white-space:nowrap">security.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:0px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:502.2px;white-space:nowrap">CRH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:846.47px;letter-spacing:-0.44px;white-space:nowrap">PLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:1148.55px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:1298.58px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:2047.23px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:2221.16px;letter-spacing:-0.25px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:2749.39px;letter-spacing:-0.88px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:3226.99px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:3539.44px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:3689.47px;letter-spacing:-0.57px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:4116.88px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:4344.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:4627.26px;white-space:nowrap">London </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:5211.64px;letter-spacing:-0.29px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7943.94px;left:5640.99px;letter-spacing:-0.59px;white-space:nowrap">Exchange.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:0px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:502.2px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">Affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:1210.32px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:1606.68px;letter-spacing:-0.16px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:2339.58px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:2573.62px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:2983.17px;letter-spacing:-0.8px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:3854.76px;letter-spacing:-0.28px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:4886.05px;letter-spacing:-0.18px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:5655.78px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:5975.85px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190.94px;left:6307.36px;letter-spacing:-1.41px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:502.2px;letter-spacing:-0.15px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:1018.29px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:1168.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:1450.63px;letter-spacing:-0.4px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:2269.68px;letter-spacing:-0.62px;white-space:nowrap">seven-day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:3037.14px;white-space:nowrap">yield </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:3419.11px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:3601.93px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406.94px;left:4114.24px;white-space:nowrap">end.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:0px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:502.2px;letter-spacing:-0.72px;white-space:nowrap">Represents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:1346.55px;letter-spacing:-0.35px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:1711.36px;letter-spacing:-0.8px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:2413.94px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:2771.81px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:2947.22px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">connection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:3795.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:4155.77px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:4884.36px;white-space:nowrap">lending. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:5503.88px;letter-spacing:-0.25px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.94px;left:6083.5px;white-space:nowrap">earned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:502.2px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:714.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:997.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:1401.23px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:1551.26px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:1832.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:2021.04px;letter-spacing:-0.68px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8869.94px;left:2737.7px;letter-spacing:-0.77px;white-space:nowrap">rebates.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:0px;white-space:nowrap">(d)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:502.2px;letter-spacing:-0.72px;white-space:nowrap">Represents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:1374.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:1685.94px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:1996.65px;letter-spacing:-0.29px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:2668.06px;letter-spacing:-0.24px;white-space:nowrap">(purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:3521.23px;letter-spacing:-0.66px;white-space:nowrap">cost) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:3940.22px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:4166.11px;letter-spacing:-0.29px;white-space:nowrap">decrease </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:4886.74px;white-space:nowrap">(sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:5363.12px;letter-spacing:-0.35px;white-space:nowrap">proceeds) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:6150.37px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.94px;left:6353.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:502.2px;letter-spacing:-0.25px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:1108.29px;letter-spacing:-0.98px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:1752.8px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:1926.73px;letter-spacing:-0.35px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:2290.07px;letter-spacing:-0.8px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:2991.17px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:3237.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:3519.49px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:4031.8px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:4530.93px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:4903.85px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.94px;left:5171.04px;white-space:nowrap">2024.</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">16 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:514.58px;left:0px;position:absolute;top:0px;transform:translate(28.800px,27.799px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10251.52px;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:152px;font-weight:300;position:absolute;top:985px;left:0px;letter-spacing:-0.66px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:276.77px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:982.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:1170.44px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:1379.62px;letter-spacing:-0.15px;white-space:nowrap">industry </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:2009.44px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">concentration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:3055.08px;letter-spacing:-1.76px;white-space:nowrap">policy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:3548.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:3830.8px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:4234.83px;text-rendering:optimizeLegibility;white-space:nowrap">classifies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:4906.93px;letter-spacing:-0.44px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:5437.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:985px;left:5625.53px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:727.12px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:909.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:1192.24px;letter-spacing:-0.15px;white-space:nowrap">industry </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:1822.06px;letter-spacing:-0.35px;white-space:nowrap">sub-group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:2598.31px;letter-spacing:-0.33px;white-space:nowrap">level.&#160;&#160;Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:3620.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:3808.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:4090.78px;letter-spacing:-0.56px;white-space:nowrap">categories </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:4873.27px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:5047.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:5329.51px;letter-spacing:-0.44px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1201px;left:5807.81px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:188.35px;letter-spacing:-0.73px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:1108.21px;letter-spacing:-0.49px;white-space:nowrap">consist </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:1646.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:1835.33px;text-rendering:optimizeLegibility;white-space:nowrap">multiple </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:2471.31px;letter-spacing:-0.15px;white-space:nowrap">industry </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:3101.13px;letter-spacing:-0.4px;white-space:nowrap">sub-groups </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:3946.11px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1417px;left:4142.72px;letter-spacing:-0.2px;white-space:nowrap">industries.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:0px;white-space:nowrap">(e) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:237.22px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:537.28px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:1234.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:1422.51px;letter-spacing:-0.73px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:2342.37px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:2588.38px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:3349.86px;letter-spacing:-0.39px;white-space:nowrap">detailed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:3975.29px;text-rendering:optimizeLegibility;letter-spacing:-0.76px;white-space:nowrap">categorizations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8306.5px;left:5063.29px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:0px;white-space:nowrap">144A:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:504.2px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1243.18px;letter-spacing:-1.19px;white-space:nowrap">exempt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1823.79px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2213.06px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3079.13px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3551.37px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3910.05px;white-space:nowrap">144A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4325.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4514.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4796.51px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5535.5px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5813.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:6001.67px;white-space:nowrap">1933. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:504.2px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:972.92px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1700.04px;letter-spacing:-0.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2043.69px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2266.85px;letter-spacing:-0.38px;white-space:nowrap">resold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2752.62px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2926.55px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:3848.53px;letter-spacing:-1.19px;white-space:nowrap">exempt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:4429.13px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:4818.4px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">registration, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:5728.51px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:6404.56px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:504.2px;text-rendering:optimizeLegibility;white-space:nowrap">qualified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:1171.47px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:2072.26px;letter-spacing:-0.82px;white-space:nowrap">buyers.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:719px;left:0px;letter-spacing:-1.58px;white-space:nowrap">CVA: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:719px;left:499.66px;letter-spacing:-0.38px;white-space:nowrap">Credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:719px;left:977.43px;text-rendering:optimizeLegibility;letter-spacing:-1.19px;white-space:nowrap">Valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:719px;left:1693.56px;letter-spacing:-0.36px;white-space:nowrap">Adjustment.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1887px;left:0px;letter-spacing:-1.15px;white-space:nowrap">Fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1887px;left:368.01px;letter-spacing:-1.93px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1887px;left:901.73px;letter-spacing:-0.36px;white-space:nowrap">Measurements</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:573.84px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:1063.56px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:1337.34px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:1723.62px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:1897.56px;letter-spacing:-0.22px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:2821.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:3103.77px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:3527.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:3716.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:3998.58px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:4504.83px;letter-spacing:-0.68px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:5464.51px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2228.5px;left:5933.23px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:0px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:273.78px;letter-spacing:-0.4px;white-space:nowrap">summarized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:1197.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:1371.71px;letter-spacing:-0.44px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:1802.37px;letter-spacing:-0.59px;white-space:nowrap">broad </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:2267.23px;letter-spacing:-0.33px;white-space:nowrap">levels. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:2755.46px;letter-spacing:-0.44px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:3165.73px;white-space:nowrap">1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:3297.66px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:3933.46px;letter-spacing:-0.25px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:4494.9px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:4966px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:5139.93px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">active </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2444.5px;left:5605.75px;letter-spacing:-0.88px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:0px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:246.01px;text-rendering:optimizeLegibility;letter-spacing:-0.35px;white-space:nowrap">identical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:897.36px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:1668.52px;letter-spacing:-0.44px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:2078.79px;white-space:nowrap">2 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:2210.71px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:2846.51px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:3284.74px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:4055.71px;letter-spacing:-0.16px;white-space:nowrap">observable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:4888.74px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2660.5px;left:5378.47px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:561.45px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:1032.54px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:1278.54px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:1797.19px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:2568.34px;letter-spacing:-0.93px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:3161.78px;letter-spacing:-1px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:3603.96px;letter-spacing:-0.72px;white-space:nowrap">prepayment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:4522.85px;white-space:nowrap">speeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:5067.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:5380.14px;letter-spacing:-0.38px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2876.5px;left:5838.13px;white-space:nowrap">risk). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:410.27px;white-space:nowrap">3 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:542.2px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:1178px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:1948.97px;letter-spacing:-0.14px;white-space:nowrap">unobservable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:2969.03px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:3458.76px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:4207.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:4489.72px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:4995.97px;letter-spacing:-0.22px;white-space:nowrap">own </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:5348.94px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">assumptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3092.5px;left:6296.57px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:0px;letter-spacing:-0.22px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:923.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:1206.21px;letter-spacing:-0.79px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:1483.24px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:1907.4px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:2095.75px;letter-spacing:-0.63px;white-space:nowrap">investments). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:3109.22px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:3419.38px;letter-spacing:-0.44px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:3793.97px;white-space:nowrap">assigned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:4458.69px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:4650.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:4932.95px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3308.5px;left:5660.07px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">valuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:0px;letter-spacing:-0.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:343.65px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:630.88px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:854.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:1072.97px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">indication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:1822.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:2011.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:2293.42px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:2584.86px;letter-spacing:-0.32px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:3382.47px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:3741.33px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:4421.34px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:4595.27px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3524.5px;left:5041.05px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:310.17px;letter-spacing:-0.53px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:1009.95px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:1159.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:1285.4px;letter-spacing:0.11px;white-space:nowrap">summary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:2001.01px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:2189.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:2471.66px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:2961.39px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:3347.67px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:3542.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:3731.04px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:4103.96px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:4371.15px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:4776.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:4950.7px;letter-spacing:-0.33px;white-space:nowrap">valuing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:5503.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3954.5px;left:5785.84px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:0px;letter-spacing:-0.68px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:959.68px;letter-spacing:-0.66px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:1236.45px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:2125.02px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:2353.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:2635.4px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:3141.65px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:3605.1px;letter-spacing:-0.88px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:4330.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:4612.59px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4170.5px;left:5315.63px;white-space:nowrap">of</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:0px;letter-spacing:-0.68px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:959.68px;white-space:nowrap">please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:1465.84px;letter-spacing:-1.61px;white-space:nowrap">refer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:1852.65px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:2044.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:2326.9px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:2948.38px;text-rendering:optimizeLegibility;letter-spacing:-1.19px;white-space:nowrap">Valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:3664.51px;text-rendering:optimizeLegibility;white-space:nowrap">section </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:4225.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:4413.52px;letter-spacing:-0.35px;white-space:nowrap">Note </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:4809.29px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:4951.41px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:5125.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4386.5px;left:5407.65px;letter-spacing:-0.44px;white-space:nowrap">accompanying</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4602.5px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4602.5px;left:465.38px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4602.5px;left:657.33px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4602.5px;left:1333.04px;letter-spacing:-0.66px;white-space:nowrap">Statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:2354.65px;letter-spacing:-0.42px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:2779.52px;white-space:nowrap">1</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:3491.65px;letter-spacing:-0.42px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:3916.52px;white-space:nowrap">2</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:4629.65px;letter-spacing:-0.42px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:5054.52px;white-space:nowrap">3</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5032.5px;left:5844.18px;letter-spacing:-3.46px;white-space:nowrap">Total</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5247.5px;left:0px;white-space:nowrap">Common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5247.5px;left:703.04px;letter-spacing:-0.5px;white-space:nowrap">Stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5247.5px;left:1200.23px;letter-spacing:-0.38px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5247.5px;left:1731.18px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5247.5px;left:2193.31px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5247.5px;left:2684.62px;letter-spacing:-0.73px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5247.5px;left:3604.48px;white-space:nowrap">(e) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:180px;letter-spacing:-0.5px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:2044.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">17,651,585</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:3181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:4318.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:5457.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5462.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">17,651,585</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5677.5px;left:180px;letter-spacing:-0.59px;white-space:nowrap">France</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5677.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">12,784,675</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5677.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5677.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5677.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">12,784,675</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5892.5px;left:180px;letter-spacing:-0.25px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5892.5px;left:708.22px;letter-spacing:-0.19px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5892.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">10,600,245</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5892.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5892.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5892.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">10,600,245</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6107.5px;left:180px;letter-spacing:-0.08px;white-space:nowrap">Netherlands</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6107.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">7,428,815</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6107.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6107.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6107.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">7,428,815</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6322.5px;left:180px;letter-spacing:-0.52px;white-space:nowrap">Switzerland</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6322.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">6,046,900</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6322.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6322.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6322.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">6,046,900</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6537.5px;left:180px;white-space:nowrap">Denmark</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6537.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">5,916,867</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6537.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6537.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6537.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">5,916,867</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6752.5px;left:180px;letter-spacing:-0.51px;white-space:nowrap">Sweden</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6752.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">3,030,199</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6752.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6752.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6752.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">3,030,199</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6967.5px;left:180px;letter-spacing:-0.25px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6967.5px;left:708.22px;letter-spacing:-1.03px;white-space:nowrap">States</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6967.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">2,018,884</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6967.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6967.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6967.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">2,018,884</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7182.5px;left:180px;white-space:nowrap">Spain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7182.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,962,639</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7182.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7182.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7182.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,962,639</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7397.5px;left:180px;letter-spacing:-0.53px;white-space:nowrap">Italy</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7397.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,873,938</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7397.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7397.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7397.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,873,938</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7612.5px;left:180px;letter-spacing:-0.38px;white-space:nowrap">Ireland</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7612.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,174,223</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7612.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7612.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7612.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,174,223</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7815.5px;left:0px;letter-spacing:-2.04px;white-space:nowrap">Short-Term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7815.5px;left:843.84px;letter-spacing:-0.33px;white-space:nowrap">Instruments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7815.5px;left:1755.97px;white-space:nowrap">(e)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7815.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7815.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7815.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7815.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:0px;letter-spacing:-3.46px;white-space:nowrap">Total</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:2044.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:2247.54px;letter-spacing:0px;white-space:nowrap">72,083,526</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:3181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:4318.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:5457.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8030.5px;left:5660.54px;letter-spacing:0px;white-space:nowrap">72,083,526</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.799px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-1.38px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1546.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1913.83px;letter-spacing:-0.33px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:2890.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3499.94px;text-rendering:optimizeLegibility;white-space:nowrap">Liabilities</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">17 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:485.78px;left:0px;position:absolute;top:0px;transform:translate(28.800px,56.600px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9675.52px;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:152px;font-weight:300;position:absolute;top:40px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:195.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:383.38px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:756.3px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1023.49px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1429.1px;letter-spacing:-0.16px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:459px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:0px;letter-spacing:-0.73px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:919.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:1093.8px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">non-affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:2099px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:2870.16px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:3052.97px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:3477.13px;letter-spacing:-0.66px;white-space:nowrap">(cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:3866.84px;white-space:nowrap">$57,917,470) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:5705.29px;letter-spacing:0px;white-space:nowrap">70,488,970</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:0px;letter-spacing:-0.8px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:850.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:1024.19px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:1412.4px;letter-spacing:-0.66px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:1972.27px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:2357.14px;letter-spacing:-0.28px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:3367.09px;letter-spacing:-0.4px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:4317.89px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1193px;left:0px;letter-spacing:-0.66px;white-space:nowrap">(cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1193px;left:389.71px;white-space:nowrap">$1,594,556)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1193px;left:5796.52px;white-space:nowrap">1,594,556</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:580.69px;letter-spacing:-1.67px;white-space:nowrap">currency, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:1281.27px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:1464.08px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:1888.24px;letter-spacing:-0.66px;white-space:nowrap">(cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:2277.95px;white-space:nowrap">$209,847)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:5931.78px;white-space:nowrap">205,877</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:0px;letter-spacing:-0.56px;white-space:nowrap">Receivable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:810.62px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:1056.62px;letter-spacing:-0.73px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:1972.27px;white-space:nowrap">sold</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:5931.78px;white-space:nowrap">242,972</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1970px;left:0px;white-space:nowrap">Dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1970px;left:747.69px;letter-spacing:-0.53px;white-space:nowrap">receivable</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1970px;left:6023.01px;white-space:nowrap">49,650</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2234px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2234px;left:580.69px;letter-spacing:-1.54px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2234px;left:989.91px;letter-spacing:-0.96px;white-space:nowrap">recoverable</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2234px;left:5931.78px;white-space:nowrap">261,503</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2498px;left:0px;letter-spacing:-0.93px;white-space:nowrap">Interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2498px;left:597.66px;letter-spacing:-0.53px;white-space:nowrap">receivable</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2498px;left:6114.24px;white-space:nowrap">8,096</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2762px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2762px;left:462.13px;letter-spacing:-0.15px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2762px;left:6023.01px;white-space:nowrap">30,547</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3026px;left:0px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3026px;left:386.28px;letter-spacing:-0.15px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3026px;left:5705.29px;letter-spacing:0px;white-space:nowrap">72,882,171</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3554px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Liabilities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3818px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3818px;left:593px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3818px;left:839px;letter-spacing:-0.73px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3818px;left:1754.65px;letter-spacing:-0.29px;white-space:nowrap">purchased</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3818px;left:5931.78px;white-space:nowrap">360,256</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4082px;left:0px;letter-spacing:-0.8px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4082px;left:850.25px;letter-spacing:0.1px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4082px;left:1493.88px;letter-spacing:-1.32px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4082px;left:1760.98px;letter-spacing:-0.88px;white-space:nowrap">payable</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4082px;left:6023.01px;white-space:nowrap">39,443</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:593px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:839px;letter-spacing:-0.72px;white-space:nowrap">Directors&#39; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:1571.48px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:1908.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:2220.64px;letter-spacing:-0.33px;white-space:nowrap">expenses</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:6023.01px;white-space:nowrap">31,943</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4610px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4610px;left:1103.91px;letter-spacing:-1.32px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4610px;left:1371.01px;letter-spacing:-0.88px;white-space:nowrap">payable</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4610px;left:6023.01px;white-space:nowrap">12,137</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4874px;left:0px;white-space:nowrap">Accrued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4874px;left:633.25px;letter-spacing:-0.29px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4874px;left:1339.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4874px;left:1652.17px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4874px;left:2090.39px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4874px;left:5931.78px;white-space:nowrap">112,218</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5138px;left:0px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5138px;left:386.28px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5138px;left:5931.78px;white-space:nowrap">555,997</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5402px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5402px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5402px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5402px;left:5700.54px;letter-spacing:0px;white-space:nowrap">72,326,174</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5930px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5930px;left:311.04px;letter-spacing:-0.18px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5930px;left:828.02px;letter-spacing:-0.25px;white-space:nowrap">Consist </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5930px;left:1405.55px;white-space:nowrap">of</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6194px;left:0px;letter-spacing:-0.35px;white-space:nowrap">Distributable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6194px;left:968.47px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6194px;left:1625.63px;letter-spacing:-0.44px;white-space:nowrap">(gain)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6194px;left:5705.29px;letter-spacing:0px;white-space:nowrap">11,225,692</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6458px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Paid-in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6458px;left:534.46px;letter-spacing:-0.63px;white-space:nowrap">capital</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6458px;left:5705.29px;letter-spacing:0px;white-space:nowrap">61,100,482</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6722px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6722px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6722px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6722px;left:5700.54px;letter-spacing:0px;white-space:nowrap">72,326,174</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7250px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7250px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7250px;left:756.21px;letter-spacing:-1.99px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7514px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7514px;left:311.04px;letter-spacing:-0.18px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7514px;left:807.8px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7514px;left:1251.3px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7514px;left:1536.5px;letter-spacing:-0.44px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:0px;white-space:nowrap">($72,326,174 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:1003.62px;white-space:nowrap">&#247; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:1133.96px;white-space:nowrap">6,727,389 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:1901.34px;letter-spacing:-0.38px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:2407.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:2596.2px;letter-spacing:-0.25px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:3277.71px;letter-spacing:-0.66px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:3692.99px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7746px;left:4188.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7962px;left:0px;letter-spacing:-0.24px;white-space:nowrap">outstanding, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7962px;left:946.32px;white-space:nowrap">$.001 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7962px;left:1395.97px;white-space:nowrap">par </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7962px;left:1676.95px;letter-spacing:-0.38px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7962px;left:2145.15px;white-space:nowrap">80,000,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7962px;left:3003.75px;letter-spacing:-0.38px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7962px;left:3510.26px;letter-spacing:-0.4px;white-space:nowrap">authorized)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7962px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7962px;left:6110.2px;white-space:nowrap">10.75</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.800px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-1.38px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1546.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1913.83px;text-rendering:optimizeLegibility;letter-spacing:-1.06px;white-space:nowrap">Operations</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">18 </div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:486.26px;left:0px;position:absolute;top:0px;transform:translate(28.800px,56.112px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9675.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.49px) rotate(0deg) scale(0.05)">




























