<SEC-DOCUMENT>0000088053-25-000200.txt : 20250307
<SEC-HEADER>0000088053-25-000200.hdr.sgml : 20250307
<ACCEPTANCE-DATETIME>20250307155707
ACCESSION NUMBER:		0000088053-25-000200
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250307
DATE AS OF CHANGE:		20250307
EFFECTIVENESS DATE:		20250307

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		25719848

	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-CSR
<SEQUENCE>1
<FILENAME>ar123124eea.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-CSR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">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: 12pt 0 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&#8217;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: 26%; padding-right: 5.4pt; padding-left: 5.4pt">Date of fiscal year end:</TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">12/31</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 of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">12/31/2024</TD></TR>
  </TABLE>

<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="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 1.</B></TD>
    <TD STYLE="width: 85%; 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"></P>

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

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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:206px;position:absolute;top:0px;left:2524.31px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:206px;position:absolute;top:0px;left:3498.84px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:206px;position:absolute;top:0px;left:3826.48px;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:460px;font-weight:bold;position:absolute;top:0px;left:657.68px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:460px;font-weight:bold;position:absolute;top:0px;left:2248.26px;letter-spacing:-1.05px;white-space:nowrap">Report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:460px;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:460px;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="width:6796.8px;height:288px;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: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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">2 </div></div>
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		<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="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:-0.78px;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>
		</div>
		<div style="height:357.08px;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:7027.2px;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:194px;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:194px;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:194px;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:194px;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">10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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">12</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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">19</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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:194px;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:194px;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">20</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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">21</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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">22</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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">23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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:194px;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">31</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;font-weight:300;position:absolute;top:3264px;left:1339.4px;letter-spacing:-0.18px;white-space:nowrap">Independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3264px;left:2524.91px;letter-spacing:-1.12px;white-space:nowrap">Registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3264px;left:3504.71px;letter-spacing:-0.31px;white-space:nowrap">Public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3264px;left:4083.28px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3264px;left:5119.69px;letter-spacing:0px;white-space:nowrap">Firm</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687px;left:0px;white-space:nowrap">33</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3672px;left:460.8px;letter-spacing:-4.83px;white-space:nowrap">Tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3672px;left:793.16px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4095px;left:0px;white-space:nowrap">33</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4080px;left:460.8px;letter-spacing:-0.46px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4080px;left:1094.37px;letter-spacing:-0.63px;white-space:nowrap">Repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4080px;left:2286.33px;letter-spacing:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4080px;left:2668.21px;white-space:nowrap">Issued</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4503px;left:0px;white-space:nowrap">34</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:460.8px;letter-spacing:-1.29px;white-space:nowrap">Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:1360.14px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:1830.54px;letter-spacing:-0.6px;white-space:nowrap">Purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:2681.96px;letter-spacing:-1.34px;white-space:nowrap">Program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:3479.78px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:3861.67px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:4690.43px;letter-spacing:-1.16px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4488px;left:5945.98px;white-space:nowrap">Plan</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4911px;left:0px;white-space:nowrap">39</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4896px;left:460.8px;letter-spacing:-0.95px;white-space:nowrap">Approval </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4896px;left:1293.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4896px;left:1524.17px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">Continuance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4896px;left:2686.37px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4896px;left:2916.57px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4896px;left:3955.77px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4896px;left:4762.83px;letter-spacing:-0.6px;white-space:nowrap">Agreement</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5319px;left:0px;white-space:nowrap">45</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5304px;left:460.8px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5304px;left:1500px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">Objective, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5304px;left:2437.15px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5304px;left:3476.35px;letter-spacing:-0.54px;white-space:nowrap">Policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5304px;left:4180.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5304px;left:4562.6px;letter-spacing:-0.21px;white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5304px;left:5369.12px;letter-spacing:-0.43px;white-space:nowrap">Risks</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5727px;left:0px;white-space:nowrap">54</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5712px;left:460.8px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5712px;left:1309px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5712px;left:1690.89px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">Officers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5712px;left:2417.49px;letter-spacing:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5712px;left:2647.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5712px;left:2992.73px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6135px;left:0px;white-space:nowrap">60</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6120px;left:460.8px;text-rendering:optimizeLegibility;white-space:nowrap">Additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6120px;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:149px;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:169px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;font-weight:300;position:absolute;top:228px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;font-weight:300;position:absolute;top:6504px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;font-weight:300;position:absolute;top:6732px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:169px;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:169px;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:169px;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:169px;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:169px;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></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: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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">4 </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="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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">Dear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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:194px;font-weight:300;position:absolute;top:395.2px;left:683.31px;letter-spacing:-0.5px;white-space:nowrap">twelve-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:1972.37px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:2598.54px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:3208.58px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:4175.7px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:4502.27px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:5051.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:5396.88px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:395.2px;left:5852.67px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:575.24px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:1473.94px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:2074.42px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:2622.06px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:2987.19px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:3397.97px;white-space:nowrap">&#8220;Fund&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:4137.57px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:4350.16px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:4742.68px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:5378.72px;white-space:nowrap">(USD) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:675.2px;left:5932.91px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:0px;white-space:nowrap">-2.38% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:660.97px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:1236.64px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:1515.4px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:1859.37px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:2362.74px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:2881.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:3223.3px;white-space:nowrap">-3.64% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:3884.27px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:4459.94px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:4738.7px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:5411.27px;white-space:nowrap">price. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:955.2px;left:5955.79px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:345.04px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:866.14px;white-space:nowrap">period, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:1546.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:1891.16px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:2497.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:2728.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:3073.13px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:3691.88px;white-space:nowrap">benchmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:4791.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:5136.05px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1235.2px;left:5642.66px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Index, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:583.41px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:972.81px;white-space:nowrap">1.79%.</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:1570.51px;white-space:nowrap">1</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:1685.25px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:2064.34px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:2683.09px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:3485.64px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:3720.25px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:4064.22px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:4567.59px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:5086.01px;letter-spacing:-1.31px;white-space:nowrap">averaged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1515.2px;left:5938.51px;white-space:nowrap">17.15% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:300.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:645.47px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:1271.51px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:1747.16px;letter-spacing:0.13px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:2475.14px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:2690.08px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:3185.7px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:3420.19px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:4387.19px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:4713.63px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:5263.08px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1795.2px;left:6206.33px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:267.59px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:1005.79px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:1808.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:2038.54px;white-space:nowrap">14.87% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:2743.66px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:3044.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:3389.38px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:3910.48px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:4536.64px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:4689.93px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:5122.09px;letter-spacing:-2.95px;white-space:nowrap">earlier.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;font-weight:300;position:absolute;top:2470.4px;left:6329.08px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:345.04px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:1390.36px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:1896.96px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:2577.8px;letter-spacing:-0.54px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:3107.39px;letter-spacing:-0.68px;white-space:nowrap">repeatedly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:4101.58px;white-space:nowrap">hit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:4386.46px;letter-spacing:-0.27px;white-space:nowrap">new </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:4811.86px;text-rendering:optimizeLegibility;white-space:nowrap">all-time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:5531.47px;white-space:nowrap">highs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2750.4px;left:6046.56px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:734.55px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:1260.92px;letter-spacing:-0.72px;white-space:nowrap">quarters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:2054.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:2284.33px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:2833.9px;letter-spacing:-1.53px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:3460.92px;white-space:nowrap">giving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:4025.1px;white-space:nowrap">back </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:4483.25px;white-space:nowrap">much </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:5029.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:5259.38px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:5728.81px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3030.4px;left:6228.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3310.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3310.4px;left:345.04px;letter-spacing:-0.77px;white-space:nowrap">fourth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3310.4px;left:946.6px;letter-spacing:-3.22px;white-space:nowrap">quarter.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:379.09px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:768.6px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:1481.03px;letter-spacing:-0.27px;white-space:nowrap">saw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:1872.04px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:2454.59px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:3364.35px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:3802.41px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:4626.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:4861.48px;white-space:nowrap">surprise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:5618.92px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3705.6px;left:5897.