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:0px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:246.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:528.31px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:753.66px;letter-spacing:-0.25px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1344.64px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1843.77px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2216.69px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2483.88px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2889.49px;letter-spacing:-0.16px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:514px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:514px;left:311.04px;letter-spacing:-0.72px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:514px;left:1194.43px;letter-spacing:-0.15px;white-space:nowrap">Income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:778px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Income:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:0px;white-space:nowrap">Dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:747.69px;letter-spacing:-0.18px;white-space:nowrap">(net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:1082.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:1271.25px;letter-spacing:-0.88px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:1821.18px;white-space:nowrap">withholding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:2718.28px;letter-spacing:-1.54px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:3127.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:3315.85px;white-space:nowrap">$257,645)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:5796.52px;white-space:nowrap">1,826,421</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:578.14px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:1521.91px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:1725.56px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:2113.77px;letter-spacing:-0.66px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:2673.63px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:3058.51px;letter-spacing:-0.28px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1306px;left:4068.46px;letter-spacing:-0.4px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1522px;left:0px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1522px;left:6023.01px;white-space:nowrap">44,088</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:738.98px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:1313px;letter-spacing:-0.22px;white-space:nowrap">income, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:1930.96px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:2212.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:2400.73px;letter-spacing:-0.68px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:3117.39px;letter-spacing:-0.88px;white-space:nowrap">rebates</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1786px;left:6023.01px;white-space:nowrap">10,582</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:0px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:386.28px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:1232.31px;letter-spacing:-0.29px;white-space:nowrap">income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:5796.52px;white-space:nowrap">1,881,091</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2314px;left:0px;white-space:nowrap">Expenses:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2578px;left:0px;letter-spacing:-0.8px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2578px;left:850.25px;letter-spacing:0.1px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2578px;left:1493.88px;letter-spacing:-1.76px;white-space:nowrap">fee</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2578px;left:5931.78px;white-space:nowrap">232,714</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2842px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2842px;left:1103.91px;letter-spacing:-1.76px;white-space:nowrap">fee</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2842px;left:6023.01px;white-space:nowrap">71,604</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3106px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Custody </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3106px;left:622.09px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3106px;left:934.54px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3106px;left:1765.81px;letter-spacing:-1.76px;white-space:nowrap">fee</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3106px;left:6023.01px;white-space:nowrap">23,722</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:0px;letter-spacing:0.2px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:628.95px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:820.9px;letter-spacing:-0.51px;white-space:nowrap">shareholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:6114.24px;white-space:nowrap">7,320</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Reports </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:600.12px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:792.07px;letter-spacing:-0.47px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:1766.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:2079.14px;letter-spacing:-0.22px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:2987.67px;text-rendering:optimizeLegibility;letter-spacing:-0.11px;white-space:nowrap">meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:3623.12px;letter-spacing:-0.33px;white-space:nowrap">expenses</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3634px;left:6023.01px;white-space:nowrap">24,073</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898px;left:0px;letter-spacing:-0.72px;white-space:nowrap">Directors&#39; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898px;left:732.48px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898px;left:1069.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898px;left:1381.64px;letter-spacing:-0.33px;white-space:nowrap">expenses</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898px;left:6023.01px;white-space:nowrap">51,142</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4162px;left:0px;letter-spacing:-0.59px;white-space:nowrap">Legal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4162px;left:410.36px;letter-spacing:-1.32px;white-space:nowrap">fees</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4162px;left:6023.01px;white-space:nowrap">58,693</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:0px;white-space:nowrap">Audit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:428.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:740.48px;letter-spacing:-1.1px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:995.98px;letter-spacing:-1.32px;white-space:nowrap">fees</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:6023.01px;white-space:nowrap">27,664</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:0px;letter-spacing:-0.18px;white-space:nowrap">NYSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:408.6px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">listing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:871.52px;letter-spacing:-1.76px;white-space:nowrap">fee</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:6023.01px;white-space:nowrap">11,820</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4954px;left:0px;letter-spacing:-0.39px;white-space:nowrap">Insurance</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4954px;left:6023.01px;white-space:nowrap">10,029</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5218px;left:0px;white-space:nowrap">Miscellaneous</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5218px;left:6023.01px;white-space:nowrap">14,569</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5482px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5482px;left:302.78px;letter-spacing:-0.33px;white-space:nowrap">expenses</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5482px;left:5931.78px;white-space:nowrap">533,350</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5746px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5746px;left:311.04px;letter-spacing:-0.72px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5746px;left:1190.65px;letter-spacing:-0.15px;white-space:nowrap">income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5746px;left:5791.77px;letter-spacing:0px;white-space:nowrap">1,347,741</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6225px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6225px;left:662.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6225px;left:985.43px;letter-spacing:-0.49px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6225px;left:1825.49px;white-space:nowrap">Gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6225px;left:2210.54px;white-space:nowrap">(Loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6489px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6489px;left:302.78px;letter-spacing:-0.78px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6489px;left:904.92px;letter-spacing:-0.7px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6489px;left:1244.44px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6489px;left:1665.53px;letter-spacing:-0.7px;white-space:nowrap">from:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6753px;left:0px;letter-spacing:-0.8px;white-space:nowrap">Investments</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6753px;left:5796.52px;white-space:nowrap">1,927,317</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7017px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7017px;left:580.69px;letter-spacing:-0.33px;white-space:nowrap">currency</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7017px;left:6060.46px;white-space:nowrap">(1,857)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7281px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7281px;left:302.78px;letter-spacing:-0.78px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7281px;left:904.92px;letter-spacing:-0.7px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7281px;left:1244.44px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7281px;left:5796.52px;white-space:nowrap">1,925,460</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545px;left:580.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545px;left:754.72px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545px;left:1036.14px;letter-spacing:-0.64px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545px;left:1825.31px;text-rendering:optimizeLegibility;letter-spacing:-0.34px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545px;left:2770.22px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545px;left:3826.93px;white-space:nowrap">on:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7809px;left:0px;letter-spacing:-0.8px;white-space:nowrap">Investments</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7809px;left:5877.99px;white-space:nowrap">(685,642)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8073px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8073px;left:580.69px;letter-spacing:-0.33px;white-space:nowrap">currency</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8073px;left:5969.23px;white-space:nowrap">(15,607)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337px;left:580.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337px;left:754.72px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337px;left:1036.14px;letter-spacing:-0.64px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337px;left:1825.31px;text-rendering:optimizeLegibility;letter-spacing:-0.34px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337px;left:2770.22px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337px;left:5877.99px;white-space:nowrap">(701,249)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8601px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8601px;left:311.04px;letter-spacing:-0.62px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8601px;left:663.66px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8601px;left:5791.77px;letter-spacing:0px;white-space:nowrap">1,224,211</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:311.04px;letter-spacing:-0.22px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:971.72px;letter-spacing:-0.18px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:1790.95px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:1972.44px;letter-spacing:-0.31px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:2261.51px;letter-spacing:-0.18px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:2758.27px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:3451.46px;letter-spacing:-0.44px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:3854.09px;text-rendering:optimizeLegibility;letter-spacing:-0.56px;white-space:nowrap">operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:8865px;left:5791.77px;letter-spacing:0px;white-space:nowrap">2,571,952</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.799px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-1.25px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1682.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:2049.46px;letter-spacing:-0.46px;white-space:nowrap">Changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3303.38px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3646.2px;letter-spacing:-0.58px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:4233.73px;letter-spacing:-0.39px;white-space:nowrap">Assets</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">19 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:485.78px;left:0px;position:absolute;top:0px;transform:translate(28.800px,56.600px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9675.52px;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:153px;font-weight:bold;position:absolute;top:705px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:705px;left:664.45px;letter-spacing:-0.18px;white-space:nowrap">(Decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:705px;left:1500.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:705px;left:1682.05px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:705px;left:1993.1px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:57px;left:4234.95px;white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:57px;left:4487.64px;letter-spacing:-0.24px;white-space:nowrap">Months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:273px;left:4417.1px;white-space:nowrap">Ended</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:489px;left:4141.92px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:489px;left:4526px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:489px;left:4795.56px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:705px;left:4201.24px;letter-spacing:-0.2px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:273px;left:5531.48px;letter-spacing:-2.88px;white-space:nowrap">Year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:273px;left:5894.73px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:489px;left:5428.6px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:489px;left:6236.93px;white-space:nowrap">31,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:705px;left:5764.74px;white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:979px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">Operations:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:302.78px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:1148.82px;letter-spacing:-0.25px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:1722.74px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:4003.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:4507.52px;white-space:nowrap">1,347,741</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:5299.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:5803.52px;white-space:nowrap">1,012,254</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:302.78px;letter-spacing:-0.78px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:904.92px;letter-spacing:-0.7px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:1244.44px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:4507.52px;white-space:nowrap">1,925,460</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:5749.73px;letter-spacing:0px;white-space:nowrap">(2,131,341)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:580.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:754.72px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:1036.14px;letter-spacing:-0.64px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:1825.31px;text-rendering:optimizeLegibility;letter-spacing:-0.34px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:2770.22px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:4588.99px;letter-spacing:0px;white-space:nowrap">(701,249)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:5712.29px;white-space:nowrap">12,986,615</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:302.78px;letter-spacing:-0.29px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:944.91px;letter-spacing:-0.24px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:1743.84px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:1917.77px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:2199.2px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:2680.66px;text-rendering:optimizeLegibility;letter-spacing:-0.26px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:3347.93px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2251px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.53px;white-space:nowrap">operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2251px;left:4507.52px;white-space:nowrap">2,571,952</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2251px;left:5712.29px;white-space:nowrap">11,867,528</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:959.5px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:1151.46px;letter-spacing:-0.51px;white-space:nowrap">shareholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:4588.99px;letter-spacing:0px;white-space:nowrap">(253,842)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:5749.73px;letter-spacing:0px;white-space:nowrap">(1,174,079)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2779px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2779px;left:404.03px;letter-spacing:-0.44px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2779px;left:840.94px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">transactions:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:302.78px;letter-spacing:-0.39px;white-space:nowrap">proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:1006.96px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:1396.23px;letter-spacing:-0.88px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:2390.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:2578.97px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">distributions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:4642.78px;white-space:nowrap">270,954</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:5938.78px;white-space:nowrap">272,836</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:518.38px;letter-spacing:-0.48px;white-space:nowrap">repurchased</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:4453.73px;letter-spacing:0px;white-space:nowrap">(1,039,072)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:5749.73px;letter-spacing:0px;white-space:nowrap">(1,007,771)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:302.78px;letter-spacing:-0.29px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:944.91px;letter-spacing:-0.24px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:1743.84px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:1917.77px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:2199.2px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:2680.66px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:3069.93px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:3473.96px;letter-spacing:-0.44px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3787px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">transactions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3787px;left:4588.99px;letter-spacing:0px;white-space:nowrap">(768,118)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3787px;left:5884.99px;letter-spacing:0px;white-space:nowrap">(734,935)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4051px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4051px;left:404.74px;letter-spacing:-0.22px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4051px;left:1065.41px;letter-spacing:-0.18px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4051px;left:1884.64px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4051px;left:2066.13px;letter-spacing:-0.31px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4051px;left:2355.21px;letter-spacing:-0.21px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051px;left:4507.52px;white-space:nowrap">1,549,992</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051px;left:5803.52px;white-space:nowrap">9,958,514</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:302.78px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:784.25px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:967.06px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:1718.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:1907.31px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:4416.29px;white-space:nowrap">70,776,182</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:5712.29px;white-space:nowrap">60,817,668</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:302.78px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:784.25px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:967.06px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:1283.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:1472.08px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4579px;left:4003.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4579px;left:4411.54px;white-space:nowrap">72,326,174</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4579px;left:5299.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4579px;left:5707.54px;white-space:nowrap">70,776,182</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5107px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5107px;left:476.02px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:518.38px;letter-spacing:-0.4px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:1418.91px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:1601.72px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:2353.62px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:2541.97px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:4507.52px;white-space:nowrap">6,813,832</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:5803.52px;white-space:nowrap">6,902,996</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:518.38px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:1013.99px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:1403.26px;letter-spacing:-0.88px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:2397.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:2586.01px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">distributions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:4734.01px;white-space:nowrap">31,877</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:6030.01px;white-space:nowrap">32,196</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:518.38px;letter-spacing:-0.48px;white-space:nowrap">repurchased</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:4588.99px;letter-spacing:0px;white-space:nowrap">(118,320)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:5884.99px;letter-spacing:0px;white-space:nowrap">(121,360)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:518.38px;letter-spacing:-0.4px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:1418.91px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:1601.72px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:1918.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:2106.74px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6163px;left:4502.77px;white-space:nowrap">6,727,389</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6163px;left:5798.77px;white-space:nowrap">6,813,832</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.800px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1326.3px;letter-spacing:-0.32px;white-space:nowrap">Highlights</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">20 </div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:486.23px;left:0px;position:absolute;top:0px;transform:translate(28.800px,56.142px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9675.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.46px) rotate(0deg) scale(0.05)">
































































































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:40px;left:2136.95px;white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:40px;left:2375.6px;letter-spacing:-15.53px;white-space:nowrap">Months&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:244px;left:1865.68px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:244px;left:2346.3px;white-space:nowrap">6/30/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:244px;left:3824.7px;letter-spacing:-2.61px;white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:244px;left:4233.51px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:244px;left:4714.13px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:244px;left:5477.55px;white-space:nowrap">31,&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:451.5px;left:2073.28px;letter-spacing:-6.07px;white-space:nowrap">(Unaudited)&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:451.5px;left:3117.88px;white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:451.5px;left:3851.88px;white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:451.5px;left:4585.88px;white-space:nowrap">2021</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:451.5px;left:5319.88px;white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:451.5px;left:6054.88px;white-space:nowrap">2019</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:918px;left:0px;letter-spacing:-0.68px;white-space:nowrap">Per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:918px;left:272.18px;letter-spacing:-0.32px;white-space:nowrap">Share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:918px;left:710.21px;text-rendering:optimizeLegibility;letter-spacing:-0.53px;white-space:nowrap">Operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:918px;left:1450.81px;letter-spacing:-0.48px;white-space:nowrap">Performance</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1174.5px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1174.5px;left:293.76px;letter-spacing:-0.19px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1174.5px;left:695.11px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1174.5px;left:1157.79px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1174.5px;left:1891.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1378.5px;left:0px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1371px;left:2245.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1378.5px;left:2336.43px;letter-spacing:0px;white-space:nowrap">10.39</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1371px;left:3053.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1378.5px;left:3145.04px;white-space:nowrap">8.81</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1371px;left:3713.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1378.5px;left:3804.43px;letter-spacing:0px;white-space:nowrap">11.95</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1371px;left:4447.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1378.5px;left:4538.43px;letter-spacing:0px;white-space:nowrap">12.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1371px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1378.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">10.73</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1371px;left:5989.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:1378.5px;left:6081.04px;white-space:nowrap">9.04</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:1635px;left:0px;letter-spacing:-0.18px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:1635px;left:535.15px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:1635px;left:930.19px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:1635px;left:1296.17px;letter-spacing:-0.64px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:1635px;left:2081.42px;text-rendering:optimizeLegibility;white-space:nowrap">operations:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1891.5px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1891.5px;left:465.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1891.5px;left:1265px;letter-spacing:-0.24px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2095.5px;left:180px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:99.1px;font-weight:300;position:absolute;top:2092.06px;left:539.26px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2095.5px;left:2497.2px;white-space:nowrap">.20</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2095.5px;left:3231.2px;white-space:nowrap">.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2095.5px;left:3965.2px;white-space:nowrap">.16</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2095.5px;left:4699.2px;white-space:nowrap">.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2095.5px;left:5433.2px;white-space:nowrap">.10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2095.5px;left:6167.2px;white-space:nowrap">.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2352px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2352px;left:465.96px;letter-spacing:-0.74px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2352px;left:1034.65px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2352px;left:1329.74px;letter-spacing:-0.6px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2556px;left:180px;letter-spacing:-0.66px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2556px;left:500.66px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2556px;left:898.35px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2556px;left:1113.75px;letter-spacing:-0.69px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:180px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:475.09px;letter-spacing:-0.83px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:994.47px;letter-spacing:-0.31px;white-space:nowrap">currency</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:2497.2px;white-space:nowrap">.18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:3145.04px;white-space:nowrap">1.58</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:3828.24px;letter-spacing:-1.95px;white-space:nowrap">(2.40)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:4613.04px;white-space:nowrap">1.11</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:5347.04px;white-space:nowrap">1.38</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2760px;left:6081.04px;white-space:nowrap">2.03</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:3016.5px;left:180px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:3016.5px;left:562.25px;letter-spacing:-0.42px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:3016.5px;left:942.51px;letter-spacing:-0.68px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:3220.5px;left:360px;text-rendering:optimizeLegibility;letter-spacing:-0.53px;white-space:nowrap">operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3220.5px;left:2497.2px;white-space:nowrap">.38</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3220.5px;left:3145.04px;white-space:nowrap">1.73</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3220.5px;left:3828.24px;letter-spacing:-1.95px;white-space:nowrap">(2.24)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3220.5px;left:4613.04px;white-space:nowrap">1.26</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3220.5px;left:5347.04px;white-space:nowrap">1.48</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3220.5px;left:6081.04px;white-space:nowrap">2.18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:3477px;left:0px;white-space:nowrap">Less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:3477px;left:320.99px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:144px;font-style:italic;font-weight:300;position:absolute;top:3477px;left:1199.88px;white-space:nowrap">from:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:465.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:1265px;letter-spacing:-0.28px;white-space:nowrap">income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:2446.4px;letter-spacing:-2.34px;white-space:nowrap">(.04)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.17)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.29)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.11)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:5382.4px;letter-spacing:-2.34px;white-space:nowrap">(.13)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3733.5px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.13)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:465.96px;letter-spacing:-0.74px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:1034.65px;letter-spacing:-0.66px;white-space:nowrap">gains</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:2412.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:3146.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.58)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:4562.24px;letter-spacing:-1.95px;white-space:nowrap">(1.39)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:5382.4px;letter-spacing:-2.34px;white-space:nowrap">(.07)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:3990px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.39)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:4246.5px;left:180px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:4246.5px;left:562.25px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">distributions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4246.5px;left:2446.4px;letter-spacing:-2.34px;white-space:nowrap">(.04)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4246.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.17)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4246.5px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.87)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4246.5px;left:4562.24px;letter-spacing:-1.95px;white-space:nowrap">(1.50)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4246.5px;left:5382.4px;letter-spacing:-2.34px;white-space:nowrap">(.20)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4246.5px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.52)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4503px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Dilution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4503px;left:574px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4503px;left:738.27px;letter-spacing:-0.21px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4503px;left:1004.06px;letter-spacing:-0.14px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4503px;left:1393.04px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4503px;left:1793.63px;letter-spacing:-0.66px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:625.55px;letter-spacing:-0.9px;white-space:nowrap">reinvestment</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:2446.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.10)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:4614.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:5382.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4707px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4963.5px;left:0px;letter-spacing:-0.28px;white-space:nowrap">Increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4963.5px;left:610.44px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4963.5px;left:1240.63px;letter-spacing:-0.66px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:4963.5px;left:1608.28px;letter-spacing:-0.42px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:5167.5px;left:0px;letter-spacing:-0.45px;white-space:nowrap">repurchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:5167.5px;left:2497.2px;white-space:nowrap">.03</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:5167.5px;left:3231.2px;white-space:nowrap">.03</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:5167.5px;left:3965.2px;white-space:nowrap">.07</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:5167.5px;left:4699.2px;white-space:nowrap">.10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:5167.5px;left:5433.2px;white-space:nowrap">.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:5167.5px;left:6167.2px;white-space:nowrap">.04</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5427.75px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5427.75px;left:293.76px;letter-spacing:-0.19px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5427.75px;left:695.11px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5427.75px;left:1157.79px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5427.75px;left:1464.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5427.75px;left:1647.87px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5424px;left:2245.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5431.5px;left:2336.43px;letter-spacing:0px;white-space:nowrap">10.75</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5424px;left:2979.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5431.5px;left:3070.43px;letter-spacing:0px;white-space:nowrap">10.39</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5424px;left:3787.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5431.5px;left:3879.04px;white-space:nowrap">8.81</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5424px;left:4447.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5431.5px;left:4538.43px;letter-spacing:0px;white-space:nowrap">11.95</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5424px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5431.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">12.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5424px;left:5915.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5431.5px;left:6006.43px;letter-spacing:0px;white-space:nowrap">10.73</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5691.75px;left:0px;letter-spacing:-0.83px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5691.75px;left:551.67px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5691.75px;left:1014.36px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5691.75px;left:1320.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5691.75px;left:1504.43px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5688px;left:2319.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5695.5px;left:2411.04px;white-space:nowrap">8.98</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5688px;left:3053.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5695.5px;left:3145.04px;white-space:nowrap">8.62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5688px;left:3787.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5695.5px;left:3879.04px;white-space:nowrap">7.50</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5688px;left:4447.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5695.5px;left:4538.43px;letter-spacing:0px;white-space:nowrap">10.37</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5688px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5695.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">10.40</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5688px;left:5989.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:5695.5px;left:6081.04px;white-space:nowrap">9.38</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:6208.5px;left:0px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:6208.5px;left:382.25px;letter-spacing:-0.68px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:6208.5px;left:1216.56px;letter-spacing:-0.52px;white-space:nowrap">Return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:6208.5px;left:1734.45px;letter-spacing:-0.64px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:6208.5px;left:1975.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:6208.5px;left:2250.09px;letter-spacing:-0.46px;white-space:nowrap">Period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:99.1px;font-weight:bold;position:absolute;top:6205.06px;left:2708.21px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:0px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:447.5px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:839.54px;letter-spacing:-0.95px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:1359.25px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:1759.85px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:2411.04px;white-space:nowrap">4.61</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:6465.1px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:3058.88px;letter-spacing:0px;white-space:nowrap">17.27</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:3742.08px;letter-spacing:-1.67px;white-space:nowrap">(19.12)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:4526.88px;letter-spacing:0px;white-space:nowrap">15.23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:5260.88px;letter-spacing:0px;white-space:nowrap">13.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6465px;left:5994.88px;letter-spacing:0px;white-space:nowrap">28.29</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:0px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:447.5px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:839.54px;letter-spacing:-0.21px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:1105.33px;letter-spacing:-0.14px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:1494.31px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:1894.9px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:2411.04px;white-space:nowrap">3.89</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:6721.6px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:3058.88px;letter-spacing:0px;white-space:nowrap">20.33</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:6721.6px;left:3484.2px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:3742.08px;letter-spacing:-1.67px;white-space:nowrap">(17.55)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:6721.6px;left:4218.2px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:4526.88px;letter-spacing:0px;white-space:nowrap">14.22</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:5260.88px;letter-spacing:0px;white-space:nowrap">15.12</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:6721.5px;left:5994.88px;letter-spacing:0px;white-space:nowrap">25.48</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAq8AAAApCAYAAAAbF8BxAAAACXBIWXMAABcRAAAXEQHKJvM/AAABAElEQVR4Xu3bsQ0CQRAEwX30eSGCBINoyOwI4dxrqcqeANqZa601AABQ8NgNAADgFOIVAIAM8QoAQIZ4BQAgQ7wCAJAhXgEAyBCvAABkiFcAADLEKwAAGeIVAIAM8QoAQIZ4BQAgQ7wCAJAhXgEAyBCvAABkiFcAADLEKwAAGeIVAIAM8QoAQIZ4BQAgQ7wCAJAhXgEAyBCvAABkiFcAADLEKwAAGeIVAIAM8QoAQIZ4BQAgQ7wCAJAhXgEAyBCvAABkiFcAADLEKwAAGeIVAICM+/35/nYjAAA4wT0zz90IAABOcM/MazcCAIATXGut3QYAAI7gsAUAQIZ4BQAg4w8I6wlWg5M1mQAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:19.45px;left:0px;position:absolute;top:0px;transform:translate(28.800px,24.764px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:819.18px;letter-spacing:-0.18px;white-space:nowrap">Highlights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:197px;position:absolute;top:0px;left:1733.01px;text-rendering:optimizeLegibility;letter-spacing:-0.34px;white-space:nowrap">(continued)</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:689.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:999.26px;letter-spacing:-0.41px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2077.5px;letter-spacing:-0.29px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2521.53px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2795.31px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3014.24px;letter-spacing:-0.78px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3600.12px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3940.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4128.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4410.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5056.99px;letter-spacing:-0.92px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">21 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:497.03px;left:0px;position:absolute;top:0px;transform:translate(28.800px,45.342px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9891.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.46px) rotate(0deg) scale(0.05)">


























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:256px;left:-5610.25px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:256px;left:-5371.6px;letter-spacing:-15.53px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Months&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:460px;left:-5881.52px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:460px;left:-5400.9px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">6/30/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:460px;left:-3922.5px;letter-spacing:-2.61px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:460px;left:-3513.69px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:460px;left:-3033.07px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:460px;left:-2269.65px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">31,&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:667.5px;left:-5673.92px;letter-spacing:-6.07px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">(Unaudited)&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:667.5px;left:-4629.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:667.5px;left:-3895.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:667.5px;left:-3161.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2021</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:667.5px;left:-2427.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:667.5px;left:-1692.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2019</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:862px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">Ratios </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:862px;left:475.22px;letter-spacing:-0.55px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:862px;left:662.32px;letter-spacing:-1.41px;white-space:nowrap">Average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:862px;left:1269.02px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:bold;position:absolute;top:862px;left:1562.79px;letter-spacing:-0.19px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1118.5px;left:0px;letter-spacing:-2.97px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1118.5px;left:364.82px;letter-spacing:-0.28px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1118.5px;left:1032.04px;letter-spacing:-1.19px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1118.5px;left:1516.55px;letter-spacing:-0.31px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">reductions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:762.26px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:2411.04px;white-space:nowrap">1.49</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1343.36px;left:2750.2px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:3145.04px;white-space:nowrap">1.55</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:3879.04px;white-space:nowrap">1.57</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:4613.04px;white-space:nowrap">1.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:5347.04px;white-space:nowrap">1.30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1322.5px;left:6081.04px;white-space:nowrap">1.33</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1579px;left:0px;letter-spacing:-2.97px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1579px;left:364.82px;letter-spacing:-0.28px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1579px;left:1032.04px;text-rendering:optimizeLegibility;letter-spacing:-0.42px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1579px;left:1393.37px;letter-spacing:-0.31px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">reductions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:762.26px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:2411.04px;white-space:nowrap">1.49</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1803.86px;left:2750.2px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:3145.04px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:3272.79px;white-space:nowrap">45</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:3879.04px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:4006.79px;white-space:nowrap">4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:4092.95px;white-space:nowrap">7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:4613.04px;white-space:nowrap">1.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:5347.04px;white-space:nowrap">1.30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:1783px;left:6081.04px;white-space:nowrap">1.33</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:285.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:1085px;letter-spacing:-0.24px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:1627.04px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:2411.04px;white-space:nowrap">1.87</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:2039.61px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:3145.04px;white-space:nowrap">1.50</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:3879.04px;white-space:nowrap">1.66</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:4613.04px;white-space:nowrap">1.16</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:5433.2px;white-space:nowrap">.93</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2039.5px;left:6081.04px;white-space:nowrap">1.51</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:618.66px;letter-spacing:-0.28px;white-space:nowrap">turnover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:1251.76px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:2549.88px;white-space:nowrap">11</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:2296.11px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:3283.88px;white-space:nowrap">13</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:4017.88px;white-space:nowrap">25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:4751.88px;white-space:nowrap">57</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:5485.88px;white-space:nowrap">25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2296px;left:6219.88px;white-space:nowrap">60</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2552.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2552.5px;left:285.96px;letter-spacing:-0.12px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2552.5px;left:740.68px;letter-spacing:-0.55px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2552.5px;left:913.33px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2552.5px;left:1212.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2552.5px;left:1390.3px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:0px;white-space:nowrap">($ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:175.4px;white-space:nowrap">thousands)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:2277.8px;white-space:nowrap">72,326</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:3011.8px;white-space:nowrap">70,776</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:3745.8px;white-space:nowrap">60,818</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:4479.8px;white-space:nowrap">81,109</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:5213.8px;white-space:nowrap">87,186</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:300;position:absolute;top:2756.5px;left:5947.8px;white-space:nowrap">81,254</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:3082.36px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:359.2px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:780.37px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:983.11px;letter-spacing:-1.07px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:1519.98px;letter-spacing:-0.33px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:1970.22px;letter-spacing:-0.36px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:2770.68px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:3221.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3101px;left:3472.64px;white-space:nowrap">period.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:3329.36px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:359.2px;letter-spacing:-2.8px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:702.56px;letter-spacing:-0.71px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:1454.59px;letter-spacing:-0.45px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:1895.84px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:2314.51px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:2517.25px;letter-spacing:-0.2px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:2767.4px;letter-spacing:-0.13px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:3133.5px;letter-spacing:-0.39px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:3510.53px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">reflects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:4021.15px;letter-spacing:-0.15px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:4581.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:4736.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:4987.25px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:5442.48px;letter-spacing:-0.2px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:5692.64px;letter-spacing:-0.13px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3333px;left:6058.73px;letter-spacing:-0.39px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:359.2px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:810.22px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:1151.93px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:1646.47px;letter-spacing:-2.8px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:1989.82px;letter-spacing:-0.45px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:2431.07px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:2849.75px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:3052.48px;letter-spacing:-0.89px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:3541.62px;letter-spacing:-0.39px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:3918.65px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">reflects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:4429.28px;letter-spacing:-0.15px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:4989.83px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:5144.43px;letter-spacing:-0.89px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:5633.58px;letter-spacing:-0.39px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3525px;left:6010.61px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:359.2px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:700.92px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:1195.45px;letter-spacing:-0.62px;white-space:nowrap">Each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:1533.18px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">figure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:1941.93px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:2507.09px;letter-spacing:-0.73px;white-space:nowrap">reinvestments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:3452.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:3620.29px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:4209.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:4486.78px;letter-spacing:-0.49px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:4944.04px;letter-spacing:-0.62px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:5245.84px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">distributions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:6123.89px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3717px;left:6243.18px;letter-spacing:-2.81px;white-space:nowrap">any. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:359.2px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:775.84px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">figures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:1246.47px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:1500.37px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:1876.31px;white-space:nowrap">depending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:2596.54px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:2965.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:3216.47px;letter-spacing:-0.39px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:3549.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:3716.86px;letter-spacing:-0.78px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:3978.89px;letter-spacing:-0.35px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:4562.56px;letter-spacing:-0.62px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:4908.58px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:5083.34px;letter-spacing:-0.29px;white-space:nowrap">premium </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:5706.08px;letter-spacing:-0.52px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:5876.7px;letter-spacing:-0.2px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3909px;left:6126.86px;letter-spacing:-0.13px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:359.2px;letter-spacing:-0.39px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:736.23px;letter-spacing:-0.52px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:898.73px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:1316.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:1567.25px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:2022.48px;letter-spacing:-0.33px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:2472.72px;letter-spacing:-0.52px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:2851px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:3302.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4101px;left:3552.95px;white-space:nowrap">period.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:4329.36px;left:0px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:359.2px;letter-spacing:-2.8px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:702.56px;letter-spacing:-0.45px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:1143.81px;letter-spacing:-0.26px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:1575.22px;letter-spacing:-0.86px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:1914.98px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:2275.53px;letter-spacing:-0.39px;white-space:nowrap">lower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:2674.12px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:2951.86px;letter-spacing:-0.29px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:3434.28px;letter-spacing:-0.26px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:4062.25px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:4317.56px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4348px;left:4678.11px;letter-spacing:-0.29px;white-space:nowrap">reduced.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:4576.35px;left:0px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4595px;left:359.2px;letter-spacing:-0.36px;white-space:nowrap">Annualized.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:4823.36px;left:0px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4842px;left:359.2px;white-space:nowrap">Not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4842px;left:633.5px;letter-spacing:-0.36px;white-space:nowrap">annualized.</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">22 </div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.800px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:257.76px">
			<div style="width:5155.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-0.69px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:904.12px;letter-spacing:-1.11px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1278.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:2604.62px;letter-spacing:-1.38px;white-space:nowrap">Statements</div></div>
		</div>
		<div style="height:18.33px;left:0px;position:absolute;top:0px;transform:translate(286.560px,29.470px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:72.00px">
			<div style="width:1440px;height:265.88px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:390.1px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div></div>
		</div>
		<div style="height:504.25px;left:0px;position:absolute;top:0px;transform:translate(28.800px,53.275px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9978.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.32px) rotate(0deg) scale(0.05)">







			<div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:0.56px;white-space:nowrap">A. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:0px;left:254.48px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:0px;left:1372.7px;letter-spacing:-0.46px;white-space:nowrap">Policies</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:379.09px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:1277.78px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:1878.27px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:2425.91px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:2791.04px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:3201.82px;white-space:nowrap">&#8220;Fund&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:3941.42px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:4124.79px;letter-spacing:-1.03px;white-space:nowrap">registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:5064.4px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:352.7px;left:5641.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:0px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:1039.2px;letter-spacing:-0.54px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:1920.27px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:2259.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:2490.04px;white-space:nowrap">1940, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:3039.61px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:3277.98px;white-space:nowrap">amended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:4165.61px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:4576.39px;white-space:nowrap">&#8220;1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:5162.16px;letter-spacing:1.43px;white-space:nowrap">Act&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:5666.07px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:582.7px;left:6047.96px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:0px;letter-spacing:-0.83px;white-space:nowrap">incorporated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:1189.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:1402.29px;letter-spacing:-0.78px;white-space:nowrap">Delaware </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:2281.21px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:2559.97px;white-space:nowrap">April </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:3020.92px;white-space:nowrap">8, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:3235.98px;white-space:nowrap">1986 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:3731.73px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:3970.1px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:4123.39px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">diversified, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:812.7px;left:5134.87px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1042.7px;left:0px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1042.7px;left:1222.57px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1042.7px;left:2256.61px;letter-spacing:-2.39px;white-space:nowrap">company. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1042.7px;left:3150.15px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1042.7px;left:4189.35px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1042.7px;left:5183px;letter-spacing:-0.21px;white-space:nowrap">commenced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1042.7px;left:6326.5px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:0px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:378.34px;white-space:nowrap">23, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:704.9px;white-space:nowrap">1986. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:1254.47px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:1633.56px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:2127.38px;letter-spacing:-0.93px;white-space:nowrap">reincorporated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:3498.41px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:3711px;letter-spacing:0.12px;white-space:nowrap">Maryland </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:4604.75px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:4883.51px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:5543.61px;white-space:nowrap">29, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1272.7px;left:5870.18px;white-space:nowrap">1990 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:0px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:435.7px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:714.46px;letter-spacing:-0.27px;white-space:nowrap">October </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:1485.43px;white-space:nowrap">16, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:1811.99px;white-space:nowrap">1996, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:2361.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:2706.6px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:3200.42px;letter-spacing:-0.2px;white-space:nowrap">changed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:4000.39px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:4476.16px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:4629.45px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:5587.12px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:5821.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1502.7px;left:5975.02px;white-space:nowrap">non-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:957.67px;letter-spacing:-2.39px;white-space:nowrap">company. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:1851.2px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:2230.29px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:2724.11px;letter-spacing:-0.31px;white-space:nowrap">became </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:3474.56px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:3627.85px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:4585.52px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:5043.89px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:5322.65px;letter-spacing:-0.27px;white-space:nowrap">October </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1732.7px;left:6093.61px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1962.7px;left:0px;white-space:nowrap">2008.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:379.09px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">preparation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:1463.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:1693.61px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:2483.27px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:3516.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:3729.58px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:4789.62px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2307.9px;left:5228.22px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:0px;white-space:nowrap">principles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:901.48px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:1753.66px;letter-spacing:-0.36px;white-space:nowrap">accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:2609.17px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:2821.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:3166.8px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:3812.4px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:4396.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:4626.34px;letter-spacing:-0.27px;white-space:nowrap">America </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2537.9px;left:5402.14px;letter-spacing:-0.61px;white-space:nowrap">(&#8220;U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:0px;letter-spacing:0.77px;white-space:nowrap">GAAP&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:708.55px;letter-spacing:-0.72px;white-space:nowrap">requires </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:1483.17px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:2705.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:2940.35px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:3465.86px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">estimates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:4365.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:4747.08px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">assumptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2767.9px;left:5905.3px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:546.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:891.6px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:1720.68px;letter-spacing:-0.27px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:2546.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:2928.43px;letter-spacing:-0.27px;white-space:nowrap">disclosures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:3948.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:4161.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:4506.35px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2997.9px;left:5296.01px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:0px;white-space:nowrap">Actual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:605.97px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:1242.33px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:1775.36px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:2292.28px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:2768.05px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:3312.89px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">estimates. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:4266.04px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:4645.14px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:5138.96px;text-rendering:optimizeLegibility;white-space:nowrap">qualifies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:5925.28px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3227.9px;left:6163.65px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:1033.43px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:1887.57px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:2464.14px;letter-spacing:-3.31px;white-space:nowrap">Topic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:2970.88px;white-space:nowrap">946 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:3354.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:3584.1px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:4619.9px;letter-spacing:-0.64px;white-space:nowrap">Standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3457.9px;left:5545.37px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">Codification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:230.21px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:622.72px;letter-spacing:-5.01px;white-space:nowrap">GAAP. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:1193.89px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:1572.98px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:2428.27px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:2611.64px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:2764.93px;letter-spacing:0.13px;white-space:nowrap">summary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:3639.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:3869.77px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:4812.07px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3687.9px;left:5828.07px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:0px;letter-spacing:-0.95px;white-space:nowrap">followed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:810.18px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:1070.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:1415.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:1908.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:2121.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:2466.62px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">preparation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:3550.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:3781.14px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:4036.81px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3917.9px;left:4826.46px;letter-spacing:-1.12px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4270.6px;left:0px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4270.6px;left:751.51px;text-rendering:optimizeLegibility;letter-spacing:-1.35px;white-space:nowrap">Valuation.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:1688.11px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:2067.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:2561.02px;letter-spacing:-0.59px;white-space:nowrap">calculates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:3476.04px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:3731.7px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:4075.66px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:4579.04px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:5097.46px;letter-spacing:-0.27px;white-space:nowrap">(&#8220;NAV&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4263.1px;left:5842.86px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:0px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:533.99px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:834.67px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">publication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:1865.38px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:2088.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:2433.86px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:2934.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:3164.43px;letter-spacing:-0.4px;white-space:nowrap">regular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:3840.87px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:4518.27px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:4797.03px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4493.1px;left:5677.25px;letter-spacing:-0.72px;white-space:nowrap">B&#246;rse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:0px;letter-spacing:0.15px;white-space:nowrap">XETRA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:669.88px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:1496.17px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:1719.61px;white-space:nowrap">11:30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:2273.15px;white-space:nowrap">a.m., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:2761.92px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:3213.42px;letter-spacing:-3.12px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4723.1px;left:3638.38px;text-rendering:optimizeLegibility;white-space:nowrap">time.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:379.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:997.84px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:1570.51px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:1923.17px;letter-spacing:-0.39px;white-space:nowrap">designated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:2941.53px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:3416.02px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:4602.28px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:5214.58px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5068.3px;left:5625.36px;letter-spacing:-0.73px;white-space:nowrap">&#8220;Advisor&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:238.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:583.41px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:1442.68px;white-space:nowrap">designee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:2283.9px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:2584.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:2929.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:3423.43px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:4260.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:4495.28px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:4933.67px;white-space:nowrap">2a-5 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:5377.32px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5298.3px;left:5954.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:0px;white-space:nowrap">1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:495.75px;white-space:nowrap">Act. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:889.13px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:1268.22px;letter-spacing:-0.32px;white-space:nowrap">Advisor&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:2112.88px;letter-spacing:-0.27px;white-space:nowrap">Pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:2756.12px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">Committee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:3787.05px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:4197.83px;letter-spacing:-0.24px;white-space:nowrap">&#8220;Pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5528.3px;left:4931.09px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">Committee&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:0px;letter-spacing:-0.21px;white-space:nowrap">typically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:770.97px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:1374.46px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:2263.16px;white-space:nowrap">using </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:2778.25px;letter-spacing:-0.4px;white-space:nowrap">readily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:3421.28px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:4240.16px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:4912.72px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">quotations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5758.3px;left:5909.49px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:0px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:575.78px;white-space:nowrap">supplied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:1373.6px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:1633.56px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:2813.92px;white-space:nowrap">pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:3461.88px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:4216.09px;white-space:nowrap">(which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:4856.01px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5988.3px;left:5190.63px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:0px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:338.59px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:942.09px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:1519.27px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:1957.66px;white-space:nowrap">2a-5). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:2520.87px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:2899.96px;white-space:nowrap">Advisor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:3608.95px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:3961.61px;letter-spacing:-0.4px;white-space:nowrap">adopted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:4750.3px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6218.3px;left:5088.9px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:0px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:1047.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:1457.61px;letter-spacing:-0.67px;white-space:nowrap">provide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:2175.19px;letter-spacing:-0.08px;white-space:nowrap">methodologies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:3545.67px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:3846.35px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:4184.94px;letter-spacing:-0.4px;white-space:nowrap">valuing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6448.3px;left:4860.63px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:0px;letter-spacing:-1.54px;white-space:nowrap">Various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:701.36px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:1299.91px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:1634.53px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:2106.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:2319.24px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:3448.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:3793.5px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:4311.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:4542.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6793.5px;left:4887.16px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:0px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:1172.94px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:1745.82px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:2344.38px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:2678.99px;letter-spacing:-0.49px;white-space:nowrap">summarized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:3808.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:4020.91px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:4547.28px;letter-spacing:-0.72px;white-space:nowrap">broad </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:5115.43px;letter-spacing:-0.4px;white-space:nowrap">levels. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7023.5px;left:5712.16px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:0px;white-space:nowrap">1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:161.24px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:938.33px;letter-spacing:-0.31px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:1624.54px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:2200.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:2412.91px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">active </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:2982.25px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:3739.89px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:4040.57px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">identical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:4836.67px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7253.5px;left:5779.19px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:0px;white-space:nowrap">2 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:161.24px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:938.33px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:1473.94px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:2416.24px;letter-spacing:-0.2px;white-space:nowrap">observable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:3434.38px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:4032.94px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:4947.96px;letter-spacing:-0.31px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7483.5px;left:5634.17px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:300.67px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:934.57px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:1877.09px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:2602.4px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:3142.84px;letter-spacing:-0.88px;white-space:nowrap">prepayment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:4265.94px;white-space:nowrap">speeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:4931.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:5313.73px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7713.5px;left:5873.51px;white-space:nowrap">risk). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:501.45px;white-space:nowrap">3 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:662.69px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:1439.78px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:2382.08px;letter-spacing:-0.17px;white-space:nowrap">unobservable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:3628.82px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:4227.37px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:5142.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7943.5px;left:5487.43px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:0px;letter-spacing:-0.27px;white-space:nowrap">own </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:431.41px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">assumptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:1589.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:1802.22px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:2931.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:3276.47px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:3615.07px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:4133.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:4363.69px;letter-spacing:-0.77px;white-space:nowrap">investments). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:5602.37px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8173.5px;left:5981.46px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:0px;white-space:nowrap">assigned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:812.43px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:1047.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:1392.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:2280.78px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">valuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:3225.13px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:3645.15px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:3996.2px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:4268.95px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:4536.53px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">indication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:5452.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:5683.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:6028.19px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8403.5px;left:6384.4px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8633.5px;left:0px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8633.5px;left:756.14px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8633.5px;left:1731px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8633.5px;left:2169.6px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8633.5px;left:3000.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8633.5px;left:3213.31px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8633.5px;left:3758.15px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:600.49px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:1489.19px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:1823.81px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:2456.52px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:2679.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:3025px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:3518.17px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:4135.96px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:4531.59px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:5022.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:5262.6px;text-rendering:optimizeLegibility;white-space:nowrap">official </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978.7px;left:5895.31px;white-space:nowrap">closing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:490.7px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:1319.79px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:1598.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:1943.58px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:2821.97px;letter-spacing:-0.72px;white-space:nowrap">(U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:3280.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:3520.54px;letter-spacing:-0.95px;white-space:nowrap">foreign) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:4258.42px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208.7px;left:4498.72px;letter-spacing:-1.01px;white-space:nowrap">over-the-counter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:672.57px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:951.33px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:1525.5px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:1966.46px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:2486.6px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:2965.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:3200.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:3545.24px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:3996.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:4227.05px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">valuation. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:5140.14px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438.7px;left:6043.34px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:574.17px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:852.93px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:1333.64px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:1668.26px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:2497.34px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:2831.96px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:3464.68px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:3688.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:4033.15px;letter-spacing:-0.59px;white-space:nowrap">calculated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:4977.39px;white-space:nowrap">mean </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668.7px;left:5527.71px;letter-spacing:-0.4px;white-space:nowrap">between </div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">23 </div></div>
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		<div style="height:532.99px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">







			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:345.04px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:838.21px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1456px;white-space:nowrap">bid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1782.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2164.77px;letter-spacing:-1.25px;white-space:nowrap">asked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2715.63px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">quotations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3712.39px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3991.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4336.19px;letter-spacing:-1.07px;white-space:nowrap">relevant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5105.01px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5777.58px;letter-spacing:-5.1px;white-space:nowrap">or, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:6051.29px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:153.29px;white-space:nowrap">mean </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:703.61px;letter-spacing:-0.31px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1363.94px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1636.68px;letter-spacing:-0.27px;white-space:nowrap">determined, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2776.75px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3000.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3345.22px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3838.4px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4456.18px;white-space:nowrap">bid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4783.07px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">quotation. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5748.57px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:888.7px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1223.32px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:2075.5px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3142.3px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3380.67px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3882.12px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:0px;letter-spacing:-0.9px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:1124.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:1336.87px;white-space:nowrap">open-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:2243.29px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:3277.33px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:4281.73px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:4616.35px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:5249.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:5630.95px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:6265.38px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:469.43px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:896.87px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:1366.73px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:2171.86px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:2532.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:2914.03px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:3248.65px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:4315.46px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:4553.83px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:5055.27px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:965.72px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">options </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:1676.64px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:2011.26px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:2863.44px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:3496.15px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:3719.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:4064.63px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">settlement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:5068.38px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:0px;letter-spacing:-0.49px;white-space:nowrap">established </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:1047.26px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:1517.12px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:1877.41px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:2156.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:2501.21px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:3379.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:3658.36px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:4232.53px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:4673.5px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:5008.12px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:5642.55px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:6024.43px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:1066.81px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:1305.18px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:1806.62px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:903.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:1285.09px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:1820.69px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:2409.15px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:2709.82px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:3283.99px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:3956.56px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">quotations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:4953.33px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:5287.95px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.6px;left:5639px;letter-spacing:-0.4px;white-space:nowrap">readily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:0px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:818.88px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:1059.18px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:1359.85px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:1934.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:2279.06px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:2863.65px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:3722.92px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:4770.5px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:5105.12px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:5883.6px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:234.61px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:851.64px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:1190.23px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:1708.65px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:2043.27px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:2675.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:2888.57px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:3041.87px;white-space:nowrap">manner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:3782.32px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:4192.35px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:4375.72px;letter-spacing:-0.48px;white-space:nowrap">intended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:5216.62px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:5451.23px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:469.43px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:808.03px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:1326.45px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:1564.81px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:2651.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:2863.65px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:3923.69px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:4362.29px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:5409.87px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:605px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:1227.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:1609.29px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:1943.91px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:2796.08px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:3862.89px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:4101.26px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:4602.71px;white-space:nowrap">3. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:4817.76px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:5035.51px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:783.64px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:1402.39px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:2261.66px;letter-spacing:-0.63px;white-space:nowrap">procedures, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:3363.06px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:4012.31px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:5034.76px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3335.6px;left:5247.34px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:518.42px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:938.44px;white-space:nowrap">include, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:1684.27px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:2034.89px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:2369.51px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:2720.57px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:3383.14px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:3667.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:4012.31px;white-space:nowrap">type </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:4454.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:4684.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:5029.6px;white-space:nowrap">security; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3565.6px;left:5832.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">size </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:373.29px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:603.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:948.54px;white-space:nowrap">holding; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:1713.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:2058.96px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:2591.34px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:3001.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:3232.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:3577.15px;white-space:nowrap">security; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:4380.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:4725.06px;letter-spacing:-0.81px;white-space:nowrap">existence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:5598.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:5828.93px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">contractual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:1047.69px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">restrictions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:2084.63px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:2363.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:2708.43px;letter-spacing:-0.68px;white-space:nowrap">security&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:3584.88px;text-rendering:optimizeLegibility;white-space:nowrap">disposition; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:4651.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:4996.19px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:5486.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4025.6px;left:5868.78px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:230.21px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:813.51px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:1490.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:1703.5px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:2337.39px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:3226.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:3456.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:3801.34px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:4368.63px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:4608.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4255.6px;left:4839.14px;letter-spacing:-0.59px;white-space:nowrap">comparable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-0.2px;white-space:nowrap">companies; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:1062.19px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">quotations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:2058.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:2299.26px;letter-spacing:-0.86px;white-space:nowrap">evaluated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:3211.16px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:3786.94px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:4262.71px;letter-spacing:-1.58px;white-space:nowrap">broker-dealers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:5587.33px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4485.6px;left:6236.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">appropriate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:1087.11px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:1594.68px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:2473.07px;letter-spacing:-1.07px;white-space:nowrap">(for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:2839.48px;letter-spacing:-0.87px;white-space:nowrap">exchange-traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:4369.92px;text-rendering:optimizeLegibility;white-space:nowrap">securities); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:5382.16px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4715.6px;left:5649.75px;letter-spacing:-0.3px;white-space:nowrap">analysis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:575.24px;letter-spacing:-1.4px;white-space:nowrap">company&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:1561.38px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:1801.68px;letter-spacing:-0.36px;white-space:nowrap">issuer&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:2504.65px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:3294.31px;letter-spacing:-1.03px;white-space:nowrap">statements; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:4385.82px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:4653.41px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">evaluation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:5620.31px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4945.6px;left:5850.