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:0px;letter-spacing:-0.13px;white-space:nowrap">upside, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:687.71px;letter-spacing:-0.54px;white-space:nowrap">raising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:1312.16px;white-space:nowrap">hopes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:1899px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:2309.03px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:2462.32px;text-rendering:optimizeLegibility;letter-spacing:-0.9px;white-space:nowrap">&#8220;soft </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:2929.5px;letter-spacing:1.07px;white-space:nowrap">landing&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:3725.61px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:4115.01px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:4393.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:4738.81px;letter-spacing:-0.6px;white-space:nowrap">horizon. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:5506.02px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3985.6px;left:5723.76px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">vein, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:469.76px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:1344.49px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:2022.86px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:2458.46px;letter-spacing:-0.69px;white-space:nowrap">steady </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:3084.3px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:3296.88px;letter-spacing:-1.25px;white-space:nowrap">contrast </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:4066.99px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:4301.6px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:4833.98px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4265.6px;left:6001.55px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:153.29px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:662.79px;white-space:nowrap">decline. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:1403.04px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:1620.78px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:2453.19px;letter-spacing:-0.29px;white-space:nowrap">purchasing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:3466.61px;letter-spacing:-0.2px;white-space:nowrap">manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:4297.84px;white-space:nowrap">indices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:4960.63px;white-space:nowrap">(PMIs) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:5578.2px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4545.6px;left:5878.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:0px;letter-spacing:-0.46px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:611.77px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:1550.53px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:1785.14px;white-space:nowrap">rise, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:2206.88px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:2645.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:2990.52px;text-rendering:optimizeLegibility;white-space:nowrap">flash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:3456.73px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:4331.46px;letter-spacing:-0.43px;white-space:nowrap">composite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:5302.88px;white-space:nowrap">PMI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4825.6px;left:5703.89px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">March </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:619.61px;letter-spacing:-0.36px;white-space:nowrap">reaching </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:1428.07px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:1581.36px;letter-spacing:-0.2px;white-space:nowrap">nine-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:2671.8px;white-space:nowrap">high </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:3101.81px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:3332.01px;white-space:nowrap">49.9 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:3770.08px;letter-spacing:-0.32px;white-space:nowrap">(anything </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:4649.76px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:5234.35px;white-space:nowrap">50 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:5507.09px;letter-spacing:-0.64px;white-space:nowrap">indicates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5105.6px;left:6339.29px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5385.6px;left:0px;letter-spacing:-0.21px;white-space:nowrap">expansion).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:984.41px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:1662.68px;letter-spacing:-2.51px;white-space:nowrap">quarter, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:2408.51px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:3198.16px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:3955.81px;letter-spacing:-0.67px;white-space:nowrap">focused </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:4696.59px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:4975.35px;letter-spacing:-0.94px;white-space:nowrap">several </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:5644.8px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5780.8px;left:6083.95px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;left:345.04px;white-space:nowrap">benign, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;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:194px;font-weight:300;position:absolute;top:6060.8px;left:2140.92px;white-space:nowrap">scenario. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;left:2988.8px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;left:3552.44px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;left:4300.96px;letter-spacing:-0.72px;white-space:nowrap">again </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;left:4819.48px;letter-spacing:-0.36px;white-space:nowrap">advanced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6060.8px;left:5715.06px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:345.04px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:871.41px;letter-spacing:-0.27px;white-space:nowrap">months, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:1647.53px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:2841.2px;letter-spacing:-0.39px;white-space:nowrap">leadership </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:3808.54px;letter-spacing:-0.36px;white-space:nowrap">remained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:4703.04px;letter-spacing:-0.77px;white-space:nowrap">narrow </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:5385.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6340.8px;left:5767.27px;letter-spacing:-0.38px;white-space:nowrap">mostly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;left:0px;letter-spacing:-0.31px;white-space:nowrap">driven </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;left:606.07px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;left:866.04px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;left:1870.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;left:2309.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;left:2654.07px;letter-spacing:-0.94px;white-space:nowrap">largest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;left:3293.45px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6620.8px;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:194px;font-weight:300;position:absolute;top:6620.8px;left:5314.05px;letter-spacing:-0.64px;white-space:nowrap">Sovereign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:0px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:592.43px;letter-spacing:-0.05px;white-space:nowrap">struggled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:1466.95px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:1705.32px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:2541.39px;white-space:nowrap">priced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:3146.39px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:3358.97px;letter-spacing:-0.4px;white-space:nowrap">reduced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:4135.21px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:5302.77px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:5603.45px;letter-spacing:-0.81px;white-space:nowrap">central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:0px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:478.89px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:880.43px;white-space:nowrap">cuts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:1295.4px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:1737.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:2083.02px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:2761.28px;white-space:nowrap">half </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:3143.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:3373.37px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:3922.94px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:4397.96px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:4636.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:4981.37px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7180.8px;left:5880.06px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:0px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:482.32px;letter-spacing:-0.36px;white-space:nowrap">(ECB) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:1004.39px;letter-spacing:-0.54px;white-space:nowrap">delivered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:1873.22px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:2128.89px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:2518.4px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:2919.94px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:3249.83px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:3749.78px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:4094.81px;white-space:nowrap">pandemic. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7460.8px;left:5069.67px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">Geopolitical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:0px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:439.14px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:930.49px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:1332.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:1544.73px;letter-spacing:-0.77px;white-space:nowrap">focus, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:2116.32px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:2965.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;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:194px;font-weight:300;position:absolute;top:7740.8px;left:4151.64px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:4452.31px;white-space:nowrap">widening </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;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:194px;font-weight:300;position:absolute;top:7740.8px;left:6004.67px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:345.04px;white-space:nowrap">Middle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:1015.03px;letter-spacing:-1.16px;white-space:nowrap">East. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:1480.06px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:1697.8px;white-space:nowrap">June, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:2207.41px;letter-spacing:-0.46px;white-space:nowrap">French </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:2861.83px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:3450.28px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:3862.68px;text-rendering:optimizeLegibility;white-space:nowrap">off </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;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:194px;font-weight:300;position:absolute;top:8020.8px;left:4620.97px;letter-spacing:-0.75px;white-space:nowrap">President </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:5502.69px;letter-spacing:-0.61px;white-space:nowrap">Macron </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:0px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:1041.78px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:1195.07px;white-space:nowrap">snap </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;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:194px;font-weight:300;position:absolute;top:8300.8px;left:2578.23px;text-rendering:optimizeLegibility;white-space:nowrap">election. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:3389.48px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:3648.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:3993.3px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:4705.72px;letter-spacing:-0.86px;white-space:nowrap">drew </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:5203.73px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:5438.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:5591.63px;white-space:nowrap">close, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:526.37px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:1017.71px;letter-spacing:-0.67px;white-space:nowrap">growing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:1775.47px;white-space:nowrap">signs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:2261.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:2491.54px;letter-spacing:-0.24px;white-space:nowrap">weakness </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:3395.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:3607.87px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:4190.42px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:5100.18px;letter-spacing:-0.9px;white-space:nowrap">data. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:5592.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:5971.15px;text-rendering:optimizeLegibility;white-space:nowrap">flash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:0px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:874.74px;letter-spacing:-0.43px;white-space:nowrap">composite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:1846.15px;white-space:nowrap">PMI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:2300.98px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:2875.15px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:3257.03px;letter-spacing:-0.4px;white-space:nowrap">reached </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:4022.52px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:4175.81px;white-space:nowrap">high </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:4605.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:4836.03px;white-space:nowrap">52.2 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:5274.09px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:5574.77px;letter-spacing:-4.3px;white-space:nowrap">May, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9140.8px;left:0px;white-space:nowrap">declined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9140.8px;left:800.72px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9140.8px;left:1035.33px;white-space:nowrap">50.9 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9140.8px;left:1473.4px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9140.8px;left:1774.07px;white-space:nowrap">June.</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:149px;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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:379.09px;letter-spacing:-0.54px;white-space:nowrap">third </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:850.89px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1563.31px;letter-spacing:-0.27px;white-space:nowrap">saw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1954.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2299.37px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2805.97px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3486.81px;letter-spacing:-0.54px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4016.4px;letter-spacing:-0.54px;white-space:nowrap">post </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4449.84px;white-space:nowrap">meaningful </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5494.74px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:0px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:691.8px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:904.38px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1369.74px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1748.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:2129.96px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:2790.07px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:3313.64px;text-rendering:optimizeLegibility;white-space:nowrap">finishing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:4105.13px;letter-spacing:-0.32px;white-space:nowrap">September </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:5128.11px;letter-spacing:-0.29px;white-space:nowrap">marginally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:-2.95px;white-space:nowrap">higher. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:644.75px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:1516.15px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:2054.98px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:2789.85px;letter-spacing:-0.27px;white-space:nowrap">monthly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:3572.64px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4264.43px;letter-spacing:-0.69px;white-space:nowrap">failed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4798.75px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:5033.36px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:5650.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:672.57px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">disruption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:1621.75px;white-space:nowrap">seen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2088.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2300.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2645.91px;white-space:nowrap">middle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3304.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3534.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3879.33px;letter-spacing:-2.51px;white-space:nowrap">quarter, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4625.16px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4863.53px;letter-spacing:-1.79px;white-space:nowrap">fears </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:5341.45px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:5571.65px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:5724.94px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:0px;letter-spacing:-0.29px;white-space:nowrap">recession, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:934.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1279.93px;letter-spacing:-0.11px;white-space:nowrap">unwinding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2254.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2484.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2829.28px;letter-spacing:-0.67px;white-space:nowrap">yen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:3196.34px;letter-spacing:-0.18px;white-space:nowrap">carry </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:3690.8px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4210.94px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4592.82px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">questions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:5495.49px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:0px;letter-spacing:-0.2px;white-space:nowrap">technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:1028.89px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:1626.69px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">valuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:2571.04px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:2892.33px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:3126.94px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:3280.23px;letter-spacing:-0.6px;white-space:nowrap">sizeable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:4028.64px;text-rendering:optimizeLegibility;letter-spacing:-1.61px;white-space:nowrap">sell-off. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:4715.28px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:4956.45px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:5343.92px;letter-spacing:-0.31px;white-space:nowrap">point, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:5909.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:0px;white-space:nowrap">VIX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:335.69px;letter-spacing:-0.4px;white-space:nowrap">Index&#8212;a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:1168px;white-space:nowrap">widely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:1788.57px;letter-spacing:-0.95px;white-space:nowrap">followed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:2598.75px;letter-spacing:-0.98px;white-space:nowrap">gauge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:3175.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:3405.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:3750.63px;letter-spacing:-0.46px;white-space:nowrap">degree </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:4416.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:4651.15px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:5225.32px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:6061.39px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:0px;white-space:nowrap">seeking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:715.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:949.82px;letter-spacing:-0.27px;white-space:nowrap">hedge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:1547.09px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:2220.3px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:2373.59px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:3046.16px;white-space:nowrap">decline&#8212;hit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:4166.89px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:4422.56px;letter-spacing:-0.34px;white-space:nowrap">highest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:5115.97px;letter-spacing:-1.19px;white-space:nowrap">intraday </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:5884.36px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:0px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:499.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:844.98px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:1377.36px;letter-spacing:-1.72px;white-space:nowrap">wave </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:1881.28px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:2111.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:2456.52px;white-space:nowrap">pandemic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:3377.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:3590.15px;letter-spacing:-0.54px;white-space:nowrap">March </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:4209.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:4439.96px;white-space:nowrap">2020. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:4989.53px;white-space:nowrap">But </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:5343.59px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:5713.55px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:230.21px;white-space:nowrap">turmoil </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:928.23px;letter-spacing:-1.07px;white-space:nowrap">proved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:1595.11px;letter-spacing:-0.68px;white-space:nowrap">remarkably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:2635.7px;letter-spacing:-2.46px;white-space:nowrap">brief, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3135.21px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3373.58px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3526.88px;letter-spacing:-0.15px;white-space:nowrap">dovish </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:4149.28px;letter-spacing:-0.36px;white-space:nowrap">pivot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:4643.53px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:5119.3px;letter-spacing:-0.81px;white-space:nowrap">central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:5779.4px;letter-spacing:-0.36px;white-space:nowrap">banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:0px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:915.02px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:1068.31px;white-space:nowrap">50 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:1341.05px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:1827.35px;letter-spacing:-0.36px;white-space:nowrap">point </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:2339.11px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:2740.65px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:3070.55px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:3546.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:3891.36px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:4283.88px;letter-spacing:-0.94px;white-space:nowrap">Federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:4986.95px;letter-spacing:-0.43px;white-space:nowrap">Reserve), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:5852.88px;letter-spacing:-0.95px;white-space:nowrap">stronger </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:0px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:392.52px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:830.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:1212.47px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">stimulus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:1999.98px;text-rendering:optimizeLegibility;letter-spacing:-0.94px;white-space:nowrap">efforts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:2625.07px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:3100.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:3445.88px;white-space:nowrap">Chinese </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:4193px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:5319.1px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:5640.4px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:5875.01px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3360px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3360px;left:942.3px;letter-spacing:-0.84px;white-space:nowrap">recovery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3360px;left:1755.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3360px;left:1968.29px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">sentiment. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:379.09px;letter-spacing:-0.77px;white-space:nowrap">fourth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:980.65px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:1693.08px;letter-spacing:-0.27px;white-space:nowrap">saw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:2084.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:2429.13px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:2935.73px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:3616.57px;letter-spacing:-0.54px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:4146.16px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:4832.59px;white-space:nowrap">nearly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:5430.28px;white-space:nowrap">10%. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:5912.39px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:0px;letter-spacing:-2.51px;white-space:nowrap">October, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:804.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1149.41px;letter-spacing:-0.54px;white-space:nowrap">ECB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1540px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1869.89px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2356.51px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2616.47px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2769.77px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:3446.52px;white-space:nowrap">25 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:3719.27px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:4205.57px;letter-spacing:-0.27px;white-space:nowrap">points, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:4856.22px;letter-spacing:-0.46px;white-space:nowrap">taking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:5441.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:5786.6px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:0px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:401.54px;letter-spacing:-0.21px;white-space:nowrap">down </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:947.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:1181.86px;white-space:nowrap">3.25%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:1829.29px;white-space:nowrap">marking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:2595.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:2940.46px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:3329.97px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:3781.57px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:3994.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:4339.2px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:5038.41px;letter-spacing:-0.45px;white-space:nowrap">cycle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:5526.86px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:5936.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:0px;letter-spacing:-0.81px;white-space:nowrap">central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:660.11px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:1138.99px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:1520.88px;letter-spacing:-0.81px;white-space:nowrap">lowered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:2288.73px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:2775.35px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:2998.79px;letter-spacing:-0.83px;white-space:nowrap">back-to-back </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:4176.35px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">meetings.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:241.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:586.2px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:1107.3px;text-rendering:optimizeLegibility;white-space:nowrap">time, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:1612.72px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:2050.79px;letter-spacing:-0.46px;white-space:nowrap">showed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:2788.13px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:3198.16px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:4003.29px;text-rendering:optimizeLegibility;white-space:nowrap">activity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:4683.92px;letter-spacing:-0.36px;white-space:nowrap">remained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:5578.42px;white-space:nowrap">subdued, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:783.64px;letter-spacing:-0.27px;white-space:nowrap">October </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:1554.61px;text-rendering:optimizeLegibility;white-space:nowrap">flash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:2020.82px;letter-spacing:-0.43px;white-space:nowrap">composite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:2992.24px;white-space:nowrap">PMI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:3393.24px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:3693.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:4038.96px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:4913.69px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:5126.28px;letter-spacing:-0.3px;white-space:nowrap">modestly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">contractionary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:1334.61px;letter-spacing:-0.32px;white-space:nowrap">territory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:2122.23px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:2345.66px;white-space:nowrap">49.7. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:2837.55px;letter-spacing:-2.21px;white-space:nowrap">Tensions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:3644.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:3857.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:4202.13px;white-space:nowrap">Middle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:4872.12px;letter-spacing:-1.4px;white-space:nowrap">East </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:5283.33px;letter-spacing:-0.36px;white-space:nowrap">remained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:0px;white-space:nowrap">high, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:483.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:865.71px;letter-spacing:-0.9px;white-space:nowrap">Brent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:1398.96px;white-space:nowrap">crude </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:1955.4px;white-space:nowrap">oil </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:2216.97px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:2792.75px;letter-spacing:-0.86px;white-space:nowrap">rose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:3222.55px;white-space:nowrap">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:3704.66px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:3917.25px;letter-spacing:-0.27px;white-space:nowrap">October </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:4688.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:4922.82px;white-space:nowrap">$73 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:5307.07px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:5460.36px;letter-spacing:-0.4px;white-space:nowrap">barrel, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:0px;white-space:nowrap">ending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:653.02px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:806.31px;white-space:nowrap">run </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:1160.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:1390.68px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:1917.05px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">consecutive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:3011.36px;letter-spacing:-0.27px;white-space:nowrap">monthly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:3794.14px;white-space:nowrap">declines. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:4619.46px;letter-spacing:-0.87px;white-space:nowrap">Against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:5313.09px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:5683.05px;letter-spacing:-1.07px;white-space:nowrap">backdrop, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:0px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:836.06px;letter-spacing:-0.31px;white-space:nowrap">sought </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:1487.47px;letter-spacing:-0.54px;white-space:nowrap">perceived </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:2401.31px;letter-spacing:-1.5px;white-space:nowrap">safe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:2806.61px;letter-spacing:-0.74px;white-space:nowrap">havens, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:3526.98px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:3965.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:4310.63px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:4703.14px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:5258.41px;white-space:nowrap">rising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:5783.59px;white-space:nowrap">3.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6390.4px;left:6265.7px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:345.04px;letter-spacing:-0.31px;white-space:nowrap">month. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7273.6px;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:7273.6px;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:7296.1px;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:7296.1px;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:7296.1px;left:2284.83px;white-space:nowrap">% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7296.1px;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:7296.1px;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:7296.1px;left:3132.45px;text-rendering:optimizeLegibility;white-space:nowrap">Securities)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7296.1px;left:4741.13px;white-space:nowrap">12/31/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7296.1px;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:7545.1px;left:0px;white-space:nowrap">Financials</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545.1px;left:5133.47px;white-space:nowrap">23%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7545.1px;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:7809.1px;left:0px;white-space:nowrap">Health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7809.1px;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:7809.1px;left:5133.47px;white-space:nowrap">15%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7809.1px;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:8073.1px;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:8073.1px;left:5133.47px;white-space:nowrap">15%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8073.1px;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:8337.1px;left:0px;white-space:nowrap">Consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337.1px;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:8337.1px;left:5133.47px;white-space:nowrap">11%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337.1px;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:8601.1px;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:8601.1px;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:8601.1px;left:5224.7px;white-space:nowrap">9%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8601.1px;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:8865.1px;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:8865.1px;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:8865.1px;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:8865.1px;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:9129.1px;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:9129.1px;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:9129.1px;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:9393.1px;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:9393.1px;left:5224.7px;white-space:nowrap">4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9393.1px;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:9657.1px;left:0px;white-space:nowrap">Consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9657.1px;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:9657.1px;left:5224.7px;white-space:nowrap">4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9657.1px;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:9921.1px;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:9921.1px;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:9921.1px;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:10185.1px;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:10185.1px;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:149px;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="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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.36px;white-space:nowrap">November </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:980.01px;letter-spacing:-0.27px;white-space:nowrap">saw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1371.03px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2269.72px;letter-spacing:-0.64px;white-space:nowrap">sovereign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3168.84px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3761.27px;letter-spacing:-0.4px;white-space:nowrap">advance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4542.55px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4780.92px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5616.98px;white-space:nowrap">priced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:6221.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:0px;letter-spacing:-1.38px;white-space:nowrap">faster </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:551.29px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:952.83px;white-space:nowrap">cuts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1367.8px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1843.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:2188.61px;letter-spacing:-0.43px;white-space:nowrap">ECB. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:2633.02px;letter-spacing:-0.46px;white-space:nowrap">French </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:3287.43px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:3875.89px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:4814.65px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:5049.26px;letter-spacing:-0.41px;white-space:nowrap">underperform </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:-0.36px;white-space:nowrap">given </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:519.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:864.1px;letter-spacing:-1.07px;white-space:nowrap">country&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:1724.01px;letter-spacing:-0.38px;white-space:nowrap">budget </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:2398.09px;white-space:nowrap">crisis, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:2938.31px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:3461.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:3806.92px;letter-spacing:-0.86px;white-space:nowrap">euro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4265.94px;letter-spacing:-0.69px;white-space:nowrap">posted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4920.24px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:5175.91px;letter-spacing:-0.27px;white-space:nowrap">biggest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:0px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:686.43px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:1359.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:1704.68px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2097.2px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2652.46px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2865.05px;white-space:nowrap">18 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3137.79px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3860.1px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4098.47px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4934.53px;letter-spacing:-0.83px;white-space:nowrap">contemplated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:345.04px;letter-spacing:-0.48px;white-space:nowrap">prospect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1169.29px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1399.49px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2014.05px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">tariffs. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2622.71px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2840.45px;letter-spacing:-2.04px;white-space:nowrap">December, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:3840.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4186.02px;letter-spacing:-0.54px;white-space:nowrap">ECB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4576.6px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4906.49px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:5393.12px;letter-spacing:-0.72px;white-space:nowrap">again </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:5911.64px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">disappointing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:1241.8px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:2077.86px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:2516.46px;text-rendering:optimizeLegibility;letter-spacing:-0.14px;white-space:nowrap">insufficiently </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:3683.28px;letter-spacing:-0.15px;white-space:nowrap">dovish </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:4305.68px;letter-spacing:0.2px;white-space:nowrap">messaging, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:5336.93px;white-space:nowrap">leading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:0px;letter-spacing:-0.64px;white-space:nowrap">sovereign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:899.12px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:1491.55px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:1726.16px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:2066.8px;text-rendering:optimizeLegibility;letter-spacing:-3.22px;white-space:nowrap">off. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:2395.19px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:2612.93px;letter-spacing:-0.54px;white-space:nowrap">France, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:3309.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:3654.38px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:4780.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:5010.69px;white-space:nowrap">Michel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:5659.95px;white-space:nowrap">Barnier </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:0px;letter-spacing:-1.29px;white-space:nowrap">fell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:314.85px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:753.46px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:1163.49px;letter-spacing:-1.07px;white-space:nowrap">country&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:2023.4px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:2412.91px;letter-spacing:-0.2px;white-space:nowrap">successful </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:3354.46px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:3633.22px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">confidence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:4655.45px;letter-spacing:-0.86px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:5093.41px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:5593.35px;white-space:nowrap">1962, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:0px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:676.76px;letter-spacing:-0.29px;white-space:nowrap">pressuring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:1648.39px;letter-spacing:-0.46px;white-space:nowrap">French </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:2302.8px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:2891.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:3273.14px;white-space:nowrap">driving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:3924.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:4269.38px;white-space:nowrap">yield </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:4736.23px;letter-spacing:-0.46px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:5384.52px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:0px;letter-spacing:-0.46px;white-space:nowrap">French </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:654.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:1036.3px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:1800.5px;letter-spacing:-0.34px;white-space:nowrap">10-year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:2520.87px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3113.3px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3347.91px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3603.57px;letter-spacing:-0.38px;white-space:nowrap">widest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:4233.28px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:4691.11px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:5191.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:5536.09px;white-space:nowrap">2012 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:6031.85px;letter-spacing:-0.86px;white-space:nowrap">euro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:0px;white-space:nowrap">crisis.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:0px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:338.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:683.31px;white-space:nowrap">12 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:956.05px;letter-spacing:-0.36px;white-space:nowrap">month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:1593.28px;white-space:nowrap">period, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:2273.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:2618.3px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:3407.96px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:4005.76px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:4327.06px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:5520.73px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:6122.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:0px;white-space:nowrap">benchmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:1099.14px;letter-spacing:-0.21px;white-space:nowrap">supported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:2060.57px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:2320.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:2665.57px;letter-spacing:-0.48px;white-space:nowrap">prospect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:3489.81px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:3720.02px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:4445.33px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:4931.95px;letter-spacing:-1.28px;white-space:nowrap">staying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:5595.39px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:6209.95px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:0px;letter-spacing:-0.23px;white-space:nowrap">longer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:613.38px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:1067.56px;text-rendering:optimizeLegibility;white-space:nowrap">initially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:1745.5px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">anticipated. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:2834.86px;letter-spacing:-0.22px;white-space:nowrap">Industrials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:3797.47px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:4186.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:4531.91px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:4966.87px;letter-spacing:-0.54px;white-space:nowrap">best </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:5394.3px;letter-spacing:-0.49px;white-space:nowrap">performing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:0px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:597.8px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:898.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1243.52px;letter-spacing:-3.85px;white-space:nowrap">year, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1709.08px;letter-spacing:-0.38px;white-space:nowrap">mostly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2347.81px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2626.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2971.61px;letter-spacing:-1.13px;white-space:nowrap">strength </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:3757.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:3987.29px;letter-spacing:-1.07px;white-space:nowrap">defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:4733.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:5115.86px;letter-spacing:-0.43px;white-space:nowrap">aerospace </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:0px;letter-spacing:-0.87px;white-space:nowrap">stocks. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:644.32px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">Information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:1735.51px;letter-spacing:-0.2px;white-space:nowrap">technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:2764.39px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:3166.04px;letter-spacing:-0.41px;white-space:nowrap">outperformed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:4463.92px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:5065.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:5410.41px;white-space:nowrap">benchmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4930.4px;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:4930.4px;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:4930.4px;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:4930.4px;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:4930.4px;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:4930.4px;left:2643.87px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4930.4px;left:3586.92px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4930.4px;left:3901.41px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5184.9px;left:0px;white-space:nowrap">(33.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5184.9px;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:5184.9px;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:5184.9px;left:1030.61px;letter-spacing:-0.13px;white-space:nowrap">Assets)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5184.9px;left:4435.2px;letter-spacing:-0.13px;white-space:nowrap">Country</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5184.9px;left:6026.99px;letter-spacing:-1.02px;white-space:nowrap">Percent</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5541.9px;left:290.45px;white-space:nowrap">1</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5541.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5541.9px;left:720.2px;white-space:nowrap">HSBC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5541.9px;left:1155.7px;white-space:nowrap">Holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5541.9px;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:5433.9px;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:5649.9px;left:4435.2px;letter-spacing:-0.19px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5541.9px;left:6233.44px;white-space:nowrap">4.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5913.9px;left:290.45px;white-space:nowrap">2</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5913.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5913.9px;left:720.2px;letter-spacing:-0.44px;white-space:nowrap">Novo </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5913.9px;left:1155.96px;letter-spacing:-0.27px;white-space:nowrap">Nordisk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5913.9px;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:5913.9px;left:4435.2px;white-space:nowrap">Denmark</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5913.9px;left:6233.44px;white-space:nowrap">4.