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:0px;letter-spacing:-1.23px;white-space:nowrap">forces </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:584.8px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:994.83px;text-rendering:optimizeLegibility;letter-spacing:-0.11px;white-space:nowrap">influence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:1859.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:2204.51px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:2771.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:3153.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:3498.73px;letter-spacing:-0.86px;white-space:nowrap">market(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:4387.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:4600.45px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:5174.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5175.6px;left:5519.66px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:183.37px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:1153.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:1535.7px;white-space:nowrap">sold; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:2005.89px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:2441.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:2880.2px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:3585.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:3819.81px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:4278.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:5220.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5405.6px;left:5565.63px;letter-spacing:-1.93px;white-space:nowrap">maturity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:0px;letter-spacing:-0.27px;white-space:nowrap">coupon, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:767.31px;letter-spacing:-0.3px;white-space:nowrap">creditworthiness, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:2351.36px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:3170.99px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">denomination, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:4513.01px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:4894.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:5239.93px;letter-spacing:-0.6px;white-space:nowrap">movement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5635.6px;left:6247.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:345.04px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:1017.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:1230.2px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:1804.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:2149.4px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:2894.48px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:3077.85px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:3904.14px;letter-spacing:-0.54px;white-space:nowrap">traded. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:4592.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:4971.48px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5865.6px;left:5489.9px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:0px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:577.18px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:1116.01px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:2163.58px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:2583.6px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:3100.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:3576.29px;white-space:nowrap">published </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:4488.41px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:5091.9px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:5392.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6095.6px;left:5737.62px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6325.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Disclosure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:954.44px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:1523.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:1868.39px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">classification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:3037.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:3267.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:3612.28px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:3950.87px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:4469.29px;letter-spacing:-0.41px;white-space:nowrap">measurements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6670.8px;left:5838.27px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:0px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:806.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:1018.9px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:1172.19px;letter-spacing:-0.54px;white-space:nowrap">table </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:1666.11px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:2521.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:2866.45px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:3485.2px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:4336.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6900.8px;left:4567.15px;letter-spacing:-0.9px;white-space:nowrap">Investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7253.5px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7253.5px;left:891.68px;text-rendering:optimizeLegibility;letter-spacing:-1.18px;white-space:nowrap">Transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7253.5px;left:2026.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7253.5px;left:2402.9px;letter-spacing:-0.84px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7253.5px;left:3433.52px;letter-spacing:-0.15px;white-space:nowrap">Income.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7246px;left:4184.32px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7246px;left:5223.52px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:334.62px;letter-spacing:-0.64px;white-space:nowrap">accounted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:1307.22px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:1607.89px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:1886.65px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:2039.94px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:2560.08px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:3004.38px;white-space:nowrap">plus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:3416.34px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:3803.81px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:4290.11px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:4590.78px;white-space:nowrap">daily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:5052.48px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7476px;left:5479.91px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">calculation. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7706px;left:0px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7706px;left:871.41px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7706px;left:1172.08px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7706px;left:1961.74px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7706px;left:2834.22px;white-space:nowrap">purposes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7706px;left:3750.1px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7706px;left:4784.14px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:1126.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:1461.47px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:2290.56px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:2569.32px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:3089.45px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:3587.57px;letter-spacing:-1.13px;white-space:nowrap">Interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:4318.04px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:5019.5px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:5202.87px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7936px;left:6050px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:345.04px;white-space:nowrap">accrual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:1027.71px;white-space:nowrap">basis. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:1567.82px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:2396.58px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:3098.05px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:3281.42px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:4128.54px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:4407.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:4752.34px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166px;left:5820.33px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:0px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:343.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:574.17px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:1246.31px;white-space:nowrap">withholding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:2342.76px;letter-spacing:-1.61px;white-space:nowrap">taxes. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:2896.74px;letter-spacing:-0.4px;white-space:nowrap">Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:3584.24px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:4478.85px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:4954.62px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396px;left:5626.76px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:420.02px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:692.76px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:1539.89px;letter-spacing:-0.29px;white-space:nowrap">subsequent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:2617.76px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:2852.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:3197.41px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:4265.4px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:4709.7px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:4948.07px;white-space:nowrap">soon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:5426.63px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:5665px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626px;left:6010.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:183.37px;letter-spacing:-0.72px;white-space:nowrap">informed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:1042.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:1273.06px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:1730.03px;white-space:nowrap">dividends. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:2678.46px;letter-spacing:-1.07px;white-space:nowrap">Realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:3454.58px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:3954.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:4336.51px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:4913.48px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856px;left:5389.25px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:1126.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:1461.47px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:2308.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:2587.36px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:2854.95px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">identified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:3744.08px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:4154.65px;white-space:nowrap">basis. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:4694.77px;letter-spacing:-0.72px;white-space:nowrap">Proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086px;left:5550.7px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">litigation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:814.37px;letter-spacing:-0.64px;white-space:nowrap">payments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:1780.73px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:1944.77px;letter-spacing:-4.3px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:2341.69px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:2676.31px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:3482.62px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:3695.21px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:4039.17px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:4775.12px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:5190.09px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9316px;left:5704.75px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9546px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9898.7px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9898.7px;left:891.68px;white-space:nowrap">Lending.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.2px;left:1681.24px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">National </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.2px;left:2473.04px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.2px;left:3298.9px;letter-spacing:0.24px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.2px;left:4067.61px;letter-spacing:-0.54px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.2px;left:4417.27px;white-space:nowrap">(Fidelity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.2px;left:5171.91px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:0px;white-space:nowrap">Lending), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:864.75px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:1103.12px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:1804.69px;letter-spacing:-0.54px;white-space:nowrap">agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:2406.46px;white-space:nowrap">lends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:2927.14px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:3815.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:4046.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:4391.08px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:4884.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:5119.51px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.2px;left:5782.84px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">institutions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:1033.94px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:1611.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:1956.15px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:2519.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:2749.89px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:3005.56px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:3894.26px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:4595.83px;letter-spacing:-0.49px;white-space:nowrap">agreement. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.2px;left:5663.28px;white-space:nowrap">During </div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:531.75px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.778px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<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:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">24 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
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		<div style="height:531.95px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">




			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:345.04px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:823.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1053.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1398.74px;white-space:nowrap">loans, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1968.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2313.54px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2807.36px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3716.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3951.51px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4636.76px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5531.37px;letter-spacing:-1.02px;white-space:nowrap">generated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:605px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1493.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1875.59px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2110.2px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3109.43px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3322.02px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3682.31px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4453.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4665.65px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5135.09px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5807.66px;letter-spacing:-0.46px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:872.91px;letter-spacing:-0.72px;white-space:nowrap">requires </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1647.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1992.57px;letter-spacing:-1.18px;white-space:nowrap">borrowers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:2949.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3179.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3524.51px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:4413.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:4647.82px;letter-spacing:-0.6px;white-space:nowrap">maintain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:5471.32px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:783.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1277.46px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">consisting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2200.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2430.42px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3008.56px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3452.65px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3692.95px;white-space:nowrap">liquid, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4285.06px;letter-spacing:-0.25px;white-space:nowrap">unencumbered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:5686.91px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.54px;white-space:nowrap">having </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:626.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:779.88px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1298.3px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1521.74px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1986.98px;white-space:nowrap">equal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:2526.13px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:2760.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:3105.78px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:3624.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:3854.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:4199.44px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:5088.14px;white-space:nowrap">loaned. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:5795.84px;white-space:nowrap">When </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:345.04px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:1201.94px;letter-spacing:-0.81px;white-space:nowrap">falls </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:1598.33px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:2187px;text-rendering:optimizeLegibility;white-space:nowrap">specified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:3023.5px;letter-spacing:-0.24px;white-space:nowrap">amounts, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:3903.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:4248.21px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:5136.91px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:5838.49px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:349.12px;white-space:nowrap">use </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:706.94px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:962.61px;letter-spacing:-0.54px;white-space:nowrap">best </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:1390.04px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effort </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:1930.05px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:2164.66px;letter-spacing:-0.61px;white-space:nowrap">obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:2777.82px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:3708.53px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:4565.43px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:4844.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:5189.23px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:5624.18px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:360.29px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:594.9px;letter-spacing:-0.21px;white-space:nowrap">meet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:1107.3px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:1911.14px;letter-spacing:-0.27px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:2737px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:3314.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:3659.22px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:4547.92px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:5249.49px;letter-spacing:-0.49px;white-space:nowrap">agreement. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:984.41px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:1259.84px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:1982.15px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:2592.2px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:3047.99px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:3374.55px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:3924.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:4269.16px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:4762.98px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:5550.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:5895.74px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:0px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:856.9px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:1252.22px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:1405.51px;letter-spacing:-0.36px;white-space:nowrap">joint </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:1853.56px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:2530.97px;letter-spacing:-0.54px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:3282.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:3495.29px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:4313.2px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:4970.63px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:5643.19px;white-space:nowrap">funds, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:0px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:849.28px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:1323.76px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:2485.85px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:2682.97px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:3371.76px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:4274.96px;text-rendering:optimizeLegibility;letter-spacing:-1.32px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300px;left:5125.1px;letter-spacing:-0.2px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:259.96px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:734.44px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:1773.64px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:3008.03px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:3922.72px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:4287.85px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530px;left:4762.33px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760px;left:1234.38px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760px;left:2149.08px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760px;left:2514.21px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760px;left:3284.53px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760px;left:3437.82px;text-rendering:optimizeLegibility;letter-spacing:-0.62px;white-space:nowrap">management/administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760px;left:6015.95px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:0px;white-space:nowrap">(0.13% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:659.36px;letter-spacing:-0.49px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:1660.42px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:2461.25px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:2862.79px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:3101.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:3331.37px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:3787.16px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:4113.72px;white-space:nowrap">2024) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:4675.21px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:4953.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:5299.01px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990px;left:5743.1px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:0px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:787.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:1000.31px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:1474.79px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:2636.88px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:2834px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:3522.79px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:4426px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">Portfolio. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:5280.43px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220px;left:5659.52px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:0px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:770.32px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">compensation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:2072.17px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:2372.84px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:3074.41px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:3330.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:4218.78px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:4796.92px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:5009.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:5354.55px;letter-spacing:-1.07px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450px;left:5829.25px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:0px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:411.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:651.84px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:911.8px;white-space:nowrap">earning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:1629.91px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:2355.22px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:2633.98px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:3421.71px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:3865.79px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:4722.7px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:5066.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680px;left:5296.87px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:0px;letter-spacing:-0.94px;white-space:nowrap">rebates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:710.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:1092.59px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:1504.12px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:1934.56px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:2169.17px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:2322.46px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:3211.16px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:3912.73px;letter-spacing:-0.54px;white-space:nowrap">agent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:4514.51px;white-space:nowrap">Either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:5091.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:5436.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910px;left:5930.33px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:345.04px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:1220.96px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:1640.98px;letter-spacing:-0.64px;white-space:nowrap">terminate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:2562.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:2907.59px;white-space:nowrap">loan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:3338.46px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:3561.89px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:3922.19px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:4373.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:4755.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:5100.71px;letter-spacing:-2.79px;white-space:nowrap">borrower, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140px;left:6010.04px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">notice, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:653.98px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:837.35px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:1641.19px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:1875.8px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:2482.52px;letter-spacing:-0.84px;white-space:nowrap">borrowed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:3396.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:4285.6px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:4887.05px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:5040.34px;letter-spacing:-1.01px;white-space:nowrap">standard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370px;left:5864.16px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:0px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:679.98px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:1240.4px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:1660.42px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:1933.16px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:2372.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:2602.51px;letter-spacing:-0.72px;white-space:nowrap">delay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:3120.07px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:3501.95px;letter-spacing:-0.81px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:3997.6px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:4210.19px;letter-spacing:-0.84px;white-space:nowrap">recovery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:5023.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:5253.79px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600px;left:6142.49px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:0px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:475.02px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:858.19px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:1088.4px;letter-spacing:-0.31px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:1635.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:1847.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:2192.8px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:3049.71px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:3690.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:4035.73px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:4911.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:5141.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830px;left:5486.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:0px;letter-spacing:-0.97px;white-space:nowrap">fail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:311.31px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">financially. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:1285.3px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:1454.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:1799.53px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:2293.35px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:2476.72px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:2827.77px;white-space:nowrap">able </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:3252.63px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:3487.24px;letter-spacing:-1.07px;white-space:nowrap">recover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:4202.56px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:5091.26px;letter-spacing:-0.36px;white-space:nowrap">lent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:5536.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060px;left:5881.56px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:420.02px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:760.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:1105.69px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:1962.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:2344.48px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:3200.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:3353.93px;letter-spacing:-0.45px;white-space:nowrap">replacement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:4520.85px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:5554.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5290px;left:5767.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:0px;letter-spacing:-1.07px;white-space:nowrap">market, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:726.39px;white-space:nowrap">incurring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:1564.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:1909.53px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:2265.74px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:2675.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:3020.81px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:3539.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:3769.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:4114.47px;letter-spacing:-0.45px;white-space:nowrap">replacement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:5281.4px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5520px;left:6026.47px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:0px;letter-spacing:-0.94px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:690.29px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:1144.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:1489.51px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:2007.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:2238.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:2583.17px;letter-spacing:-0.9px;white-space:nowrap">collateral. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:3493.9px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:3872.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:4366.81px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:4550.18px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:4951.83px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:5640.4px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5750px;left:5875.01px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:1034.04px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:1473.18px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:2448.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:2886.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:3231.68px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:4447.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:4677.26px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:5037.55px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5980px;left:5481.63px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:0px;letter-spacing:-0.54px;white-space:nowrap">received, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:853.36px;letter-spacing:0.2px;white-space:nowrap">including, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:1758.6px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:2109.23px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:2460.28px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:3122.86px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:3406.99px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:4132.3px;letter-spacing:-1.43px;white-space:nowrap">rate, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:4587.67px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:5147.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:5529.33px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6210px;left:6285.47px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6440px;left:0px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6440px;left:974.85px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6440px;left:1413.46px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6440px;left:1870.43px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:872.91px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:1254.79px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:1533.55px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:2422.26px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:2701.02px;white-space:nowrap">loan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:3131.88px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:3355.32px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:3811.11px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6785.2px;left:4137.68px;white-space:nowrap">2024.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7137.9px;left:0px;letter-spacing:-0.62px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7137.9px;left:696.04px;letter-spacing:-0.26px;white-space:nowrap">Currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7137.9px;left:1520.04px;text-rendering:optimizeLegibility;letter-spacing:-1.44px;white-space:nowrap">Translation.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:2591.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:2970.16px;letter-spacing:-0.36px;white-space:nowrap">books </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:3543.57px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:3925.46px;letter-spacing:-1.07px;white-space:nowrap">records </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:4634.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:4864.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:5209.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7130.4px;left:5703.72px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7360.4px;left:0px;letter-spacing:-0.49px;white-space:nowrap">maintained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7360.4px;left:1046.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7360.4px;left:1259.09px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7360.4px;left:1904.7px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7360.4px;left:2488.43px;letter-spacing:-0.54px;white-space:nowrap">dollars.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:0px;letter-spacing:-0.15px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:608.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:990.75px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:1814.03px;letter-spacing:-0.36px;white-space:nowrap">denominated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:3047.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:3259.82px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:3931.96px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:4751.59px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7705.6px;left:5086.21px;letter-spacing:-0.78px;white-space:nowrap">translated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:0px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:395.31px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:1040.92px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:1624.65px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:2260.69px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:2484.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:2829.17px;letter-spacing:-0.68px;white-space:nowrap">prevailing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:3733.66px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:4612.05px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:5098.67px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:5322.11px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7935.6px;left:5948.27px;white-space:nowrap">end. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:936.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:1318.39px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:1799.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:2029.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:3063.35px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:4005.87px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:4707.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:5089.22px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8165.6px;left:5952.68px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:0px;letter-spacing:-0.78px;white-space:nowrap">translated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:939.62px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:1163.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:1508.1px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:1909.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:2139.84px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:3018.23px;letter-spacing:-0.68px;white-space:nowrap">prevailing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:3922.72px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:4201.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:4546.52px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">respective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8395.6px;left:5501.72px;letter-spacing:-0.72px;white-space:nowrap">dates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:230.21px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:687.18px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">transactions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:1867.85px;letter-spacing:-0.36px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:2237.92px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:2973.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:3355.75px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:4320.29px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:4820.34px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:5202.23px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8625.6px;left:5779.19px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:672.14px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:1491.77px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:2618.62px;letter-spacing:-0.86px;white-space:nowrap">represent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:3523.54px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:3867.51px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:4367.56px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:4749.44px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8855.6px;left:5326.41px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:520.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:902.02px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">settlement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:1905.77px;letter-spacing:-0.72px;white-space:nowrap">dates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:2435.15px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:2713.91px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:3602.61px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">transactions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:4783.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:5128.32px;text-rendering:optimizeLegibility;white-space:nowrap">acquisition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9085.6px;left:6134.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">disposition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:1008.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:1238.68px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:1910.82px;letter-spacing:-0.27px;white-space:nowrap">currencies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:2929.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:3311.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:3656.53px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">difference </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:4595.51px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:5422.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9315.6px;left:5767.8px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:230.21px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:574.17px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:1608.21px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:2309.68px;white-space:nowrap">accrued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:3063.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:3445.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:3790.17px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:4182.69px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:4737.95px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9545.6px;left:5478.73px;white-space:nowrap">actually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">received. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:853.36px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:1232.45px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:1935.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:2165.41px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:2630.76px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:3366.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:3748.59px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:4713.13px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:5213.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:5595.07px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9775.6px;left:6172.03px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:1119.12px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:1529.15px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:2165.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:2641.29px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">fluctuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:3733.66px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:3946.25px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:4618.39px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10005.6px;left:5438.02px;letter-spacing:-1.07px;white-space:nowrap">exchange </div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">25 </div></div>
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			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">