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:290.45px;white-space:nowrap">3</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:720.2px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:1458.31px;letter-spacing:-2.58px;white-space:nowrap">Telekom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:2122.49px;letter-spacing:-0.73px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;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:6177.9px;left:4435.2px;letter-spacing:-0.5px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:6233.44px;white-space:nowrap">3.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:6372.75px;white-space:nowrap">7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6177.9px;left:6463.98px;white-space:nowrap">%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;left:290.45px;white-space:nowrap">4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;left:720.2px;white-space:nowrap">ASML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;left:1188.48px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;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:6441.9px;left:4435.2px;letter-spacing:-0.08px;white-space:nowrap">Netherlands</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;left:6233.44px;white-space:nowrap">3.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;left:6372.75px;white-space:nowrap">7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.9px;left:6463.98px;white-space:nowrap">%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.9px;left:290.45px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.9px;left:720.2px;white-space:nowrap">Allianz </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.9px;left:1259.58px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.9px;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:6705.9px;left:4435.2px;letter-spacing:-0.5px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.9px;left:6233.44px;white-space:nowrap">3.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7077.9px;left:290.45px;white-space:nowrap">6</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7077.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7077.9px;left:720.2px;white-space:nowrap">Compass </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7077.9px;left:1428.42px;letter-spacing:-0.37px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7077.9px;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:6969.9px;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:7185.9px;left:4435.2px;letter-spacing:-0.19px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7077.9px;left:6233.44px;white-space:nowrap">3.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7449.9px;left:290.45px;white-space:nowrap">7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7449.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7449.9px;left:720.2px;white-space:nowrap">CRH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7449.9px;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:7449.9px;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:7449.9px;left:4963.42px;letter-spacing:-1.03px;white-space:nowrap">States</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7449.9px;left:6233.44px;white-space:nowrap">3.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7713.9px;left:290.45px;white-space:nowrap">8</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7713.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7713.9px;left:720.2px;white-space:nowrap">AXA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7713.9px;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:7713.9px;left:4435.2px;letter-spacing:-0.59px;white-space:nowrap">France</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7713.9px;left:6233.44px;white-space:nowrap">2.9%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7977.9px;left:290.45px;white-space:nowrap">9</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7977.9px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7977.9px;left:720.2px;letter-spacing:-0.55px;white-space:nowrap">SAP </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7977.9px;left:1048.65px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7977.9px;left:4435.2px;letter-spacing:-0.5px;white-space:nowrap">Germany</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7977.9px;left:6233.44px;white-space:nowrap">2.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8349.9px;left:244.83px;white-space:nowrap">10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8349.9px;left:427.29px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8349.9px;left:720.2px;white-space:nowrap">Shell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8349.9px;left:1121.6px;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:8241.9px;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:8457.9px;left:4435.2px;letter-spacing:-0.19px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8349.9px;left:6233.44px;white-space:nowrap">2.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9013.69px;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:9229.69px;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:9229.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9522.69px;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:9738.69px;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:9738.69px;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:9738.69px;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:9738.69px;left:1589.77px;white-space:nowrap">12. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738.69px;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:9738.69px;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:9738.69px;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:9738.69px;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:9738.69px;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:9738.69px;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:9738.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:9954.69px;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:10170.69px;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:10170.69px;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:10170.69px;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:10170.69px;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:10170.69px;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:149px;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="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:212.59px;letter-spacing:-0.81px;white-space:nowrap">large </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:697.28px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1113px;white-space:nowrap">due </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1500.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1734.65px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">optimism </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:2613.14px;letter-spacing:-0.61px;white-space:nowrap">around </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:3295.6px;text-rendering:optimizeLegibility;white-space:nowrap">artificial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:4051.63px;letter-spacing:-0.42px;white-space:nowrap">intelligence. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:5167.21px;letter-spacing:-0.81px;white-space:nowrap">Sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:5860.29px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:0.08px;white-space:nowrap">lagged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:631.64px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:1233.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:1578.13px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:2623.46px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:3429.77px;letter-spacing:-0.46px;white-space:nowrap">energy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4083.96px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4465.85px;letter-spacing:-0.39px;white-space:nowrap">materials, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:5385.27px;letter-spacing:-0.36px;white-space:nowrap">given </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:5904.34px;letter-spacing:-0.43px;white-space:nowrap">weak </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:0px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:909.76px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:1588.13px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:1800.71px;white-space:nowrap">Asia </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2211.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2593.49px;letter-spacing:-0.54px;white-space:nowrap">Europe. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3328.14px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3545.89px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4378.3px;letter-spacing:-0.81px;white-space:nowrap">sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:5056.88px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:5466.91px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">benefit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:6146.36px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:0px;letter-spacing:-0.54px;white-space:nowrap">lower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:548.07px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1273.38px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1760px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">suffered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2533.22px;white-space:nowrap">declines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:3304.73px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:3543.1px;letter-spacing:-0.81px;white-space:nowrap">central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4203.2px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4682.09px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:5083.63px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:5413.53px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:0px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:491.35px;white-space:nowrap">pushed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:1192.06px;white-space:nowrap">back, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:1704.03px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:2197.21px;letter-spacing:-0.4px;white-space:nowrap">notably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:2908.45px;letter-spacing:-0.24px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:3836.57px;letter-spacing:-0.66px;white-space:nowrap">staples, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:4551.79px;text-rendering:optimizeLegibility;white-space:nowrap">utilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:5244.98px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:5680.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:5915.29px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:6068.58px;white-space:nowrap">lesser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:0px;letter-spacing:-0.4px;white-space:nowrap">degree, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:719.73px;letter-spacing:-0.64px;white-space:nowrap">real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:1102.9px;letter-spacing:-1.46px;white-space:nowrap">estate.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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:194px;font-weight:300;position:absolute;top:2075.2px;left:1418.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:1763.33px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:2382.08px;letter-spacing:-0.41px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:3629.57px;text-rendering:optimizeLegibility;white-space:nowrap">positioning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:4656.09px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:4868.68px;letter-spacing:-0.22px;white-space:nowrap">industrials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2075.2px;left:5826.13px;letter-spacing:-0.27px;white-space:nowrap">weighed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:493.17px;letter-spacing:-0.47px;white-space:nowrap">heavily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:1156.61px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:1435.37px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:2042.09px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:2745.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:2980.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:3325.24px;white-space:nowrap">benchmark. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:4424.38px;letter-spacing:-0.36px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:4949.14px;text-rendering:optimizeLegibility;white-space:nowrap">selection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2355.2px;left:5791.65px;letter-spacing:-1.25px;white-space:nowrap">drove </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">shortfall, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:1166.6px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:1404.97px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:1714.99px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:2041.88px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:2392.93px;white-space:nowrap">hold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:2834.54px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:3194.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:3425.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:3770.08px;letter-spacing:-0.43px;white-space:nowrap">aerospace </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:4723.55px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:5105.44px;letter-spacing:-1.07px;white-space:nowrap">defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2635.2px;left:5852.13px;white-space:nowrap">names </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:574.17px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:895.47px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:2089.14px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:2690.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:3035.63px;letter-spacing:-3.22px;white-space:nowrap">sector. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:3663.62px;white-space:nowrap">Individual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:4570.26px;letter-spacing:-1px;white-space:nowrap">stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:5160.76px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2915.2px;left:5570.79px;letter-spacing:-0.75px;white-space:nowrap">detracted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:345.04px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:838.21px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:1644.52px;letter-spacing:-0.54px;white-space:nowrap">Germany-domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:3428.69px;letter-spacing:-0.24px;white-space:nowrap">industrial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:4301.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:4682.95px;white-space:nowrap">specialty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3195.2px;left:5504.3px;letter-spacing:-0.21px;white-space:nowrap">chemicals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:0px;letter-spacing:-0.4px;white-space:nowrap">distributor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:980.98px;letter-spacing:-0.95px;white-space:nowrap">Brenntag </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:1831.97px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:2088.82px;white-space:nowrap">(0.94%), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:2867.73px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">logistics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:3612.6px;letter-spacing:-0.95px;white-space:nowrap">operator </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:4433.73px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:5313.95px;letter-spacing:-1.5px;white-space:nowrap">Post </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:5739.98px;letter-spacing:-0.27px;white-space:nowrap">AG* </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:6160.21px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:0px;white-space:nowrap">airline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:597.8px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:1478.02px;text-rendering:optimizeLegibility;white-space:nowrap">Lufthansa </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:2387.99px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:2698.65px;white-space:nowrap">(1.00%).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:0px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:563.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:908.68px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:1527.43px;letter-spacing:-0.27px;white-space:nowrap">underweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:2702.09px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:2936.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:3281.74px;letter-spacing:0.27px;white-space:nowrap">lagging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:3957.96px;letter-spacing:-0.24px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:4886.08px;letter-spacing:-0.74px;white-space:nowrap">staples </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4150.4px;left:5547.48px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">proved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:666.88px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">additive, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:1473.61px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:1843.57px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:2232.98px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:2752.79px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:3206.97px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">offset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:3759.44px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:4019.4px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">negative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:4814.86px;text-rendering:optimizeLegibility;white-space:nowrap">selection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4430.4px;left:5657.37px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:345.04px;letter-spacing:-3.22px;white-space:nowrap">sector. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:973.03px;letter-spacing:-0.54px;white-space:nowrap">Most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:1478.02px;letter-spacing:-2.27px;white-space:nowrap">notably, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:2225.89px;letter-spacing:-0.59px;white-space:nowrap">overweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:3265.95px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:4111.57px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:4324.16px;white-space:nowrap">spirits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:4903.59px;letter-spacing:-0.6px;white-space:nowrap">provider </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4710.4px;left:5697.01px;letter-spacing:-0.54px;white-space:nowrap">Davide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:0px;white-space:nowrap">Campari-Milano </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:1470.18px;white-space:nowrap">NV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:1782.24px;white-space:nowrap">(0.72%), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:2561.15px;letter-spacing:-1.07px;white-space:nowrap">makeup </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:3315.25px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:4170.01px;letter-spacing:-2.28px;white-space:nowrap">L&#8217;Oreal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:4818.95px;letter-spacing:-0.36px;white-space:nowrap">SA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:5091.15px;white-space:nowrap">(1.71%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4990.4px;left:5816.25px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.74px;white-space:nowrap">confectioner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:1163.38px;letter-spacing:-0.38px;white-space:nowrap">Nestle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:1774.18px;letter-spacing:-0.36px;white-space:nowrap">SA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:2046.39px;white-space:nowrap">(1.73%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:2771.48px;letter-spacing:-0.27px;white-space:nowrap">weighed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:3570.49px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5270.4px;left:3849.25px;letter-spacing:-0.61px;white-space:nowrap">return.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:0px;letter-spacing:-0.81px;white-space:nowrap">Overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:669.24px;text-rendering:optimizeLegibility;white-space:nowrap">positioning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:1695.76px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:1908.35px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:2994.38px;letter-spacing:-0.2px;white-space:nowrap">technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:4023.27px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:4424.92px;letter-spacing:-0.68px;white-space:nowrap">detracted, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:5384.52px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5665.6px;left:5622.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:734.87px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:1390.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:1621.1px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:1888.69px;letter-spacing:-0.59px;white-space:nowrap">overweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:2928.75px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:3163.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:3508.4px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:4106.2px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:4495.61px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">insufficient </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5945.6px;left:5516.87px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:0px;letter-spacing:-0.95px;white-space:nowrap">overcome </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:928.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:1273.27px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">negative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:2068.73px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:2724.76px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:3200.53px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:3708.1px;text-rendering:optimizeLegibility;white-space:nowrap">selection. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:4604.42px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6225.6px;left:4822.17px;text-rendering:optimizeLegibility;letter-spacing:-1.7px;white-space:nowrap">particular, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:0px;letter-spacing:-0.31px;white-space:nowrap">semiconductor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:1369.41px;letter-spacing:-0.86px;white-space:nowrap">producers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:2307.21px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:2742.8px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:2955.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:3300.43px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:3794.25px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">suffered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:4567.47px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;left:5043.24px;letter-spacing:-0.46px;white-space:nowrap">export </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">restrictions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1036.94px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1271.55px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1819.73px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2201.61px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2354.9px;letter-spacing:-0.13px;white-space:nowrap">slowing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3071.62px;letter-spacing:-0.2px;white-space:nowrap">automobile </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4132.95px;letter-spacing:-1.88px;white-space:nowrap">industry, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4939.37px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:0px;white-space:nowrap">ASM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:459.12px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:1188.62px;white-space:nowrap">NV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:1500.68px;white-space:nowrap">(3.65%), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:2279.6px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Infineon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:3061.85px;letter-spacing:-1.53px;white-space:nowrap">Technologies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:4252.4px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:4563.07px;white-space:nowrap">(1.16%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7065.6px;left:5288.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7345.6px;left:0px;letter-spacing:-0.51px;white-space:nowrap">STMicroelectronics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7345.6px;left:1728.42px;white-space:nowrap">NV*. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:0px;letter-spacing:-2.28px;white-space:nowrap">Conversely, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:1043.6px;letter-spacing:-0.43px;white-space:nowrap">materials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:1909.21px;text-rendering:optimizeLegibility;white-space:nowrap">positioning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:2935.73px;white-space:nowrap">added </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:3540.63px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:3775.23px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:4478.74px;letter-spacing:-0.41px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7740.8px;left:5726.23px;letter-spacing:-0.31px;white-space:nowrap">driven </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:259.96px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:1052.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:1282.83px;letter-spacing:-0.31px;white-space:nowrap">packaging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:2209.35px;letter-spacing:-0.62px;white-space:nowrap">manufacturer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:3467.04px;text-rendering:optimizeLegibility;white-space:nowrap">Smurfit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:4166.36px;letter-spacing:-1.67px;white-space:nowrap">Westrock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:5042.06px;letter-spacing:-0.54px;white-space:nowrap">PLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:5411.27px;white-space:nowrap">(2.14%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8020.8px;left:6136.37px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:0px;white-space:nowrap">building </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:755.71px;letter-spacing:-0.43px;white-space:nowrap">materials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:1621.32px;letter-spacing:-0.48px;white-space:nowrap">producer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:2478.33px;white-space:nowrap">CRH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:2899.1px;letter-spacing:-0.54px;white-space:nowrap">PLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:3268.31px;white-space:nowrap">(2.96%). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:4047.23px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:4620.11px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">contributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8300.8px;left:5846.65px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:454.18px;letter-spacing:-0.4px;white-space:nowrap">counterbalanced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:1992.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:2337.07px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:3023.5px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:3324.17px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:3943.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:4173.45px;letter-spacing:-0.13px;white-space:nowrap">Swiss-based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8580.8px;left:5286.88px;text-rendering:optimizeLegibility;letter-spacing:-0.37px;white-space:nowrap">construction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:0px;letter-spacing:-0.21px;white-space:nowrap">chemicals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:917.49px;letter-spacing:-0.48px;white-space:nowrap">producer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:1774.5px;letter-spacing:-0.86px;white-space:nowrap">Sika </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:2168.63px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8860.8px;left:2479.3px;white-space:nowrap">(1.13%). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:9600.5px;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:9600.5px;left:746.38px;white-space:nowrap">Outlook</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:0px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:344.18px;letter-spacing:-0.46px;white-space:nowrap">expect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:980.33px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:1855.07px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:2533.44px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:2768.05px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:3040.79px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:3465.11px;letter-spacing:-0.29px;white-space:nowrap">marginally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:4428.68px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:5163.55px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:5376.14px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10003.2px;left:5925.71px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:0px;letter-spacing:-1.03px;white-space:nowrap">post-Covid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:984.31px;letter-spacing:-0.84px;white-space:nowrap">recovery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:1797.71px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:2707.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:2941.86px;letter-spacing:-0.92px;white-space:nowrap">unfold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:3557.06px;letter-spacing:-2.04px;white-space:nowrap">unevenly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:4442.86px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:4881.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10283.2px;left:5226.5px;letter-spacing:0.11px;white-space:nowrap">periphery </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">8 </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="height:31.77px;left:0px;position:absolute;top:0px;transform:translate(0.000px,6945.799px) 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,6945.799px) 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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.38px;white-space:nowrap">outperforming </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1340.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1685.88px;letter-spacing:-1.07px;white-space:nowrap">core </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2123.09px;letter-spacing:-0.39px;white-space:nowrap">countries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3049.71px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3288.08px;letter-spacing:-0.61px;white-space:nowrap">France </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3930.67px;letter-spacing:-0.81px;white-space:nowrap">faces </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4432.23px;letter-spacing:-0.38px;white-space:nowrap">budget </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5106.3px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">deficit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:0px;letter-spacing:-0.15px;white-space:nowrap">challenges </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:976.57px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:1358.46px;letter-spacing:-0.54px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:2215.36px;text-rendering:optimizeLegibility;letter-spacing:-1.34px;white-space:nowrap">suffers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:2849.58px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:3325.35px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:3478.64px;letter-spacing:0.24px;white-space:nowrap">sluggish </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:4232.64px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:280px;left:4815.19px;letter-spacing:-0.35px;white-space:nowrap">manufacturing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:-0.38px;white-space:nowrap">cycle. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:542.27px;text-rendering:optimizeLegibility;white-space:nowrap">Conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:1534.84px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:1954.86px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:2227.61px;white-space:nowrap">poised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:2863.01px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:3097.62px;letter-spacing:-0.94px;white-space:nowrap">improve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:3872.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4085.36px;letter-spacing:-0.54px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:4942.27px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:5180.63px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:560px;left:5707px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">optimism </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:878.5px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:1288.53px;text-rendering:optimizeLegibility;white-space:nowrap">elections </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2131.04px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:2343.62px;letter-spacing:-0.24px;white-space:nowrap">February </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3181.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:3601.96px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4153.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4365.84px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:840px;left:4885.65px;letter-spacing:-1.01px;white-space:nowrap">market-friendly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:0px;white-space:nowrap">policies. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:765.6px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1329.24px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1482.53px;letter-spacing:-0.27px;white-space:nowrap">new </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:1907.92px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">coalition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:2712.62px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:3838.72px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4258.74px;white-space:nowrap">look </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4683.49px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:4918.1px;letter-spacing:-0.36px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1120px;left:5702.92px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">stimulus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:787.51px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">efforts, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:1466.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:1811.46px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:2484.02px;letter-spacing:-0.54px;white-space:nowrap">appears </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:3234.79px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:3469.4px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:3742.15px;letter-spacing:-0.46px;white-space:nowrap">taking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:4327.49px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:4480.78px;letter-spacing:-0.79px;white-space:nowrap">wait-and-see </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1400px;left:5667.79px;letter-spacing:-0.48px;white-space:nowrap">approach </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:300.67px;letter-spacing:-3.12px;white-space:nowrap">now. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:771.4px;letter-spacing:-1.21px;white-space:nowrap">Private </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:1428.93px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">consumption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:2633.88px;letter-spacing:-0.4px;white-space:nowrap">remains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:3390.45px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:3543.74px;letter-spacing:-0.31px;white-space:nowrap">bright </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:4119.74px;white-space:nowrap">spot, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:4609.69px;letter-spacing:-0.15px;white-space:nowrap">slowly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1680px;left:5205.99px;white-space:nowrap">picking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:0px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:278.33px;letter-spacing:-0.31px;white-space:nowrap">thanks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:912.44px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:1147.05px;letter-spacing:-0.27px;white-space:nowrap">low </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:1512.71px;letter-spacing:-0.23px;white-space:nowrap">unemployment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:2968.28px;white-space:nowrap">rising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:3493.47px;letter-spacing:-0.72px;white-space:nowrap">wages </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:4093.1px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:4474.98px;letter-spacing:-0.27px;white-space:nowrap">cooling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:5160.12px;white-space:nowrap">prices. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1960px;left:5789.72px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">anticipate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:921.25px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:1695.87px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:1908.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:2253.5px;white-space:nowrap">2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:2570.28px;letter-spacing:-0.98px;white-space:nowrap">range </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:3119.64px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:3420.31px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:3916.06px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:4154.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:4499.47px;letter-spacing:-1.03px;white-space:nowrap">persistent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:5423.09px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2240px;left:6092.22px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:774.36px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:1126.76px;letter-spacing:-1.07px;white-space:nowrap">likely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:1617.1px;letter-spacing:-1.07px;white-space:nowrap">peaked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:2305.62px;letter-spacing:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:2687.25px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:2870.35px;letter-spacing:-0.6px;white-space:nowrap">expected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3727.1px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:3961.45px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:4647.61px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:5089.93px;letter-spacing:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:5434.71px;letter-spacing:-0.92px;white-space:nowrap">course </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:6069.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2520px;left:6299.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:0px;letter-spacing:-4.39px;white-space:nowrap">year. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:462.34px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:1333.75px;letter-spacing:-1.13px;white-space:nowrap">strength </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:2119.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:2331.81px;letter-spacing:-0.46px;white-space:nowrap">energy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:2986.01px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:3561.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:3943.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:4288.71px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:4681.23px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:5236.49px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:5769.52px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2800px;left:6320.81px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:153.29px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:767.85px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3080px;left:1542.47px;letter-spacing:-3.38px;white-space:nowrap">number.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:217.74px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:781.28px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:1011.48px;letter-spacing:-0.36px;white-space:nowrap">monetary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:1918.45px;letter-spacing:-2.15px;white-space:nowrap">policy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:2521.51px;white-space:nowrap">amid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:3011.68px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:3164.97px;text-rendering:optimizeLegibility;letter-spacing:-0.69px;white-space:nowrap">deteriorating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:4364.12px;letter-spacing:-1.43px;white-space:nowrap">eurozone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:5238.86px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3475.2px;left:5917.23px;white-space:nowrap">outlook </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:310.02px;letter-spacing:-0.46px;white-space:nowrap">expect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:946.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:1291.21px;letter-spacing:-0.54px;white-space:nowrap">ECB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:1681.8px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:1916.41px;white-space:nowrap">apply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:2443.85px;letter-spacing:-0.72px;white-space:nowrap">incremental </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:3547.39px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:3948.94px;white-space:nowrap">cuts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:4363.91px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:4833.77px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:5546.19px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:5780.8px;white-space:nowrap">bring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3755.2px;left:6286.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:0px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:707.7px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1109.24px;letter-spacing:-0.21px;white-space:nowrap">down </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1654.94px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:1889.55px;white-space:nowrap">2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2206.34px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2429.78px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:2774.81px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:3161.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:3392.06px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:4359.18px;letter-spacing:-0.92px;white-space:nowrap">versus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:4968.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:5313.3px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:6012.51px;white-space:nowrap">3%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4035.2px;left:6383.12px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:0px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:170.59px;letter-spacing:-0.36px;white-space:nowrap">seeks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:702.75px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:937.36px;white-space:nowrap">support </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:1677.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:2022.97px;white-space:nowrap">labor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:2529.68px;letter-spacing:-1.07px;white-space:nowrap">market. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:3256.06px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:3600.24px;letter-spacing:-0.21px;white-space:nowrap">view </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:4056.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:4401.72px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:4884.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:5114.25px;white-space:nowrap">England </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:5869.64px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4315.2px;left:6108.01px;letter-spacing:-1.07px;white-space:nowrap">likely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:234.61px;white-space:nowrap">cut </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:564.5px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:1051.12px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:1570.94px;letter-spacing:-0.25px;white-space:nowrap">aggressively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:2681.57px;letter-spacing:-0.36px;white-space:nowrap">given </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:3200.63px;white-space:nowrap">easing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:3813.69px;letter-spacing:-0.86px;white-space:nowrap">U.K. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:4217.6px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">inflationary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4595.2px;left:5269.69px;letter-spacing:-0.59px;white-space:nowrap">pressures, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">ultimately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:931.56px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">potentially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:1918.13px;white-space:nowrap">bringing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:2689.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:3034.99px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:3601.43px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:4002.97px;letter-spacing:-0.21px;white-space:nowrap">down </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:4548.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:4783.28px;white-space:nowrap">3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:5100.07px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:5575.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4875.2px;left:5920.88px;white-space:nowrap">4.75% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5155.2px;left:0px;letter-spacing:0.13px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5155.2px;left:728.11px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5155.2px;left:1223.86px;letter-spacing:-0.54px;white-space:nowrap">level.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:217.74px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:572.34px;letter-spacing:-3.58px;white-space:nowrap">view, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:1062.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:1407.23px;letter-spacing:-0.45px;white-space:nowrap">&#8220;lost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:1864.95px;letter-spacing:-0.27px;white-space:nowrap">decade&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:2645.69px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:2858.28px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:3421.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:3652.02px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:4550.71px;letter-spacing:-1.07px;white-space:nowrap">corporate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5550.4px;left:5463.26px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:0px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:678.37px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:861.74px;letter-spacing:-1.07px;white-space:nowrap">likely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:1352.33px;letter-spacing:-0.31px;white-space:nowrap">coming </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:2048.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:2282.82px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:2550.41px;white-space:nowrap">end. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:2991.27px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:3209.01px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:3806.82px;letter-spacing:-0.31px;white-space:nowrap">terms, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:4424.17px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:4734.19px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5830.4px;left:5201.37px;letter-spacing:-0.6px;white-space:nowrap">recently </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:0px;letter-spacing:-0.32px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:899.12px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:1756.13px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:1990.74px;white-space:nowrap">health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:2602.19px;letter-spacing:-1.07px;white-space:nowrap">care </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:3028.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:3410.11px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:4234.57px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:4469.18px;letter-spacing:-1.79px;white-space:nowrap">favor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6110.4px;left:4964.82px;letter-spacing:-0.21px;white-space:nowrap">banks.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6505.6px;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:8226.06px;left:0px;white-space:nowrap">Juan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226.06px;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:8226.06px;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:8226.06px;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:8226.06px;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:8442.06px;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:8442.06px;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:8226.06px;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:8226.06px;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:8442.06px;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:8442.06px;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:8442.06px;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:8658.06px;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:8658.06px;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:8658.06px;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:8658.06px;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: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:149px;font-weight:bold;position:absolute;top:0px;left:153.57px;white-space:nowrap">9 </div></div>
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		<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:168px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;font-weight:bold;position:absolute;top:228px;left:4135px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;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:168px;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:168px;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:168px;font-weight:bold;position:absolute;top:456px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;font-weight:bold;position:absolute;top:456px;left:984.98px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;font-weight:300;position:absolute;top:684px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;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:169px;font-weight:300;position:absolute;top:1140px;left:0px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:169px;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:169px;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:169px;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:169px;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 style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2658.5px;left:0px;white-space:nowrap">* </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2658.5px;left:296.72px;white-space:nowrap">Not </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2658.5px;left:571.02px;white-space:nowrap">held </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2658.5px;left:887.81px;letter-spacing:-0.52px;white-space:nowrap">at </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2658.5px;left:1050.31px;white-space:nowrap">December </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2658.5px;left:1753.67px;white-space:nowrap">31, </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2658.5px;left:1991.17px;white-space:nowrap">2024.</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: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>
		</div>