			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:486.62px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:669.99px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1021.04px;letter-spacing:-0.78px;white-space:nowrap">separately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1979.79px;white-space:nowrap">disclosed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2842.38px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3193.01px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3376.38px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4182.69px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4621.29px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4965.25px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:964.54px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">gain/appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2561.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2943.04px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">loss/depreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4516.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4794.99px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:241.16px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:696.95px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:1023.52px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:1573.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:1918.13px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:2796.51px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:3198.06px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:3587.46px;white-space:nowrap">EUR </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:4001.68px;white-space:nowrap">&#8364;1.00 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:4551.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:4785.86px;white-space:nowrap">USD </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:575.2px;left:5208.56px;white-space:nowrap">$1.07.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:927.9px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">Contingencies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:1320.91px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:1538.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:1883.7px;white-space:nowrap">normal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:2564.43px;letter-spacing:-0.92px;white-space:nowrap">course </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:3199.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:3430.14px;white-space:nowrap">business, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:4289.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:4634.13px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:5127.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:5547.96px;letter-spacing:-0.72px;white-space:nowrap">enter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920.4px;left:6073.26px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:0px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:866.36px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:1304.96px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:1974.09px;letter-spacing:-0.97px;white-space:nowrap">providers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:2848.29px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:3258.32px;letter-spacing:-0.94px;white-space:nowrap">contain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:3961.83px;letter-spacing:-0.74px;white-space:nowrap">general </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150.4px;left:4668.45px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">indemnification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:0px;white-space:nowrap">clauses. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:742.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:1121.48px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:1740.23px;letter-spacing:-0.27px;white-space:nowrap">maximum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:2668.36px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:3525.37px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:4102.55px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:4641.38px;letter-spacing:-0.62px;white-space:nowrap">arrangements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380.4px;left:5922.38px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:0px;letter-spacing:-0.12px;white-space:nowrap">unknown, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:925.12px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:1163.49px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:1533.45px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:2126.63px;letter-spacing:-1.01px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:2796.73px;letter-spacing:-0.46px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:3394.42px;white-space:nowrap">claims </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:3997.49px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:4407.52px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:4827.54px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:5100.28px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610.4px;left:5650.61px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:838.86px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:1248.89px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:1716.06px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:2067.12px;letter-spacing:-0.94px;white-space:nowrap">yet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:2391.1px;letter-spacing:-0.32px;white-space:nowrap">occurred. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:3282.28px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:4153.68px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:4729.36px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:5008.12px;letter-spacing:-0.27px;white-space:nowrap">experience, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840.4px;left:6081.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:493.82px;letter-spacing:-0.4px;white-space:nowrap">expects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:1215.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:1560.09px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:1916.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:2146.5px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:2529.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:2764.29px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070.4px;left:3037.03px;letter-spacing:-0.77px;white-space:nowrap">remote.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2423.1px;left:0px;letter-spacing:-3.81px;white-space:nowrap">Taxes.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:576.58px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:955.67px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:1574.42px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:2140.86px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:2324.23px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:2558.84px;letter-spacing:-0.31px;white-space:nowrap">comply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:3248.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:3687.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:4032.24px;letter-spacing:-0.66px;white-space:nowrap">requirements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:5274.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:5504.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.6px;left:5849.28px;letter-spacing:-0.48px;white-space:nowrap">Internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:0px;letter-spacing:-0.94px;white-space:nowrap">Revenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:810.82px;white-space:nowrap">Code </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:1316.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:1546.23px;white-space:nowrap">1986, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:2095.8px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:2334.17px;white-space:nowrap">amended, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:3275.62px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:3849.79px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:4184.4px;letter-spacing:-0.2px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:5129.93px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.6px;left:5364.54px;letter-spacing:-0.75px;white-space:nowrap">regulated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:1034.04px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:2092.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:2474.14px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:2708.75px;letter-spacing:-0.44px;white-space:nowrap">distribute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:3607.87px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:3858.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:4088.48px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:4344.14px;letter-spacing:-1.21px;white-space:nowrap">taxable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:5027.24px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:5728.7px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2875.6px;left:5963.31px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3105.6px;left:0px;letter-spacing:-0.58px;white-space:nowrap">shareholders.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:1133.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:1478.34px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:1972.16px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:2392.18px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:2664.92px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:3353.5px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:3588.11px;letter-spacing:-1.88px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:4088.26px;white-space:nowrap">imposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:4897.69px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.8px;left:5157.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">governments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:1211.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:1441.39px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:2314.19px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:2526.78px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:3100.95px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:3271.53px;letter-spacing:-0.95px;white-space:nowrap">invests. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:3977.29px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:4448.77px;letter-spacing:-1.88px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:4948.93px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3680.8px;left:5283.54px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:575.67px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:854.43px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:1555.9px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:2204.83px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:2833.57px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:3333.62px;white-space:nowrap">earned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:4008.77px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:4249.07px;letter-spacing:-0.74px;white-space:nowrap">repatriated. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3910.8px;left:5340.91px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">Estimated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:312.28px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:1135.56px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:1414.32px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:2077.65px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:2749.79px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:3638.49px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:3973.11px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:4820.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:5098.99px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:5366.58px;white-space:nowrap">accrual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:6049.25px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:381.88px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:716.5px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">reflected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:1554.39px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:1792.76px;letter-spacing:-0.39px;white-space:nowrap">components </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:2944.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:3174.42px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:3899.74px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:4601.2px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:4841.5px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:5185.47px;letter-spacing:-0.23px;white-space:nowrap">change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:5871.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:964.54px;letter-spacing:-0.43px;white-space:nowrap">gain/loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:1792.66px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:2071.42px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:3244.36px;letter-spacing:-4.83px;white-space:nowrap">Tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:3576.72px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:4400px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:5135.95px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:5374.32px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:5527.61px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:6078.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:0px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:745.08px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:1225.79px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:1560.41px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">reflected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:2398.3px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:2636.67px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:2789.96px;letter-spacing:-0.43px;white-space:nowrap">component </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:3856.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:4086.54px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:4430.51px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:5166.46px;letter-spacing:-0.43px;white-space:nowrap">gain/loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4830.8px;left:5994.57px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5060.8px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:241.16px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:1208.28px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:1534.84px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:2084.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:2429.45px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:2923.27px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:3305.16px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:3458.45px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:3802.41px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:4114.69px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:4600.99px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:5229.73px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:0px;letter-spacing:-0.79px;white-space:nowrap">carryforward </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:1189.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:1419.26px;letter-spacing:-0.92px;white-space:nowrap">approximately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:2723.57px;white-space:nowrap">$3,891,000, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:3826.8px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:4400.97px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:4820.99px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:5093.73px;white-space:nowrap">applied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:5795.73px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:0px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:735.95px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:1079.91px;letter-spacing:-1.21px;white-space:nowrap">taxable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:1763.01px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:2391.75px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:2891.8px;text-rendering:optimizeLegibility;letter-spacing:-1.53px;white-space:nowrap">indefinitely, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:3962.69px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:4811.96px;letter-spacing:-0.88px;white-space:nowrap">short-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:5812.49px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:0px;white-space:nowrap">($1,624,000) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:1180.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:1562.77px;letter-spacing:-0.21px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:2489.29px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:3066.25px;white-space:nowrap">(2,267,000).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:241.16px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:696.95px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:1023.52px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:1573.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:1918.13px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:2840.23px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:3250.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:3481.01px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:4600.13px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:4900.8px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6441.2px;left:5565.21px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:312.28px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:1174.34px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:1563.74px;white-space:nowrap">$59,512,021. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:2778.47px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:3157.56px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:3501.52px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:4466.06px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6671.2px;left:5620.96px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:0px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:250.4px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:1369.52px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:1945.2px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:2223.96px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:2536.23px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:2946.8px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:3336.2px;white-space:nowrap">$12,571,505. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:4550.93px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:4954.94px;letter-spacing:-0.7px;white-space:nowrap">consisted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6901.2px;left:5834.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:0px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:922.11px;letter-spacing:-0.72px;white-space:nowrap">gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:1431.4px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:2395.94px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:3550.83px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:3851.5px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:4101.9px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:5221.03px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:5521.7px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7131.2px;left:6095.87px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:389.4px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:656.99px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:1271.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:1502.08px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:2020.5px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:2463.08px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:2775.35px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:3185.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:3416.12px;white-space:nowrap">$20,048,758 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:4577.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:4958.92px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7361.2px;left:5881.03px;letter-spacing:-0.72px;white-space:nowrap">gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:964.54px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">depreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:2124.59px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:2425.26px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:2675.66px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:3794.79px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:4095.46px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:4669.63px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:5196px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:5585.4px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7591.2px;left:5852.99px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7821.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7821.2px;left:230.21px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7821.2px;left:542.48px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7821.2px;left:953.05px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7821.2px;left:1395.63px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7821.2px;left:1914.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7821.2px;left:2144.25px;white-space:nowrap">$7,477,253.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:872.91px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:1225.58px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:2083.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:2428.16px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:2740.44px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:3586.06px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:3886.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:4231.78px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:4733.54px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:5045.82px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:5558.76px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8166.4px;left:5797.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:0px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:967.12px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:1293.68px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:1789.43px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:2171.32px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:2523.98px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:3610.23px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:4020.26px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:4299.02px;letter-spacing:-0.54px;white-space:nowrap">provision </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:5156.25px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8396.4px;left:5456.92px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:312.28px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:961.21px;letter-spacing:-0.32px;white-space:nowrap">uncertain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:1853.13px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:2165.41px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:3011.04px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:3194.4px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:3998.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:4210.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:4555.87px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8626.4px;left:5174.62px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:0px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:1087.54px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:1466.63px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:2085.38px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:2749.79px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:3062.06px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:3753.86px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:4054.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:4399.57px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:4878.56px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:5404.93px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8856.4px;left:5896.82px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:0px;letter-spacing:-0.46px;white-space:nowrap">remain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:671.49px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:1173.26px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:1861.84px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:2096.45px;text-rendering:optimizeLegibility;letter-spacing:-0.74px;white-space:nowrap">examinations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:3314.5px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:3574.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:3919.5px;letter-spacing:-0.48px;white-space:nowrap">Internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:4656.2px;letter-spacing:-0.94px;white-space:nowrap">Revenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9086.4px;left:5467.02px;letter-spacing:0.27px;white-space:nowrap">Service.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9439.1px;left:0px;white-space:nowrap">Dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9439.1px;left:909.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9439.1px;left:1286.46px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">Distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9439.1px;left:2456.02px;letter-spacing:-0.68px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9439.1px;left:2687.14px;letter-spacing:-0.38px;white-space:nowrap">Shareholders.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9431.6px;left:3938.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9431.6px;left:4317.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9431.6px;left:4810.93px;letter-spacing:-1.07px;white-space:nowrap">records </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9431.6px;left:5520.13px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:381.88px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:1535.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:1769.99px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:2025.65px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:3216.86px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:3495.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:3840.65px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:4908.64px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9661.6px;left:5406.76px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">timing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:608.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:990.75px;letter-spacing:-0.64px;white-space:nowrap">character </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:1875.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:2105.47px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:2768.8px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:3470.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:3852.15px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:4480.89px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:4895.86px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9891.6px;left:6049.36px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:0px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:1086.25px;white-space:nowrap">annually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:1880.1px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:2092.69px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:3152.72px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:3591.33px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:4236.93px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:4820.66px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10121.6px;left:5485.07px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:312.28px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">regulations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:1397.77px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:1971.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:2391.96px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:2908.88px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:3384.65px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:4400.64px;white-space:nowrap">principles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10351.6px;left:5302.13px;letter-spacing:-0.59px;white-space:nowrap">generally </div></div>
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			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">26 </div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="height:533.33px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">










			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.36px;white-space:nowrap">accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:855.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1068.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1413.13px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2058.74px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2642.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2872.68px;letter-spacing:-0.24px;white-space:nowrap">America. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3702.29px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4275.18px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">differences </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5299.23px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-1.07px;white-space:nowrap">relate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:559.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:794.49px;letter-spacing:-0.42px;white-space:nowrap">restructuring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1992.35px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2222.56px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2885.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3828.41px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4207.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4701.32px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5121.34px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">utilize </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5691.53px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5844.82px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:575.24px;letter-spacing:-0.48px;white-space:nowrap">proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1435.91px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1911.68px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:2540.42px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3074.41px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:4196.97px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:4435.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:4588.63px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:5657.05px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:6132.82px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1034.04px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1735.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2117.39px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2853.34px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3482.08px;letter-spacing:-0.61px;white-space:nowrap">gains. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4035.95px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4294.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4448.02px;letter-spacing:-0.4px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:5053.13px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:5397.09px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:701.46px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1216.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1598.01px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1941.97px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:2677.92px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:3092.89px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:3607.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:3886.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:4920.35px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:6047.21px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:153.29px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:1025.77px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:1651.93px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:2071.95px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:2588.87px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">significantly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:3676.73px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:4152.5px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:5306px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:5926.14px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:0px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:679.98px;letter-spacing:-1.74px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:1788.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:2133.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:2627.32px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:3047.34px;letter-spacing:-0.17px;white-space:nowrap">periodically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:4111.14px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:4636.65px;text-rendering:optimizeLegibility;letter-spacing:-0.42px;white-space:nowrap">reclassifications </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:0px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:659.46px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:1322.79px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:1553px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:1808.66px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:2437.4px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:3274.22px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:4014.14px;text-rendering:optimizeLegibility;white-space:nowrap">impacting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:4934.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:5279.46px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:5706.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:5937.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:0px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:379.09px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:691.37px;letter-spacing:-0.64px;white-space:nowrap">character </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:1575.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:1806.08px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:2505.29px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:2937.45px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:4090.95px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:4440.07px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:4712.81px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:5799.06px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2185.2px;left:6022.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:387.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:617.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:962.29px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:1661.49px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:2153.38px;letter-spacing:-5.26px;white-space:nowrap">year.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2928.5px;left:0px;white-space:nowrap">B. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2928.5px;left:242.35px;letter-spacing:-0.92px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2928.5px;left:1371.13px;letter-spacing:0.11px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2928.5px;left:2258.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2928.5px;left:2670.72px;text-rendering:optimizeLegibility;letter-spacing:-0.65px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2928.5px;left:4147.75px;letter-spacing:-0.47px;white-space:nowrap">Agreements</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:872.91px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:1056.28px;white-space:nowrap">party </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:1569px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:1803.61px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:2071.2px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:3110.4px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:3917.46px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:4951.5px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3281.2px;left:5390.11px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:1186.26px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:1798.56px;letter-spacing:-0.21px;white-space:nowrap">(&#8220;DWSI&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:2692.1px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:3071.19px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:3565.01px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:3966.66px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:4319.33px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3511.2px;left:4586.91px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:1034.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:1472.65px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:1947.13px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:2986.33px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:4220.71px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:5135.41px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3741.2px;left:5500.54px;letter-spacing:-0.75px;white-space:nowrap">(&#8220;DIMA&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3971.2px;left:0px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3971.2px;left:528.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3971.2px;left:910.08px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3971.2px;left:1456.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3971.2px;left:1791.47px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3971.2px;left:2609.38px;letter-spacing:-0.21px;white-space:nowrap">companies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:602.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:947.78px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:1986.98px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:2794.04px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:3828.09px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:4266.69px;letter-spacing:-0.36px;white-space:nowrap">DWSI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:4848.7px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:5376.89px;letter-spacing:-0.4px;white-space:nowrap">directs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316.4px;left:6021.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:1119.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:1349.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:1694.37px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:2188.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:2400.77px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:3460.81px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:3899.41px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:4155.08px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546.4px;left:5189.12px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">objectives, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:0px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:711.78px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:1093.66px;text-rendering:optimizeLegibility;letter-spacing:-0.42px;white-space:nowrap">restrictions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:2184.42px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:2712.62px;letter-spacing:-0.29px;white-space:nowrap">determines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:3769.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:4114.69px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:5057.21px;letter-spacing:-0.4px;white-space:nowrap">instruments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776.4px;left:6166.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:535.61px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:1401.96px;text-rendering:optimizeLegibility;letter-spacing:-0.6px;white-space:nowrap">relating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:2119.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:2354.15px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:3473.27px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:3707.88px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:3980.63px;letter-spacing:-0.29px;white-space:nowrap">purchased, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:5004.89px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:5417.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5006.4px;left:5657.59px;letter-spacing:-0.94px;white-space:nowrap">entered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5236.4px;left:0px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5236.4px;left:395.31px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5236.4px;left:655.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5236.4px;left:1000.31px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:379.09px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:1418.29px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:2225.35px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:3259.39px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:4062.05px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:4590.24px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:5028.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:5182.14px;letter-spacing:-1.29px;white-space:nowrap">fee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.6px;left:5562.41px;letter-spacing:-0.48px;white-space:nowrap">computed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:0px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:661.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:1043.17px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:1775.36px;letter-spacing:-2.15px;white-space:nowrap">monthly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:2594.78px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:2818.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:3163.25px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:3811.54px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:4213.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:4443.29px;white-space:nowrap">0.65% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:5036.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:5267.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.6px;left:5612.15px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:0px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:738.2px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:1399.49px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:1743.46px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:2331.91px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:2610.24px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:2844.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:3226.74px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:4076.02px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:4571.77px;white-space:nowrap">million, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:5272.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:5654.47px;white-space:nowrap">0.60% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.6px;left:6248.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.6px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.6px;left:456.97px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.6px;left:1045.43px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.6px;left:1258.02px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.6px;left:1872.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.6px;left:2103.11px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.6px;left:2598.86px;white-space:nowrap">million. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:0px;letter-spacing:-1.74px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:1108.49px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:1409.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:1754.2px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:2029.63px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:2751.93px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:3361.98px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:3817.77px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:4144.34px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:4693.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:5038.95px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6616.8px;left:5365.4px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:579.65px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:1618.85px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:2425.91px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:3459.95px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:4496.36px;white-space:nowrap">$232,714 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:5380.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.8px;left:5762.32px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:0px;letter-spacing:-0.49px;white-space:nowrap">equivalent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:974.42px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:1209.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:1476.62px;letter-spacing:-0.49px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:2477.69px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:2879.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:3109.43px;white-space:nowrap">0.65% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:3703.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:3933.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:4278.29px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:4897.04px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:5635.24px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.8px;left:6296.53px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7306.8px;left:0px;letter-spacing:-0.15px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:602.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:947.78px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:2297px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:3331.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:3769.65px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:4371.32px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:4918.1px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:5720.75px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:0px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:458.37px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:1787.18px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:2541.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:2776px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:3121.04px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:3668.67px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:4047.76px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7882px;left:5396.98px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:0px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:802.66px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:1349.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:1788.04px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:2055.63px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:2703.92px;letter-spacing:-1.29px;white-space:nowrap">fee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:3084.19px;letter-spacing:-0.48px;white-space:nowrap">computed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:4035.84px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:4697.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:5079.01px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8112px;left:5811.2px;letter-spacing:-2.15px;white-space:nowrap">monthly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:230.21px;white-space:nowrap">0.20% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:823.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:1054.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:1399.06px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:2017.81px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:2756.02px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:3417.3px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8342px;left:3761.27px;letter-spacing:-0.15px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8855.3px;left:0px;white-space:nowrap">C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8855.3px;left:235.17px;text-rendering:optimizeLegibility;letter-spacing:-1.3px;white-space:nowrap">Transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8855.3px;left:1477.93px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8855.3px;left:1960.95px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">Affiliates</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:0px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:474.48px;letter-spacing:0.27px;white-space:nowrap">Service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:1158.12px;letter-spacing:-0.54px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:2039.19px;letter-spacing:1.25px;white-space:nowrap">(&#8220;DSC&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:2816.39px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:3083.97px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">affiliate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:3787.59px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:4017.79px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:4619.46px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:4802.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:5147.87px;letter-spacing:-1.43px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:0px;letter-spacing:-0.54px;white-space:nowrap">agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:601.78px;letter-spacing:-0.27px;white-space:nowrap">dividend-paying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:2055.2px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:2603.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:2985.04px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:4095.46px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:4764.59px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:5312.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:5542.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:0px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:547.64px;letter-spacing:-0.95px;white-space:nowrap">Pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:1380.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:1614.77px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:1768.06px;letter-spacing:-0.99px;white-space:nowrap">sub-transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:2887.29px;letter-spacing:-0.23px;white-space:nowrap">agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:3555.66px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:4569.3px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:5396.55px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:5797.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:0px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:514.01px;white-space:nowrap">GIDS, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:1042.42px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:1407.55px;letter-spacing:1.13px;white-space:nowrap">(&#8220;SS&amp;C&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:2298.18px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:2698.76px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:3051.43px;letter-spacing:-0.86px;white-space:nowrap">delegated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:3974.82px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:4638.15px;letter-spacing:-1.43px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:5376.36px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:5924.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:0px;letter-spacing:-0.27px;white-space:nowrap">dividend-paying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:1453.42px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:2001.38px;text-rendering:optimizeLegibility;white-space:nowrap">functions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:2872.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:3106.86px;white-space:nowrap">SS&amp;C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:3674.69px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:4075.26px;letter-spacing:-0.54px;white-space:nowrap">compensates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:5292.89px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:5806.9px;white-space:nowrap">out </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10128px;left:6157.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:345.04px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:671.49px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:842.08px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:1612.4px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:2088.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:2433.21px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:2980.85px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:3319.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:3664.16px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:3939.59px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:4661.89px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:5271.94px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:5727.73px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:10358px;left:6054.3px;white-space:nowrap">2024, </div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">27 </div></div>
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		<div style="height:531.95px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">










			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:345.04px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1085.82px;letter-spacing:-0.6px;white-space:nowrap">charged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1844.11px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2078.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2423.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2917.58px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3177.54px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3578.12px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4384.42px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4597.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4942.05px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5907.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">Operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1022.87px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1600.05px;letter-spacing:0.21px;white-space:nowrap">&#8220;Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2458.78px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2693.39px;letter-spacing:-0.54px;white-space:nowrap">shareholders&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3974.61px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5011.02px;white-space:nowrap">$5,986, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5725.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5956.11px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">$986 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:495.75px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:679.12px;white-space:nowrap">unpaid.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:602.74px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:870.33px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:1883.96px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:2322.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:2667.61px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:3215.24px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:3762.02px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:3945.39px;letter-spacing:-0.54px;white-space:nowrap">compensated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:5192.24px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:805.2px;left:5492.91px;letter-spacing:-0.54px;white-space:nowrap">providing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:0px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:663.33px;letter-spacing:-0.64px;white-space:nowrap">pre-press </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:1541.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:1923.71px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:2880.95px;text-rendering:optimizeLegibility;white-space:nowrap">filing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:3358.76px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:4112.97px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:4347.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:4692.62px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:5240.25px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:5578.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1035.2px;left:5923.56px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:0px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:722.3px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:1332.35px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:1788.14px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:2114.71px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:2664.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:3009.32px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:3750.1px;letter-spacing:-0.6px;white-space:nowrap">charged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:4508.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:4743px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:5088.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:5581.86px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1265.2px;left:5841.82px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:806.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:1018.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:1363.94px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:2329.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:2559.97px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">Operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:3582.84px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:4160.02px;letter-spacing:-0.48px;white-space:nowrap">&#8220;Reports </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:4983.52px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1495.2px;left:5218.13px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:381.88px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:1492.3px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:2268.96px;letter-spacing:-0.32px;white-space:nowrap">expenses&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:3222.44px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:4258.85px;white-space:nowrap">$4,419, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:4973.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:5203.95px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:5778.12px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1725.2px;left:6028.52px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1955.2px;left:0px;white-space:nowrap">unpaid.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:880.21px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:1362.54px;letter-spacing:-0.27px;white-space:nowrap">AG, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:1727.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:2072.06px;white-space:nowrap">majority </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:2858.39px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:3968.81px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:4181.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:4526.44px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:5000.92px;letter-spacing:-0.61px;white-space:nowrap">Group, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:5657.37px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2300.4px;left:6039.26px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:788.69px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:1208.71px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:1893.96px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:2827.77px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:4013.07px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:4251.44px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:4404.73px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:4956.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2530.4px;left:5186.22px;text-rendering:optimizeLegibility;letter-spacing:-0.91px;white-space:nowrap">executing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:0px;letter-spacing:-0.23px;white-space:nowrap">agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:668.38px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:1795.23px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:2007.82px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:2815.85px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:3704.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:3983.31px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:4588.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:4818.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:5163.45px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:5711.08px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2760.4px;left:6121.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:572.67px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:1658.92px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:2150.26px;text-rendering:optimizeLegibility;letter-spacing:-1.19px;white-space:nowrap">effected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:2921.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:3134.36px;letter-spacing:-0.2px;white-space:nowrap">compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:4195.79px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:4634.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:4979.43px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:5598.18px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2990.4px;left:6036.57px;white-space:nowrap">17e-1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:0px;letter-spacing:-0.63px;white-space:nowrap">procedures. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:1101.4px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:1439.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:1784.71px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:2060.14px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:2782.44px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:3392.49px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:3848.28px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:4174.84px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:4724.41px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:5604.63px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3220.4px;left:6086.95px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.4px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.4px;left:351.05px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.4px;left:1036.3px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.4px;left:1970.12px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.4px;left:3155.41px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.4px;left:3631.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3450.4px;left:3976.22px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:687.5px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">Officers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:1414.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:1644.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:1989.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:2483.16px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:2817.78px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:3219.43px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">officers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:3916.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3795.6px;left:4147.02px;letter-spacing:0.21px;white-space:nowrap">DIMA.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:872.91px;letter-spacing:-1.4px;white-space:nowrap">pays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:1315.6px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:1785.46px;letter-spacing:-0.6px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:2552.88px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:2985.36px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:3168.73px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:3519.79px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:3787.37px;letter-spacing:-1.03px;white-space:nowrap">&#8220;interested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:4823.56px;letter-spacing:-0.54px;white-space:nowrap">person&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:5571.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4140.8px;left:5802.18px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:240.3px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:714.79px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:1901.04px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:2513.35px;letter-spacing:-0.84px;white-space:nowrap">retainer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:3263.37px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:3674.9px;white-space:nowrap">plus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:4086.87px;text-rendering:optimizeLegibility;white-space:nowrap">specified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:4923.36px;letter-spacing:-0.27px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4370.8px;left:5749.22px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">attended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:846.16px;letter-spacing:-0.54px;white-space:nowrap">board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:1415.39px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:1797.28px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">committee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4600.8px;left:2801.88px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">meetings.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:872.91px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:1292.93px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:1859.79px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:2303.88px;white-space:nowrap">balances </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:3125.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:3337.81px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:3812.29px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:4496.57px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4946px;left:4966.97px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:1162.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:1709.73px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:2283.9px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:2467.27px;letter-spacing:-0.2px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:3336.95px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:3596.91px;letter-spacing:0.18px;white-space:nowrap">DIMA. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:4198.58px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:4577.68px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:5071.49px;letter-spacing:-0.29px;white-space:nowrap">indirectly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5176px;left:5939.68px;letter-spacing:-0.72px;white-space:nowrap">bears </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:255.66px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">proportionate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:1539.25px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:2073.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:2303.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:2648.49px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:3511.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:3742.15px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:4216.63px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:4900.91px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5406px;left:5371.31px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:1162.09px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:1709.73px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:2184.21px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:2868.49px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:3338.89px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:4573.27px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5636px;left:5735.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:0px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:472.55px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:823.6px;letter-spacing:-1.07px;white-space:nowrap">pay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:1183.9px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:1730.67px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:1998.26px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:3032.3px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:4254.87px;letter-spacing:-1.29px;white-space:nowrap">fee. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:4635.15px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:5109.63px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5866px;left:5793.91px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:1234.38px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:2396.47px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:2890.29px;letter-spacing:-0.36px;white-space:nowrap">seeks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:3422.46px;letter-spacing:-0.27px;white-space:nowrap">maximum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:4350.59px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:5049.79px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:5751.26px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6096px;left:5985.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6326px;left:0px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6326px;left:611.66px;letter-spacing:-0.83px;white-space:nowrap">consistent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6326px;left:1561.16px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6326px;left:1999.77px;letter-spacing:-0.59px;white-space:nowrap">stability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6326px;left:2733.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6326px;left:2963.98px;white-space:nowrap">principal.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:6839.3px;left:0px;letter-spacing:-1.68px;white-space:nowrap">D. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:6839.3px;left:253.36px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:6839.3px;left:1131.81px;text-rendering:optimizeLegibility;white-space:nowrap">Securities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:936.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:1318.39px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:1799.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:2029.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:3063.35px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:4005.87px;letter-spacing:-0.81px;white-space:nowrap">excluding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7192px;left:4885.01px;letter-spacing:-0.88px;white-space:nowrap">short-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:0px;letter-spacing:-0.83px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:1172.94px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:1473.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:1818.65px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:2094.08px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:2816.39px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:3426.44px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:3882.23px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:4208.79px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:4704.54px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:5195.89px;white-space:nowrap">$7,420,038 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7422px;left:6245.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:0px;white-space:nowrap">$8,397,897, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7652px;left:1103.22px;text-rendering:optimizeLegibility;letter-spacing:-1.57px;white-space:nowrap">respectively.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8165.3px;left:0px;white-space:nowrap">E. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8165.3px;left:225.62px;letter-spacing:-0.32px;white-space:nowrap">Capital</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:984.41px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:1259.84px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:1982.15px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:2592.2px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:3047.99px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:3374.55px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:3870.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:4252.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:4597.23px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:5029.38px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8518px;left:5639.43px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:326.56px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:876.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:1221.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:1714.99px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:2685.44px;white-space:nowrap">118,320 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:3458.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:3839.9px;white-space:nowrap">121,360 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:4612.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:4842.69px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:5098.35px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8748px;left:5717.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:0px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:832.95px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:1340.52px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:1619.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:1964.32px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:2466.08px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:3138.65px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:3362.09px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:3515.38px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:3971.17px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:4381.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:4611.94px;white-space:nowrap">$1,039,071 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8978px;left:5661.35px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:0px;white-space:nowrap">$1,007,771 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:1049.4px;white-space:nowrap">($8.78 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:1664.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:2046.6px;white-space:nowrap">$8.30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:2596.17px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:3334.38px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:3682.96px;letter-spacing:-0.4px;white-space:nowrap">share), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:4336.51px;text-rendering:optimizeLegibility;letter-spacing:-1.46px;white-space:nowrap">respectively. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:5476.04px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9208px;left:5855.14px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:0px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:802.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:1032.75px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:1571.58px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:2542.03px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:3214.92px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:4204.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:4549.53px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:5405.68px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9438px;left:5896.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:345.04px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:772.47px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:1121.05px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:1655.05px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:1878.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:2223.53px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:2675.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:2905.33px;letter-spacing:-0.32px;white-space:nowrap">purchase, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:3815.3px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:4204.71px;white-space:nowrap">16.88% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:4909.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9668px;left:5291.71px;white-space:nowrap">14.74%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9898px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.57px;white-space:nowrap">respectively.</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">28 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
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		<div style="height:531.95px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.576px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">







			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:984.41px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1259.84px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1982.15px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2592.2px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3047.99px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3374.55px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3870.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4252.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4597.23px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5029.38px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5639.43px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:326.56px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:876.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1221.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1714.99px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2320.74px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2621.42px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3430.95px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4646.32px;white-space:nowrap">31,877 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5307.39px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5689.28px;white-space:nowrap">32,196 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:672.89px;text-rendering:optimizeLegibility;letter-spacing:-1.46px;white-space:nowrap">respectively. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1812.42px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:2191.51px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:2929.72px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3732.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3962.47px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:4501.3px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:5107.05px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:989.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1334.61px;white-space:nowrap">issue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1826.06px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2316.77px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2551.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2896.42px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3323.85px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3672.43px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4206.43px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4429.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4774.9px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:5226.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:5456.71px;white-space:nowrap">issuance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:389.4px;white-space:nowrap">17.28% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1094.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1476.41px;white-space:nowrap">13.00%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:2235.34px;text-rendering:optimizeLegibility;letter-spacing:-1.57px;white-space:nowrap">respectively.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:1433.3px;left:0px;letter-spacing:-6.03px;white-space:nowrap">F. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:1433.3px;left:200.91px;letter-spacing:-0.43px;white-space:nowrap">Share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:1433.3px;left:793.54px;letter-spacing:-0.6px;white-space:nowrap">Repurchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:307.98px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:686.32px;white-space:nowrap">29, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:1012.88px;white-space:nowrap">2022, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:1562.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:1907.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:2401.31px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:3443.09px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:3853.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:4198.15px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:4770.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1786px;left:5001.03px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:0px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:884.73px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:1152.31px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:2056.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:2286.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:2631.73px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:3330.94px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:4368.42px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2016px;left:5593.56px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:838.86px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:1073.47px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:2110.95px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:2389.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:2623.89px;white-space:nowrap">708,104 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:3396.46px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:4015.54px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:4635.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:4980.72px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2246px;left:5606.88px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:0px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:660.11px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:875.17px;white-space:nowrap">2022 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:1370.92px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:2125.23px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:2503.57px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:2830.14px;white-space:nowrap">2023. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:3379.71px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:3758.8px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:4252.62px;letter-spacing:-0.54px;white-space:nowrap">repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2476px;left:5404.39px;white-space:nowrap">222,279 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:0px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:619.07px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:1446.33px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:2106.44px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:2321.49px;white-space:nowrap">2022 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:2817.25px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:3199.13px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:3577.47px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:3904.03px;white-space:nowrap">2023. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:4453.6px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:4761.58px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:5139.92px;white-space:nowrap">28, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:5466.48px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2706px;left:6016.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:493.82px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:1535.6px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:1945.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:2290.66px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:2863.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:3093.54px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:3941.74px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:4826.46px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:5094.05px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:5998.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2936px;left:6228.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:0px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:699.21px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:1736.69px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:2961.84px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:3934px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:4279.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:4772.86px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:5007.47px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3166px;left:6044.95px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:234.61px;white-space:nowrap">687,213 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:1007.19px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:1626.26px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:2246.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:2591.45px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:3217.61px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:3693.38px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:4353.49px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:4568.54px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:5064.3px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:5818.61px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3396px;left:6196.95px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:0px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:549.57px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:928.66px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:1422.48px;letter-spacing:-0.54px;white-space:nowrap">repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:2574.26px;white-space:nowrap">169,141 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:3346.84px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:3965.91px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:4793.16px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:5453.27px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:5668.33px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3626px;left:6164.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:0px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:455.79px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:782.35px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:1331.92px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:1639.9px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:2018.24px;white-space:nowrap">25, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:2344.8px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:2894.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:3239.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:3733.23px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:4775.01px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:5185.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:5530.08px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3856px;left:6102.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:0px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:848.2px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:1732.93px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:2000.52px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:2904.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:3134.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:3479.93px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:4179.14px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4086px;left:5216.62px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:972.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:1317.21px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:1811.03px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:2045.63px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:2870.1px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:3104.71px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:3960.86px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:5061.5px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:5680.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4316px;left:5910.78px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:0px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:832.95px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:1340.52px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:1553.11px;letter-spacing:-0.72px;white-space:nowrap">open-market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:2745.06px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:3871.91px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:4314.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:4659.53px;letter-spacing:-0.5px;white-space:nowrap">twelve-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4546px;left:5948.59px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:0px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:475.77px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:1135.88px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:1350.94px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:1846.69px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:2601.01px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:2979.35px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4776px;left:3305.91px;white-space:nowrap">2025.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:0px;letter-spacing:-0.63px;white-space:nowrap">Repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:1162.73px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:1511.86px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:1784.6px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:2334.92px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:2875.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:3220.72px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:3839.47px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:4458.54px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:4978.68px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:5202.12px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:5355.41px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5121.2px;left:6157.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:0px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:343.96px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:847.34px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:1365.76px;letter-spacing:-0.27px;white-space:nowrap">(&#8220;NAV&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:2111.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:2493.05px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:2950.02px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:3891.25px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:4225.87px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:5004.36px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:5238.96px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:5511.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:5724.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5351.2px;left:6069.34px;letter-spacing:-0.54px;white-space:nowrap">best </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:0px;letter-spacing:-1.02px;white-space:nowrap">interests </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:810.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:1040.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:1385.63px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:1933.27px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:2312.36px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:3053.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:3435.03px;text-rendering:optimizeLegibility;white-space:nowrap">timing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:4043.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:4274.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:4619.14px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:5741.7px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5581.2px;left:6090.82px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:223.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:568.48px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">discretion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:1488.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:1718.32px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:2319.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:2665.03px;white-space:nowrap">Funds&#8217; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:3297.74px;letter-spacing:-2.11px;white-space:nowrap">administrator, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:4572.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:4954.4px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:5642.98px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5811.2px;left:5877.59px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:966.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:1348.14px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:2382.19px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">considerations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:3769px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:4329.42px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:4688.43px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:4961.17px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:5239.93px;letter-spacing:-0.43px;white-space:nowrap">assurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6041.2px;left:6169.35px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:345.04px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:963.79px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:2086.35px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:2435.47px;letter-spacing:-0.46px;white-space:nowrap">reduce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:3097.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:3442.44px;letter-spacing:-0.46px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:4090.73px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:4917.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:5263.03px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6271.2px;left:5935.6px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:575.24px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:1193.99px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:1813.07px;letter-spacing:-1.67px;white-space:nowrap">referred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:2581.46px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:2816.06px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:3404.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:3786.62px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:4042.29px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:4469.72px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6501.2px;left:4818.3px;letter-spacing:-0.54px;white-space:nowrap">share.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Monthly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:794.6px;letter-spacing:-0.54px;white-space:nowrap">updates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:1552.57px;letter-spacing:-0.2px;white-space:nowrap">concerning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:2581.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:2926.17px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:3544.92px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:4582.4px;letter-spacing:-1.07px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:5384.95px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6846.4px;left:5719.57px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.4px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.4px;left:278.76px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.4px;left:534.42px;letter-spacing:-2.01px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.4px;left:992.9px;letter-spacing:-0.43px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.4px;left:1355.13px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.4px;left:1578.56px;letter-spacing:-0.61px;white-space:nowrap">dws.com</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7076.4px;left:2363.5px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7589.7px;left:0px;white-space:nowrap">G. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7589.7px;left:259.99px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">Concentration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7589.7px;left:1663.68px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7589.7px;left:1912.1px;letter-spacing:-0.31px;white-space:nowrap">Ownership</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:0px;letter-spacing:-0.86px;white-space:nowrap">From </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:511.22px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:962.82px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:1197.43px;text-rendering:optimizeLegibility;white-space:nowrap">time, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:1702.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:2047.89px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:2541.71px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:2961.73px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:3428.91px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:3582.2px;text-rendering:optimizeLegibility;letter-spacing:-0.77px;white-space:nowrap">concentration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:4860.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7942.4px;left:5090.4px;letter-spacing:-0.94px;white-space:nowrap">several </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:1110.42px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:1947.24px;white-space:nowrap">holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:2654.82px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:2808.12px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:3750.42px;letter-spacing:-0.93px;white-space:nowrap">percentage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:4793.06px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8172.4px;left:5023.26px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:0px;letter-spacing:-0.45px;white-space:nowrap">outstanding. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:1154.46px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:2193.66px;text-rendering:optimizeLegibility;white-space:nowrap">activities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:3017.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:3248.12px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:3786.94px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:4978.14px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8402.4px;left:5511.17px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:153.29px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:933.82px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:1589.84px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:1868.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:2213.64px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:2761.28px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:3002.44px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:3458.23px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:3784.79px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:4334.37px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:4860.73px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8632.4px;left:5352.08px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:0px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:1191.2px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:1601.23px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:2036.83px;letter-spacing:-0.92px;white-space:nowrap">approximately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:3341.14px;white-space:nowrap">28%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:3823.25px;white-space:nowrap">10% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:4251.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:4633.43px;white-space:nowrap">5%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:5004.03px;text-rendering:optimizeLegibility;letter-spacing:-1.61px;white-space:nowrap">respectively, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8862.4px;left:6141.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9092.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9092.4px;left:345.04px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9092.4px;left:1445.68px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9092.4px;left:2064.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9092.4px;left:2294.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9092.4px;left:2640px;white-space:nowrap">Fund.</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:46.00px;left:0px;position:absolute;top:0px;transform:translate(28.799px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:252.00px">
			<div style="width:5040px;height:720px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-0.71px;white-space:nowrap">Report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1038.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1405.65px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:2487.25px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">Meeting</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:367.23px;letter-spacing:-0.62px;white-space:nowrap">Stockholders</div></div>
		</div>
		<div style="height:17.13px;left:0px;position:absolute;top:0px;transform:translate(280.800px,48.670px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:77.76px">
			<div style="width:1555.2px;height:241.88px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:505.3px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div></div>
		</div>
		<div style="height:14.42px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.310px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.62px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:4200.53px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:4476.23px;letter-spacing:-0.35px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:5129.83px;letter-spacing:-0.33px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:5566.54px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:5964.83px;white-space:nowrap">Inc.</div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">29 </div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:486.59px;left:0px;position:absolute;top:0px;transform:translate(28.800px,70.936px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9647.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">





























			<div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:379.09px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1047.79px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:1836.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:2066.47px;letter-spacing:-0.5px;white-space:nowrap">Stockholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3248.44px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:3659.22px;text-rendering:optimizeLegibility;letter-spacing:0.78px;white-space:nowrap">&#8220;Meeting&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4703.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:4933.35px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:0px;left:5312.44px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:600.49px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1148.13px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1513.25px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:1902.66px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2338.25px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:2617.01px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3072.8px;white-space:nowrap">27, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3399.37px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:3948.94px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4190.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:4535.14px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5035.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:230px;left:5265.71px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:278.76px;letter-spacing:-1.07px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:710.6px;white-space:nowrap">2, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:925.65px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1475.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:1820.26px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:2444.38px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:2888.68px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3189.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:3534.39px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">determination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:4847.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:460px;left:5077.4px;letter-spacing:-0.7px;white-space:nowrap">stockholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">entitled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:733.58px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:968.19px;letter-spacing:-0.86px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1406.15px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1629.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:1974.63px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:2819.07px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3345.44px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:3836.79px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4442.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:690px;left:4824.42px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">6,752,709 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:937.9px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1556.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:1787.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:2132.22px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:2750.97px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:3583.92px;letter-spacing:-0.69px;white-space:nowrap">stock, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:4145.3px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:4615.17px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:5149.16px;white-space:nowrap">being </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:920px;left:5687.88px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">entitled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:234.61px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:622.08px;letter-spacing:-0.72px;white-space:nowrap">vote, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:1113.86px;text-rendering:optimizeLegibility;letter-spacing:-0.37px;white-space:nowrap">constituting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:2208.7px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:2459.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:2689.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:3034.35px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:3653.1px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:4753.74px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:5349.39px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1150px;left:6291.91px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:1189.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:1534.52px;letter-spacing:-0.54px;white-space:nowrap">holders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:2241.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:2471.67px;white-space:nowrap">5,484,849 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:3409.57px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:4028.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:4258.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:4603.89px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:5222.64px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1380px;left:6055.59px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:491.35px;letter-spacing:-0.9px;white-space:nowrap">represented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:1617.13px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:1829.72px;letter-spacing:-0.61px;white-space:nowrap">person </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:2488.11px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:2728.41px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:2988.37px;letter-spacing:-3.68px;white-space:nowrap">proxy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:3560.07px;text-rendering:optimizeLegibility;letter-spacing:-0.37px;white-space:nowrap">constituting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:4654.91px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:4808.2px;white-space:nowrap">quorum. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:5619.24px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1610px;left:5860.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:0px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:844.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:1189.48px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:2044.78px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:2769.98px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:3261.33px;letter-spacing:-0.72px;white-space:nowrap">voted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:3813.58px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:4320.94px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:4580.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:4925.94px;letter-spacing:-0.65px;white-space:nowrap">stockholders. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1840px;left:6144.53px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:815.55px;letter-spacing:-0.72px;white-space:nowrap">votes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:1338.58px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:1673.2px;letter-spacing:-0.75px;white-space:nowrap">presented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2070px;left:2617.66px;letter-spacing:-0.11px;white-space:nowrap">below:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">1.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:259.2px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:510.14px;white-space:nowrap">elect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:991.71px;letter-spacing:-0.54px;white-space:nowrap">two </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:1380.04px;white-space:nowrap">(2) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:1672.76px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:2162.5px;white-space:nowrap">I </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:2265.95px;letter-spacing:-0.88px;white-space:nowrap">Directors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:3167.97px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:3637.83px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:3872.44px;white-space:nowrap">serve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:4397.31px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:4697.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:4851.27px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:5329.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:5559.93px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2415.2px;left:6086.3px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:259.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:641.08px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">until </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:1084.95px;white-space:nowrap">his </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:1382.62px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:1622.92px;white-space:nowrap">her </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:1971.5px;white-space:nowrap">successor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:2877.18px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:3060.55px;letter-spacing:-0.27px;white-space:nowrap">elected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:3762.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2645.2px;left:4144.86px;text-rendering:optimizeLegibility;white-space:nowrap">qualifies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:379.09px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:914.7px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:1762.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:1993.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:2338.14px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:2831.96px;white-space:nowrap">whose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:3458.23px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:4021.77px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:4960.53px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:5428.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4228.8px;left:5773.17px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:334.62px;white-space:nowrap">Ms. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:709.09px;white-space:nowrap">Fiona </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:1241.15px;letter-spacing:-1.61px;white-space:nowrap">Flannery, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:2092.04px;letter-spacing:-5.91px;white-space:nowrap">Dr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:2381.33px;letter-spacing:-0.23px;white-space:nowrap">Holger </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:3016.62px;letter-spacing:-0.31px;white-space:nowrap">Hatje, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:3589.39px;letter-spacing:-5.91px;white-space:nowrap">Mr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:3931px;letter-spacing:-0.36px;white-space:nowrap">Bernhard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:4802.08px;letter-spacing:-0.72px;white-space:nowrap">Koepp </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:5410.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4458.8px;left:5792.4px;letter-spacing:-5.91px;white-space:nowrap">Dr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4688.8px;left:0px;letter-spacing:-2.39px;white-space:nowrap">Wolfgang </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4688.8px;left:875.17px;white-space:nowrap">Leoni.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:0px;white-space:nowrap">2.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:259.2px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:510.14px;text-rendering:optimizeLegibility;letter-spacing:-0.77px;white-space:nowrap">ratify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:1015.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:1360.81px;letter-spacing:-0.36px;white-space:nowrap">appointment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:2557.6px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:2817.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:3162.6px;white-space:nowrap">Audit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:3685.74px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">Committee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:4716.67px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:5098.56px;letter-spacing:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:5443.59px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5034px;left:6016.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:259.2px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:1107.4px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:1337.61px;letter-spacing:-0.45px;white-space:nowrap">Ernst </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:1839.7px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:2036.82px;letter-spacing:-2.6px;white-space:nowrap">Young </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:2620.66px;letter-spacing:-5.8px;white-space:nowrap">LLP, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:2991.26px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:3258.85px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:4439.2px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:5022.5px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5264px;left:6038.5px;text-rendering:optimizeLegibility;white-space:nowrap">firm, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:259.2px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:497.57px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:1677.92px;letter-spacing:-0.72px;white-space:nowrap">auditors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:2449.85px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:2750.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:3095.57px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:3587.45px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:4019.61px;white-space:nowrap">ending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:4672.63px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:5639.75px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:5494px;left:5966.31px;white-space:nowrap">2024.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:0px;white-space:nowrap">3.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:259.2px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:510.14px;letter-spacing:-0.94px;white-space:nowrap">approve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:1280.57px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:1433.86px;letter-spacing:-0.4px;white-space:nowrap">stockholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:2517.85px;letter-spacing:-0.48px;white-space:nowrap">proposal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:3334.37px;white-space:nowrap">asking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:3935.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:4280.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:4774.57px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:5009.18px;letter-spacing:-2.15px;white-space:nowrap">take </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:5429.74px;letter-spacing:-0.98px;white-space:nowrap">steps </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:6798.6px;left:5939.02px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:259.2px;letter-spacing:0.1px;white-space:nowrap">declassify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:1160.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:1505.19px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:2077.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:2308.06px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:3156.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:3386.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:7028.6px;left:3731.5px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:217.74px;letter-spacing:-0.36px;white-space:nowrap">light </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:652.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:882.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:1227.4px;letter-spacing:-0.86px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:1665.36px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:1944.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:2289.16px;letter-spacing:-0.4px;white-space:nowrap">stockholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:3373.15px;letter-spacing:-0.43px;white-space:nowrap">proposal, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:4243.49px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:4817.66px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:5001.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8563.2px;left:5268.61px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:0px;letter-spacing:-0.43px;white-space:nowrap">proposal, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:870.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:1215.37px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:1788.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:2018.24px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:2866.45px;letter-spacing:-0.54px;white-space:nowrap">intends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:3569.41px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:3804.02px;letter-spacing:-0.75px;white-space:nowrap">carefully </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:4602.06px;letter-spacing:-0.95px;white-space:nowrap">evaluate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:8793.2px;left:5399.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9023.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">declassification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9023.2px;left:1391.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9023.2px;left:1621.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9023.2px;left:1966.89px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9023.2px;left:2592.84px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9023.2px;left:3165.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:9023.2px;left:3395.71px;letter-spacing:-0.97px;white-space:nowrap">Directors.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3077.4px;left:4497.69px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3077.4px;left:5151.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3077.4px;left:5345.57px;letter-spacing:-1.76px;white-space:nowrap">Votes:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3356.4px;left:4314.61px;letter-spacing:-0.73px;white-space:nowrap">For</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3356.4px;left:5528.03px;white-space:nowrap">Withheld</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:270px;white-space:nowrap">Ms. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:576.39px;letter-spacing:-0.13px;white-space:nowrap">Hepsen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:1162.18px;letter-spacing:-1.23px;white-space:nowrap">Uzcan</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:4071.86px;white-space:nowrap">5,307,271</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:5579.49px;white-space:nowrap">177,578</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:270px;letter-spacing:-2.42px;white-space:nowrap">Mr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:549.49px;text-rendering:optimizeLegibility;letter-spacing:-0.22px;white-space:nowrap">Christian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:1224.93px;white-space:nowrap">M. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:1461.71px;letter-spacing:-0.26px;white-space:nowrap">Z&#252;gel</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:4071.86px;white-space:nowrap">5,156,447</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:5579.49px;white-space:nowrap">328,403</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5926.2px;left:2775.09px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5926.2px;left:3428.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5926.2px;left:3622.97px;letter-spacing:-1.76px;white-space:nowrap">Votes:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205.2px;left:1224.01px;letter-spacing:-0.73px;white-space:nowrap">For</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205.2px;left:3186.61px;letter-spacing:-0.73px;white-space:nowrap">Against</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6205.2px;left:5268.76px;letter-spacing:-0.67px;white-space:nowrap">Abstain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6484.2px;left:981.26px;white-space:nowrap">5,337,810</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6484.2px;left:3167.49px;white-space:nowrap">103,847</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6484.2px;left:5301.11px;white-space:nowrap">43,192</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7460.8px;left:2775.09px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7460.8px;left:3428.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7460.8px;left:3622.97px;letter-spacing:-1.76px;white-space:nowrap">Votes:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7739.8px;left:1224.01px;letter-spacing:-0.73px;white-space:nowrap">For</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7739.8px;left:3186.61px;letter-spacing:-0.73px;white-space:nowrap">Against</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7739.8px;left:5268.76px;letter-spacing:-0.67px;white-space:nowrap">Abstain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8018.8px;left:981.26px;white-space:nowrap">3,305,999</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8018.8px;left:3167.49px;white-space:nowrap">717,234</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8018.8px;left:5255.49px;white-space:nowrap">174,986</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.800px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1546.93px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">Information</div></div>
		</div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">30 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) 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,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);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:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:310.17px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1045.46px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1536.77px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1984.83px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:500.93px;left:0px;position:absolute;top:0px;transform:translate(28.800px,56.600px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9978.56px;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:153px;font-weight:bold;position:absolute;top:122.4px;left:596.3px;letter-spacing:-0.56px;white-space:nowrap">Automated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:354.4px;left:129.42px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">Information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:354.4px;left:1061.06px;white-space:nowrap">Lines</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:130.4px;left:1670.8px;letter-spacing:-0.66px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:130.4px;left:2070.53px;white-space:nowrap">Closed-End </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:130.4px;left:2942.58px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:130.4px;left:3355.66px;letter-spacing:-0.74px;white-space:nowrap">Info </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:130.4px;left:3690.97px;white-space:nowrap">Line</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:346.4px;left:1670.8px;white-space:nowrap">(800) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:346.4px;left:2097.33px;white-space:nowrap">349-4281 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:719.8px;left:775.68px;letter-spacing:-1.6px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:719.8px;left:1160.29px;letter-spacing:-0.55px;white-space:nowrap">Site</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:719.8px;left:1670.8px;letter-spacing:-0.29px;white-space:nowrap">dws.com</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:1670.8px;letter-spacing:-0.5px;white-space:nowrap">Obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:2196.39px;letter-spacing:-0.79px;white-space:nowrap">fact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:2507.34px;letter-spacing:-0.11px;white-space:nowrap">sheets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:3060.97px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:3707.05px;letter-spacing:-0.29px;white-space:nowrap">reports, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:4318.33px;letter-spacing:-0.44px;white-space:nowrap">press </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:4740.12px;letter-spacing:-0.29px;white-space:nowrap">releases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:5370.73px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:970px;left:5683.18px;letter-spacing:-0.63px;white-space:nowrap">webcasts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1186px;left:1670.8px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1186px;left:2113.24px;letter-spacing:-0.57px;white-space:nowrap">available.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1580.2px;left:870.87px;text-rendering:optimizeLegibility;letter-spacing:-0.89px;white-space:nowrap">Written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1812.2px;left:220.3px;letter-spacing:-0.14px;white-space:nowrap">Correspondence</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:1580.2px;left:1670.8px;letter-spacing:-0.66px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1830.4px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">Attn: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1830.4px;left:2061.74px;letter-spacing:-0.53px;white-space:nowrap">Secretary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1830.4px;left:2780.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1830.4px;left:2968.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1830.4px;left:3251.07px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1830.4px;left:3639.29px;white-space:nowrap">Funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2046.4px;left:1670.8px;white-space:nowrap">100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2046.4px;left:1985.18px;white-space:nowrap">Summer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2046.4px;left:2636.63px;letter-spacing:-0.5px;white-space:nowrap">Street </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2262.4px;left:1670.8px;letter-spacing:-0.49px;white-space:nowrap">Boston, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2262.4px;left:2257.91px;white-space:nowrap">MA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2262.4px;left:2552.08px;white-space:nowrap">02110</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2656.6px;left:425.79px;letter-spacing:-0.51px;white-space:nowrap">Legal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2656.6px;left:848.54px;white-space:nowrap">Counsel</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2656.6px;left:1670.8px;letter-spacing:-0.29px;white-space:nowrap">Sullivan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2656.6px;left:2293.77px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2656.6px;left:2461.29px;letter-spacing:-0.56px;white-space:nowrap">Cromwell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2656.6px;left:3212.58px;white-space:nowrap">LLP</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2906.8px;left:1670.8px;white-space:nowrap">125 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2906.8px;left:1985.18px;letter-spacing:-0.59px;white-space:nowrap">Broad </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2906.8px;left:2452.85px;letter-spacing:-0.5px;white-space:nowrap">Street </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3122.8px;left:1670.8px;letter-spacing:-0.22px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3122.8px;left:2040.2px;letter-spacing:-2.12px;white-space:nowrap">York, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3122.8px;left:2431.93px;white-space:nowrap">NY </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3122.8px;left:2671.96px;white-space:nowrap">10004</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3517px;left:772.96px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3749px;left:412.17px;letter-spacing:-0.81px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3981px;left:633.83px;letter-spacing:-0.36px;white-space:nowrap">Plan&#160;Agent</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3517px;left:1670.8px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3517px;left:2103.75px;white-space:nowrap">GIDS, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:3517px;left:2552.08px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3767.2px;left:1670.8px;white-space:nowrap">333 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3767.2px;left:1985.18px;letter-spacing:-6.45px;white-space:nowrap">W. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3767.2px;left:2209.13px;white-space:nowrap">11th </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3767.2px;left:2584.95px;letter-spacing:-0.44px;white-space:nowrap">Street, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3767.2px;left:3105.88px;white-space:nowrap">5th </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3767.2px;left:3390.47px;white-space:nowrap">Floor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3983.2px;left:1670.8px;letter-spacing:-0.5px;white-space:nowrap">Kansas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3983.2px;left:2200.96px;letter-spacing:-2.34px;white-space:nowrap">City, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3983.2px;left:2546.19px;white-space:nowrap">MO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3983.2px;left:2856.71px;white-space:nowrap">64105</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4377.4px;left:528.53px;letter-spacing:-0.17px;white-space:nowrap">Shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4609.4px;left:99.98px;letter-spacing:0.2px;white-space:nowrap">Service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4609.4px;left:677.25px;letter-spacing:-0.6px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4609.4px;left:1158.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4841.4px;left:355.21px;letter-spacing:-1.98px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4841.4px;left:999.98px;letter-spacing:-0.72px;white-space:nowrap">Agent</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4377.4px;left:1670.8px;letter-spacing:-0.66px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4377.4px;left:2070.53px;letter-spacing:0.2px;white-space:nowrap">Service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:4377.4px;left:2647.79px;letter-spacing:-0.27px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4627.6px;left:1670.8px;letter-spacing:-5.8px;white-space:nowrap">P.O. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4627.6px;left:1979.74px;letter-spacing:-0.88px;white-space:nowrap">Box </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4627.6px;left:2282.43px;white-space:nowrap">219066</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4843.6px;left:1670.8px;letter-spacing:-0.5px;white-space:nowrap">Kansas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4843.6px;left:2200.96px;letter-spacing:-2.34px;white-space:nowrap">City, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4843.6px;left:2546.19px;white-space:nowrap">MO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4843.6px;left:2856.71px;white-space:nowrap">64121-9066 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5059.6px;left:1670.8px;white-space:nowrap">(800) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5059.6px;left:2097.33px;white-space:nowrap">437-6269</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5453.8px;left:695.09px;letter-spacing:-0.42px;white-space:nowrap">Custodian</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5453.8px;left:1670.8px;letter-spacing:-0.42px;white-space:nowrap">Brown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5453.8px;left:2201.31px;letter-spacing:-0.49px;white-space:nowrap">Brothers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5453.8px;left:2884.66px;white-space:nowrap">Harriman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5453.8px;left:3631.82px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5453.8px;left:3799.34px;letter-spacing:-0.46px;white-space:nowrap">Company</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5704px;left:1670.8px;white-space:nowrap">50 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5704px;left:1893.95px;letter-spacing:-1.23px;white-space:nowrap">Post </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5704px;left:2242.53px;text-rendering:optimizeLegibility;white-space:nowrap">Office </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5704px;left:2708.88px;letter-spacing:-0.38px;white-space:nowrap">Square </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5920px;left:1670.8px;letter-spacing:-0.49px;white-space:nowrap">Boston, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5920px;left:2257.91px;white-space:nowrap">MA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5920px;left:2552.08px;white-space:nowrap">02110</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6314.2px;left:480.28px;letter-spacing:-0.14px;white-space:nowrap">Independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6546.2px;left:158.34px;letter-spacing:-0.81px;white-space:nowrap">Registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6546.2px;left:987.68px;white-space:nowrap">Public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6778.2px;left:228.04px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6778.2px;left:1103.16px;white-space:nowrap">Firm</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6314.2px;left:1670.8px;letter-spacing:-0.34px;white-space:nowrap">Ernst </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6314.2px;left:2092.06px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6314.2px;left:2259.58px;letter-spacing:-2.42px;white-space:nowrap">Young </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6314.2px;left:2754.58px;white-space:nowrap">LLP</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6564.4px;left:1670.8px;white-space:nowrap">200 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6564.4px;left:1985.18px;letter-spacing:-0.26px;white-space:nowrap">Clarendon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6564.4px;left:2769.43px;letter-spacing:-0.5px;white-space:nowrap">Street </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6780.4px;left:1670.8px;letter-spacing:-0.49px;white-space:nowrap">Boston, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6780.4px;left:2257.91px;white-space:nowrap">MA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6780.4px;left:2552.08px;white-space:nowrap">02116</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7174.6px;left:498.83px;letter-spacing:-0.97px;white-space:nowrap">Proxy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:7174.6px;left:958.23px;text-rendering:optimizeLegibility;letter-spacing:-1.39px;white-space:nowrap">Voting</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:1670.8px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:1812.92px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">description </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:2661.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:2849.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:3132.16px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:3638.41px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:4220.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:4533.22px;letter-spacing:-0.56px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:5390.33px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7174.6px;left:5636.34px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:1670.8px;letter-spacing:-0.88px;white-space:nowrap">proxies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:2227.5px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:2473.51px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:3134.62px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:3861.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:4174.19px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:5062.76px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:5528.23px;letter-spacing:-0.22px;white-space:nowrap">how </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:5881.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7390.6px;left:6163.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:1670.8px;letter-spacing:-0.59px;white-space:nowrap">voted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:2122.65px;letter-spacing:-0.88px;white-space:nowrap">proxies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:2679.34px;letter-spacing:-0.77px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:3230.95px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:3422.9px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:3632.08px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:4293.19px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:5020.31px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:5527.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7606.6px;left:5810.01px;letter-spacing:-0.44px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:1670.8px;letter-spacing:-0.63px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:2176.26px;letter-spacing:-0.2px;white-space:nowrap">12-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:2935.19px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:3447.51px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:3946.64px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:4319.56px;white-space:nowrap">30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:4542.71px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:4692.74px;letter-spacing:-0.57px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:5362.73px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:5590.81px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7822.6px;left:5880.94px;letter-spacing:-1.65px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:1670.8px;letter-spacing:-0.35px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:1967.17px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:2170.81px;text-rendering:optimizeLegibility;letter-spacing:-0.55px;white-space:nowrap">dws.com/en-us/resources/proxy-voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5040px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5236.61px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5464.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5746.99px;letter-spacing:-0.66px;white-space:nowrap">SEC&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:6163.15px;letter-spacing:-1.65px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:1670.8px;letter-spacing:-0.35px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:1967.17px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:2170.81px;letter-spacing:-1.76px;white-space:nowrap">sec.gov. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:2776.29px;letter-spacing:-5.42px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:2981.6px;letter-spacing:-0.5px;white-space:nowrap">obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:3483.28px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:3608.7px;text-rendering:optimizeLegibility;letter-spacing:-0.22px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:4169.62px;letter-spacing:-0.53px;white-space:nowrap">copy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:4550.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:4739.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:5021.63px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:5527.88px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:6110.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:1670.8px;letter-spacing:-0.56px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:2527.91px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:3133.3px;letter-spacing:-0.49px;white-space:nowrap">charge, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:3704.24px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:4119.34px;letter-spacing:-0.54px;white-space:nowrap">request, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:4754.97px;letter-spacing:-0.35px;white-space:nowrap">call </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5034.64px;white-space:nowrap">us </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5238.46px;letter-spacing:-0.35px;white-space:nowrap">toll </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5509.86px;letter-spacing:-0.53px;white-space:nowrap">free </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5841.65px;letter-spacing:-0.88px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8686.6px;left:1670.8px;white-space:nowrap">(800) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8686.6px;left:2092.76px;white-space:nowrap">437-6269.</div></div>
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		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
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		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">31 </div></div>
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			<div style="width:6595.2px;height:10554.56px;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:153px;font-weight:bold;position:absolute;top:151.2px;left:103.85px;text-rendering:optimizeLegibility;letter-spacing:-0.56px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:151.2px;left:791.33px;white-space:nowrap">Holdings</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:1670.8px;letter-spacing:-0.35px;white-space:nowrap">Following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:2401.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:2683.65px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:3189.9px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:3592.35px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:3911.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:4223.5px;letter-spacing:-0.44px;white-space:nowrap">third </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:4609.51px;letter-spacing:-0.61px;white-space:nowrap">quarter-end, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:5561.37px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:5686.79px;letter-spacing:-0.49px;white-space:nowrap">complete </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:2331.91px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:2980.46px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">listing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:3443.38px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:3593.41px;letter-spacing:-0.57px;white-space:nowrap">posted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:4128.75px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:4356.83px;letter-spacing:-0.39px;white-space:nowrap">dws.com, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:5083.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:5396.22px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:5546.25px;letter-spacing:-0.57px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:6216.24px;letter-spacing:-0.53px;white-space:nowrap">free </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:1670.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:1859.15px;letter-spacing:-0.57px;white-space:nowrap">charge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:2386.05px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:2598.75px;text-rendering:optimizeLegibility;letter-spacing:-0.56px;white-space:nowrap">contacting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:3393.02px;letter-spacing:-0.44px;white-space:nowrap">your </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:3760.31px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:4406.4px;letter-spacing:-1.19px;white-space:nowrap">intermediary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:5408.52px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:5605.14px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:5739.34px;letter-spacing:-0.55px;white-space:nowrap">you </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:6044.59px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:6318.37px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:1670.8px;letter-spacing:-0.38px;white-space:nowrap">direct </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:2128.8px;letter-spacing:-2.55px;white-space:nowrap">investor, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:2774.09px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:2986.79px;letter-spacing:-0.22px;white-space:nowrap">calling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:3484.07px;white-space:nowrap">(800) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:3906.03px;white-space:nowrap">728-3337. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:4684.48px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:4862.64px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:5543.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:5826.01px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:1670.8px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:2319.34px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">listing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:2782.26px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:2932.29px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:3288.08px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:3646.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:3929.24px;letter-spacing:-0.44px;white-space:nowrap">SEC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:4233.95px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:4462.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:4744.34px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:5250.59px;letter-spacing:-0.53px;white-space:nowrap">Form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:5669.74px;letter-spacing:-0.25px;white-space:nowrap">N-PORT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:1670.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:1983.25px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:2268.9px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:2492.05px;letter-spacing:-0.57px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:3162.04px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:3390.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:3672.42px;letter-spacing:-0.66px;white-space:nowrap">SEC&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4088.58px;letter-spacing:-1.65px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4463.7px;letter-spacing:-0.35px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4760.07px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4942.88px;letter-spacing:-1.76px;white-space:nowrap">sec.gov. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:5548.36px;text-rendering:optimizeLegibility;white-space:nowrap">Additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:2331.91px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:2980.46px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:3226.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:3508.77px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:3912.8px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:4186.58px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:4515.2px;letter-spacing:-0.57px;white-space:nowrap">posted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:5050.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:5278.62px;letter-spacing:-0.44px;white-space:nowrap">dws.com </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:5961.53px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:1670.8px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:2040.29px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:2232.25px;text-rendering:optimizeLegibility;white-space:nowrap">time. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:2645.77px;white-space:nowrap">Please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:3149.82px;white-space:nowrap">see </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:3438.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:3720.32px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:4226.57px;letter-spacing:-0.55px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:4798.65px;letter-spacing:-0.32px;white-space:nowrap">prospectus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:5636.16px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:5882.17px;letter-spacing:-0.53px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1879.2px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">information.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2273.4px;left:597.7px;letter-spacing:-0.72px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:2505.4px;left:440.38px;letter-spacing:-0.36px;white-space:nowrap">Management</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:1670.8px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:2059.01px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:3029.59px;white-space:nowrap">GmbH, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:3574.6px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:4044.37px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:4194.4px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:4534.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:4722.89px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:5111.1px;letter-spacing:-0.5px;white-space:nowrap">Group, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:5648.2px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2273.4px;left:5798.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:1670.8px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:2516.84px;white-space:nowrap">advisor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:3080.21px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:3326.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:3608.52px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:4056.59px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:4444.8px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:5415.38px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2489.4px;left:5916.36px;letter-spacing:-0.49px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:1670.8px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:1796.22px;white-space:nowrap">full </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:2063.67px;letter-spacing:-0.81px;white-space:nowrap">range </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:2513.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:2701.49px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:3547.53px;letter-spacing:0.1px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:4191.15px;letter-spacing:0.2px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:4808.23px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:5000.18px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:5380.93px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2705.4px;left:6281.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:1670.8px;letter-spacing:-0.88px;white-space:nowrap">retail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:2079.67px;letter-spacing:-0.2px;white-space:nowrap">clients. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:2629.86px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:3018.08px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:3988.65px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:4489.63px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:4639.66px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:4765.08px;letter-spacing:-0.33px;white-space:nowrap">direct, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:5267.11px;white-space:nowrap">wholly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2921.4px;left:5779.77px;letter-spacing:-0.15px;white-space:nowrap">owned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3137.4px;left:1670.8px;white-space:nowrap">subsidiary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3137.4px;left:2436.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3137.4px;left:2625.2px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3137.4px;left:3013.42px;letter-spacing:-0.5px;white-space:nowrap">Group. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:1670.8px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:2059.01px;letter-spacing:-0.59px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:2552.08px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:2702.11px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:2827.53px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:3304.16px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">organization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:4232.11px;letter-spacing:-0.35px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:4567.59px;text-rendering:optimizeLegibility;letter-spacing:-1.26px;white-space:nowrap">offers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:5017.24px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:5142.66px;white-space:nowrap">wide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:5531.31px;letter-spacing:-0.81px;white-space:nowrap">range </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3353.4px;left:5980.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:2350.81px;text-rendering:optimizeLegibility;letter-spacing:-0.26px;white-space:nowrap">expertise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:3053.67px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:3366.12px;letter-spacing:-0.48px;white-space:nowrap">resources, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:4150.72px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:4845.59px;letter-spacing:-0.29px;white-space:nowrap">hundreds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:5571.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3569.4px;left:5760.18px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:1670.8px;letter-spacing:-0.54px;white-space:nowrap">managers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:2416.99px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:2729.44px;letter-spacing:-0.49px;white-space:nowrap">analysts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:3346.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:3658.62px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:3877.56px;text-rendering:optimizeLegibility;white-space:nowrap">office </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:4320px;letter-spacing:-0.33px;white-space:nowrap">network </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:4960.72px;letter-spacing:-0.35px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:5296.2px;letter-spacing:-0.33px;white-space:nowrap">reaches </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3785.4px;left:5898.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.4px;left:1670.8px;letter-spacing:-0.22px;white-space:nowrap">world&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.4px;left:2232.77px;white-space:nowrap">major </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.4px;left:2697.89px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.4px;left:3543.93px;letter-spacing:-0.78px;white-space:nowrap">centers. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.4px;left:4160.39px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.4px;left:4490.95px;letter-spacing:-0.47px;white-space:nowrap">well-resourced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4001.4px;left:5602.94px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:1670.8px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:2516.84px;text-rendering:optimizeLegibility;letter-spacing:-0.68px;white-space:nowrap">platform </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:3175.84px;white-space:nowrap">brings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:3659.33px;letter-spacing:-0.44px;white-space:nowrap">together </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:4326.06px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:4451.48px;white-space:nowrap">wide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:4840.14px;letter-spacing:-0.44px;white-space:nowrap">variety </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:5370.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.4px;left:5558.82px;letter-spacing:-0.24px;white-space:nowrap">experience </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:1670.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:1983.25px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:2829.29px;letter-spacing:-0.22px;white-space:nowrap">insight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:3347.84px;letter-spacing:-0.5px;white-space:nowrap">across </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:3841.43px;letter-spacing:-0.18px;white-space:nowrap">industries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:4633.33px;letter-spacing:-0.29px;white-space:nowrap">regions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:5247.51px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:5659.36px;white-space:nowrap">classes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4433.4px;left:6198.84px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4649.4px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4649.4px;left:2350.81px;letter-spacing:-0.31px;white-space:nowrap">styles.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5043.6px;left:450.75px;white-space:nowrap">Open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5043.6px;left:896.97px;letter-spacing:-0.88px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5275.6px;left:179.7px;letter-spacing:-0.25px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5275.6px;left:969.22px;letter-spacing:-0.32px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5275.6px;left:1190.79px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:5507.6px;left:1068.01px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:1670.8px;text-rendering:optimizeLegibility;white-space:nowrap">Notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:2183.2px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:2333.23px;letter-spacing:-0.5px;white-space:nowrap">hereby </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:2876.75px;letter-spacing:-0.29px;white-space:nowrap">given </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:3301.43px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:3475.37px;letter-spacing:-0.4px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:4342.68px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:4701.53px;text-rendering:optimizeLegibility;white-space:nowrap">Section </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:5274.05px;white-space:nowrap">23(c) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:5681.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5043.6px;left:5869.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:1670.8px;letter-spacing:-0.8px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:2521.05px;letter-spacing:-0.44px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:3241.93px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:3519.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:3708.1px;white-space:nowrap">1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:4113.72px;letter-spacing:-0.35px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:4449.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:4731.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:5135.54px;letter-spacing:-0.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:5479.19px;letter-spacing:-0.29px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5259.6px;left:6179.68px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:1670.8px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:2221.08px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:2692.18px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:3081.44px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:3450.94px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:3642.89px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:4012.38px;letter-spacing:-0.38px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:4518.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:4707.25px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:4916.43px;letter-spacing:-0.25px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:5597.93px;letter-spacing:-0.66px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:6013.21px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5475.6px;left:6187.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5691.6px;left:1670.8px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5691.6px;left:2081.34px;letter-spacing:-1px;white-space:nowrap">market.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6085.8px;left:317.07px;letter-spacing:-1.1px;white-space:nowrap">Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6085.8px;left:1087.87px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6317.8px;left:87.68px;letter-spacing:-0.28px;white-space:nowrap">Purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6317.8px;left:805.39px;letter-spacing:-0.77px;white-space:nowrap">Program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6549.8px;left:450.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6549.8px;left:772.96px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6781.8px;left:46.02px;letter-spacing:-0.81px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:6781.8px;left:1114.94px;white-space:nowrap">Plan</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:1670.8px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:1980.97px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:2385px;text-rendering:optimizeLegibility;letter-spacing:-1.26px;white-space:nowrap">offers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:2834.65px;letter-spacing:-0.47px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:3809.27px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:3934.69px;letter-spacing:-1.05px;white-space:nowrap">Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:4670.51px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:5055.38px;letter-spacing:-0.49px;white-space:nowrap">Purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6085.8px;left:5752px;letter-spacing:-1.1px;white-space:nowrap">Program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:1670.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:1983.25px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:2661.33px;letter-spacing:-0.95px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:3688.59px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:4038.66px;white-space:nowrap">(&#8220;Plan&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:4643.61px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:5113.39px;letter-spacing:-0.49px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6301.8px;left:5770.11px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">optional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:2307.3px;letter-spacing:-0.35px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:2670.64px;letter-spacing:-0.26px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:3440.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:3753.19px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:3999.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:4281.5px;text-rendering:optimizeLegibility;letter-spacing:-0.35px;white-space:nowrap">automatic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:5051.07px;letter-spacing:-0.88px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6517.8px;left:6045.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:1670.8px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:2402.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:2715.2px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:3658.97px;letter-spacing:-0.77px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:4258.04px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:4470.73px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:4753.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:5157.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:5331.01px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6733.8px;left:6092.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:1670.8px;letter-spacing:-0.33px;white-space:nowrap">shares. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:2221.35px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:2571.42px;text-rendering:optimizeLegibility;letter-spacing:-0.14px;white-space:nowrap">participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:3464.91px;letter-spacing:-0.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:3808.56px;letter-spacing:-1px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:4272.36px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:4467.39px;text-rendering:optimizeLegibility;white-space:nowrap">little </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:4828.18px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:5023.21px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:5428.83px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:5602.76px;letter-spacing:-0.88px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6949.8px;left:5897.55px;letter-spacing:-0.29px;white-space:nowrap">month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:1670.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:1983.25px;letter-spacing:-0.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:2326.9px;letter-spacing:-1px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:2790.7px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:3018.43px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:3210.38px;white-space:nowrap">$36,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:3842.49px;letter-spacing:-1.23px;white-space:nowrap">annually. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:4523.73px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:4833.9px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:5183.96px;letter-spacing:-0.38px;white-space:nowrap">allows </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7165.8px;left:5675.45px;letter-spacing:-0.55px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:1670.8px;letter-spacing:-0.47px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:2645.42px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:2999.27px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:3273.05px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:3560.27px;letter-spacing:-0.33px;white-space:nowrap">already </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:4131.39px;text-rendering:optimizeLegibility;letter-spacing:-0.14px;white-space:nowrap">participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:5024.88px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:5198.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:5481.12px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:5831.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7381.8px;left:6143.64px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:1670.8px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:2040.29px;letter-spacing:-1.23px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:2724.34px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:2916.3px;letter-spacing:-0.5px;white-space:nowrap">enroll </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:3371.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:3545.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:3827.55px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:4177.62px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:4390.31px;white-space:nowrap">making </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:4955.1px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:5174.03px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:5609.62px;letter-spacing:-0.35px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7597.8px;left:5972.96px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:1670.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:1859.15px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:2041.96px;letter-spacing:-0.37px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:2422.62px;white-space:nowrap">$250 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:2828.23px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:3187.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:3469.39px;white-space:nowrap">plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:3821.57px;letter-spacing:-0.44px;white-space:nowrap">agent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:4313.93px;letter-spacing:-0.44px;white-space:nowrap">Share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:4762.7px;letter-spacing:-0.26px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:5532.8px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7813.8px;left:5806.58px;letter-spacing:-0.2px;white-space:nowrap">combined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:1670.8px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:1862.75px;letter-spacing:-0.55px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:2423.41px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:2548.83px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">beneficial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:3286.32px;letter-spacing:-1.45px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:4050.35px;letter-spacing:-1.05px;white-space:nowrap">fee. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:4361.48px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:4503.6px;letter-spacing:-0.68px;white-space:nowrap">brochure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:5202.16px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:5352.19px;letter-spacing:-0.57px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8029.8px;left:6022.18px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8245.8px;left:1670.8px;text-rendering:optimizeLegibility;white-space:nowrap">writing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8245.8px;left:2214.4px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8245.8px;left:2411.01px;letter-spacing:-0.15px;white-space:nowrap">telephoning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8245.8px;left:3318.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8245.8px;left:3601.05px;letter-spacing:-1.17px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8245.8px;left:4205.04px;letter-spacing:-0.44px;white-space:nowrap">agent: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8461.8px;left:1670.8px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8461.8px;left:2059.01px;letter-spacing:0.22px;white-space:nowrap">Service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8461.8px;left:2618.35px;letter-spacing:-0.44px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8677.8px;left:1670.8px;letter-spacing:-5.8px;white-space:nowrap">P.O. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8677.8px;left:1979.74px;letter-spacing:-0.88px;white-space:nowrap">Box </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8677.8px;left:2282.43px;white-space:nowrap">219066 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8893.8px;left:1670.8px;letter-spacing:-0.5px;white-space:nowrap">Kansas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8893.8px;left:2200.96px;letter-spacing:-2.34px;white-space:nowrap">City, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8893.8px;left:2546.19px;white-space:nowrap">MO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8893.8px;left:2856.71px;white-space:nowrap">64105</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9109.8px;left:1670.8px;letter-spacing:-2.71px;white-space:nowrap">Tel.: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9109.8px;left:2002.24px;white-space:nowrap">1-800-437-6269</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9504px;left:465.61px;letter-spacing:-0.53px;white-space:nowrap">NYSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9504px;left:888.62px;letter-spacing:-0.42px;white-space:nowrap">Symbol</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9504px;left:1670.8px;letter-spacing:-0.44px;white-space:nowrap">EEA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9898.2px;left:286.66px;white-space:nowrap">Nasdaq </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:9898.2px;left:888.62px;letter-spacing:-0.42px;white-space:nowrap">Symbol</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9898.2px;left:1670.8px;letter-spacing:-0.35px;white-space:nowrap">XEEAX</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:10292.4px;left:345.28px;white-space:nowrap">CUSIP </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:153px;font-weight:bold;position:absolute;top:10292.4px;left:827.63px;white-space:nowrap">Number</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10292.4px;left:1670.8px;white-space:nowrap">298768102</div></div>
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			<div style="width:6172.64px;height:5223.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(10.8px,10.8px) rotate(0deg) scale(0.05)">





			<div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-0.41px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:573.96px;letter-spacing:-0.62px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:918.78px;letter-spacing:-0.41px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:1460.08px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:2504.97px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:3066.25px;text-rendering:optimizeLegibility;letter-spacing:-0.76px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:3934.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:4156.04px;letter-spacing:-0.3px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:5080.41px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:0px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:751.09px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:1145.55px;letter-spacing:-0.59px;white-space:nowrap">administered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:2401.2px;letter-spacing:-0.39px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:2672.01px;white-space:nowrap">wholly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:3334.27px;letter-spacing:-0.07px;white-space:nowrap">owned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:4012.64px;letter-spacing:-0.08px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:5138.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:5376.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:5730.85px;letter-spacing:-0.81px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:560px;left:0px;letter-spacing:-0.45px;white-space:nowrap">Group:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:300px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:679.09px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:1363.37px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:1745.25px;letter-spacing:-1.14px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:2453.16px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:3134px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:3681.64px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:4046.77px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:4295.66px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:955.2px;left:5126.79px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:300px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:512.59px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:1117.48px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:1357.78px;letter-spacing:-0.92px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:2548.55px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:3437.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:3667.46px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:4315.54px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:5230.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1235.2px;left:5443.14px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:300px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:681.88px;letter-spacing:-1.14px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:1389.79px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:2070.63px;white-space:nowrap">(with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:2574.98px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:3401.27px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:3624.71px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:4089.95px;white-space:nowrap">80% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:4518.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:4730.83px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1515.2px;left:5619.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:300px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:948.08px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:1863.1px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:2075.68px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:2948.49px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3161.07px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:3845.35px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:4227.24px;letter-spacing:-1.14px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:1795.2px;left:4935.15px;letter-spacing:-0.54px;white-space:nowrap">Europe).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:300px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:679.09px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:1577.78px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:2178.27px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:2725.91px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:3091.04px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:3339.93px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:4171.05px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:5007.01px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2190.4px;left:5219.6px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:300px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:540.3px;letter-spacing:-0.92px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:1731.07px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:2619.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:2849.98px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:3498.06px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:4413.08px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:4625.66px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2470.4px;left:5306.5px;white-space:nowrap">(with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:300px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:1126.29px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:1349.73px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:1814.97px;white-space:nowrap">80% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:2243.26px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:2455.85px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:3344.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:3574.76px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:4222.83px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:5137.85px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:2750.4px;left:5350.44px;letter-spacing:-0.54px;white-space:nowrap">Europe).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:300px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:679.09px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:1130.59px;letter-spacing:-0.54px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:1987.49px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:2535.13px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:2900.25px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:3149.15px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:3980.27px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:4816.23px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:5028.82px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3145.6px;left:5633.71px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:300px;letter-spacing:-0.92px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:1490.77px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:2379.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:2609.68px;white-space:nowrap">middle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:3267.85px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:3940.42px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:4704.62px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3425.6px;left:5709.01px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:300px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:578.33px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:812.94px;white-space:nowrap">20% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:1241.23px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:1453.82px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:1989.42px;letter-spacing:-1.61px;white-space:nowrap">Western </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:2784.99px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:3683.68px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:4688.08px;white-space:nowrap">(with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:5192.42px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3705.6px;left:5471.18px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3985.6px;left:300px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3985.6px;left:754.18px;white-space:nowrap">15% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3985.6px;left:1182.47px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3985.6px;left:1395.06px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3985.6px;left:1755.35px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:3985.6px;left:2313.41px;letter-spacing:-0.36px;white-space:nowrap">country).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:0px;white-space:nowrap">Please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:616.06px;letter-spacing:-0.27px;white-space:nowrap">consult </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:1306.46px;letter-spacing:-0.54px;white-space:nowrap">your </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:1755.38px;letter-spacing:-1.69px;white-space:nowrap">broker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:2379.72px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:2680.39px;white-space:nowrap">advice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:3295.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:3574.36px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:3934.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:4164.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:4509.89px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:5094.48px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4380.8px;left:5334.79px;letter-spacing:-0.43px;white-space:nowrap">call </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4660.8px;left:0px;white-space:nowrap">1-800-437-6269 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4660.8px;left:1478.34px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4660.8px;left:1779.01px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:185px;font-weight:300;position:absolute;top:4660.8px;left:2889.43px;letter-spacing:-0.4px;white-space:nowrap">reports.</div></div>
		</div>
		<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(29.375px,426.023px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.07px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABVsAAAADCAYAAACNvN9BAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAOElEQVR4Xu3YsQ0AIAgAQWT/jpi4rYxAoeVd/RP8qn1uAAAAAADwJKcAAAAAAICZ2QoAAAAA8EEDhvMCxSFi7KQAAAAASUVORK5CYII=);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></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:39.82px;left:0px;position:absolute;top:0px;transform:translate(64.140px,576.000px) rotate(270.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:77.04px">
			<div style="width:1540.8px;height:720px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">875 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:314.38px;letter-spacing:-0.44px;white-space:nowrap">Third </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:728.26px;letter-spacing:-0.63px;white-space:nowrap">Avenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:0px;letter-spacing:-0.22px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:369.4px;letter-spacing:-2.12px;white-space:nowrap">York, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:761.13px;white-space:nowrap">NY </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:1001.16px;white-space:nowrap">10022</div></div>
		</div>
		<div style="height:13.11px;left:0px;position:absolute;top:0px;transform:translate(336.475px,568.800px) rotate(270.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:77.04px">
			<div style="width:1540.8px;height:144px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.31px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-0.78px;white-space:nowrap">EEA-3</div></div>
		</div>
		<div style="height:10.62px;left:0px;position:absolute;top:0px;transform:translate(348.200px,568.800px) rotate(270.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:77.04px">
			<div style="width:1540.8px;height:144px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.42px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">R-028303-13 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:759.54px;white-space:nowrap">(8/24)</div></div>
		</div>
		<div style="height:63.72px;left:0px;position:absolute;top:0px;transform:translate(28.800px,513.000px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:20.16px">
			<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:370.31px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.312px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<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>
<!-- Field: /Include-Text -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b) Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="height: 4pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt"><B>Item 2.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt"><B>Code of Ethics.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 3.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Audit Committee Financial Expert.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 4.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Principal Accountant Fees and Services.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 5.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Audit Committee of Listed Registrants.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 6.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Investments.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 7.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Financial Statements and Financial Highlights for Open-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 8.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 9.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Proxy Disclosures for Open-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 10.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 11.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Statement Regarding Basis for Approval of Investment Advisory Contract.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 12.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 13.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Portfolio Managers of Closed-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 14.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Include-Text; File: item 14 eea.docx; Date: 2024%2D09%2D04T13:08:43; Size: 0x00006510 -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="height: 91.1pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 91.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 91.1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased</P></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 91.1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Average Price Paid</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">per Share</P></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 91.1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased as</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Part of Publicly Announced</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 91.1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Maximum Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares that May Yet Be</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Purchased Under the</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt">&nbsp;</TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.54 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">617,392</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 1 through February 29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.60 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">590,392</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,449</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,449</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">568,943</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,551</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.72 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,551</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">543,392</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">539,892</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,820</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,820</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">518,072</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118,320</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.78 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118,320</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="height: 22pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 22pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 22pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 22pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="height: 0.25in; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 28, 2023, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 687,213 shares during the period from August 1, 2023 through July 31, 2024. The Fund repurchased 169,141 shares between August 1, 2023 and June 30, 2024.</FONT></TD></TR>
  <TR STYLE="height: 4pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 4pt">&nbsp;</TD></TR>
  <TR STYLE="height: 28.35pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>
<!-- Field: /Include-Text -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 15.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&rsquo;s Board.&nbsp;&nbsp;The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders
        must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws.&nbsp;&nbsp;Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 16.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Controls and Procedures.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD STYLE="width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">The Chief Executive and Financial Officers concluded that the Registrant&rsquo;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b) </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">There have been no changes 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 controls over financial reporting.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 17.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 18.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Recovery of Erroneously Awarded Compensation.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 19.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Exhibits</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99cert.htm" STYLE="-sec-extract: exhibit">Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99906cert.htm" STYLE="-sec-extract: exhibit">Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">The European Equity Fund, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Executive Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;8/29/2024</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">The European Equity Fund, Inc.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Executive Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">8/29/2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Diane Kenneally</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Diane Kenneally</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Financial Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">8/29/2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Principal Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 404.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="height: 36.9pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 36.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 36.9pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 36.9pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant'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's internal control over financial reporting; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
  <TR STYLE="height: 0px">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">Principal Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Principal Financial Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="height: 36.9pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 36.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 36.9pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 36.9pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant'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's internal control over financial reporting; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
  <TR STYLE="height: 0px">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt">Diane Kenneally</TD></TR>
  <TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt">Principal Financial Officer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Principal Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">Principal Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Principal Financial Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">Diane Kenneally</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">Principal Financial Officer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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