		<div style="height:18.33px;left:0px;position:absolute;top:0px;transform:translate(212.760px,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:265.88px;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:135.35px;white-space:nowrap">December </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">31, </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:-0.21px;white-space:nowrap">(Unaudited) </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">10 </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: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,4197.200px) 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:168px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">All </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;font-weight:bold;position:absolute;top:456px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;font-weight:bold;position:absolute;top:1140px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;font-weight:bold;position:absolute;top:1458px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:168px;font-weight:bold;position:absolute;top:1686px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:168px;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:168px;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:168px;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:168px;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:168px;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:168px;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:3873.5px;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:3873.5px;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:3873.5px;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:3873.5px;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:3873.5px;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:3873.5px;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:8590.72px;left:2036.15px;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:8590.72px;left:2504.26px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8590.72px;left:3086.18px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8590.72px;left:3585.31px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8590.72px;left:4376.59px;white-space:nowrap">31 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:300;position:absolute;top:8911.72px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:300;position:absolute;top:8911.72px;left:344.63px;letter-spacing:-0.7px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:300;position:absolute;top:8911.72px;left:961.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:300;position:absolute;top:8911.72px;left:1170.61px;white-space:nowrap">$10,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:300;position:absolute;top:8911.72px;left:1872.95px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:300;position:absolute;top:8911.72px;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:210px;font-weight:300;position:absolute;top:2038.5px;left:2613.21px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:210px;font-weight:300;position:absolute;top:2038.5px;left:2840.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:210px;font-weight:300;position:absolute;top:2038.5px;left:3060.48px;white-space:nowrap">12/31/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2375px;left:3484.49px;letter-spacing:-2.4px;white-space:nowrap">1-Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2375px;left:4549.99px;letter-spacing:-2.4px;white-space:nowrap">5-Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2375px;left:5655.37px;letter-spacing:-2.06px;white-space:nowrap">10-Year</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2711px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2711px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2711px;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:2707.36px;left:1172.99px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2711px;left:3432.63px;white-space:nowrap">(2.38)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2711px;left:4554.21px;white-space:nowrap">4.96%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2711px;left:5705.21px;white-space:nowrap">4.97%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2975px;left:0px;letter-spacing:-0.88px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2975px;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:2971.35px;left:954.05px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2975px;left:3432.63px;white-space:nowrap">(3.64)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2975px;left:4554.21px;white-space:nowrap">3.59%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2975px;left:5705.21px;white-space:nowrap">4.19%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3239px;left:0px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3239px;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:3239px;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:3235.36px;left:1364.15px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3239px;left:3492.7px;white-space:nowrap">1.79%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3239px;left:4558.2px;white-space:nowrap">4.90%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3239px;left:5709.2px;white-space:nowrap">4.98%</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">11 </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;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:1768px;left:6096.91px;white-space:nowrap">ended </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">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1151.48px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1418.67px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1824.28px;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:2142.89px;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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="color:#ffffff;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:4147px;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:4147px;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:4147px;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:4147px;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:4147px;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:4147px;left:2473.96px;white-space:nowrap">Price</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4560.5px;left:3876.17px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4560.5px;left:4097.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4560.5px;left:4292.16px;white-space:nowrap">12/31/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4560.5px;left:5316.17px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4560.5px;left:5537.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4560.5px;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:4824.5px;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:4824.5px;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:4824.5px;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:4808.77px;left:4141.34px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4824.5px;left:4411.34px;white-space:nowrap">9.94</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4808.77px;left:5535.72px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4824.5px;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:5088.5px;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:5088.5px;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:5072.77px;left:4141.34px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:4411.34px;white-space:nowrap">8.14</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5072.77px;left:5581.34px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:5851.34px;white-space:nowrap">8.62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5505.5px;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:5505.5px;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:5505.5px;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:5505.5px;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:5505.5px;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:5505.5px;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:5505.5px;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:5505.5px;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:5505.5px;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:5505.5px;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:6421.5px;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:6421.5px;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:149px;font-weight:bold;position:absolute;top:6441.25px;left:5519.55px;letter-spacing:-0.73px;white-space:nowrap">Per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6441.25px;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:6693px;left:0px;letter-spacing:-1.76px;white-space:nowrap">Twelve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6693px;left:537.98px;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:6693px;left:1138.62px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6693px;left:1333.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6693px;left:1522px;white-space:nowrap">12/31/24:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;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:6957px;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:6941.27px;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:6957px;left:5851.34px;white-space:nowrap">0.18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7374px;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:7590px;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:7590px;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:7590px;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:7590px;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:7590px;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:7590px;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:7590px;left:2743.95px;letter-spacing:-0.33px;white-space:nowrap">sources.</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:174.91px">
			<div style="width:3498.1px;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>
		</div>
		<div style="height:18.33px;left:0px;position:absolute;top:0px;transform:translate(203.705px,29.470px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:154.85px">
			<div style="width:3097.1px;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:952.09px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1187px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1413.82px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:2356.87px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:2671.36px;white-space:nowrap">2024 </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:149px;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>
		</div>
		<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:149px;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:149px;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:149px;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">97.6%</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">24.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:854px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">Diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:854px;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:149px;font-weight:bold;position:absolute;top:854px;left:2338.59px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:854px;left:2987.67px;white-space:nowrap">3.8% </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:-2.86px;white-space:nowrap">Telekom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;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:1069px;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:1069px;left:5015.01px;white-space:nowrap">83,257</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1069px;left:5863.77px;white-space:nowrap">2,490,923</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:0px;white-space:nowrap">Health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:536.92px;letter-spacing:-0.4px;white-space:nowrap">Care </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:914.33px;letter-spacing:-0.49px;white-space:nowrap">Providers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:1659.02px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:1826.54px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:2475.62px;white-space:nowrap">2.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;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:1559px;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:1559px;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:1559px;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:1559px;left:1329.08px;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:1559px;left:1711.93px;white-space:nowrap">*</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">48,383</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1559px;left:5863.77px;white-space:nowrap">1,680,536</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;left:0px;letter-spacing:-0.14px;white-space:nowrap">Independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;left:1000.81px;letter-spacing:-0.78px;white-space:nowrap">Power </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;left:1518.13px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;left:1685.65px;letter-spacing:-0.54px;white-space:nowrap">Renewable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;left:2554.45px;white-space:nowrap">Electricity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;left:3330.88px;letter-spacing:-0.44px;white-space:nowrap">Producers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;left:4118.64px;white-space:nowrap">0.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;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:2049px;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:2049px;left:5015.01px;white-space:nowrap">18,682</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2049px;left:6001.41px;white-space:nowrap">557,776</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2324px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Insurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2324px;left:765.09px;white-space:nowrap">3.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539px;left:0px;white-space:nowrap">Allianz </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539px;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:2539px;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:2539px;left:5106.24px;white-space:nowrap">7,564</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2539px;left:5863.77px;white-space:nowrap">2,317,867</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2814px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">Interactive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2814px;left:838.13px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2814px;left:1356.42px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2814px;left:1523.94px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2814px;left:2173.01px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3029px;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:3029px;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:3029px;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:3029px;left:5015.01px;white-space:nowrap">12,092</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3029px;left:5863.77px;white-space:nowrap">1,065,663</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3304px;left:0px;letter-spacing:0.08px;white-space:nowrap">Machinery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3304px;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:3519px;left:0px;white-space:nowrap">Daimler </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3519px;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:3519px;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:3519px;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:3519px;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:3519px;left:6003.78px;white-space:nowrap">665,696</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3734px;left:0px;letter-spacing:-1.61px;white-space:nowrap">Knorr-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3734px;left:447.71px;letter-spacing:-0.44px;white-space:nowrap">Bremse</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3734px;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:3734px;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:3734px;left:6003.78px;white-space:nowrap">681,699</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3998px;left:5863.77px;white-space:nowrap">1,347,395</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4245px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Multi-Utilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4245px;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:4460px;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:4460px;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:4460px;left:5015.01px;white-space:nowrap">65,340</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4460px;left:6001.41px;white-space:nowrap">760,905</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4735px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Passenger </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4735px;left:790.66px;white-space:nowrap">Airlines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4735px;left:1396.05px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4950px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4950px;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:4950px;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:4950px;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:4950px;left:4923.78px;white-space:nowrap">103,843</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4950px;left:6001.41px;white-space:nowrap">664,166</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5225px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5225px;left:1268.26px;white-space:nowrap">1.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5440px;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:5440px;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:5440px;left:5106.24px;white-space:nowrap">5,163</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5440px;left:6001.41px;white-space:nowrap">748,018</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5715px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5715px;left:1234.34px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5715px;left:1401.86px;letter-spacing:-0.19px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5715px;left:2566.58px;letter-spacing:-0.43px;white-space:nowrap">Equipment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5715px;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:5930px;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:5930px;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:5930px;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:5930px;left:5015.01px;white-space:nowrap">23,718</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5930px;left:6001.41px;white-space:nowrap">771,258</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6205px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Software </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6205px;left:710.6px;white-space:nowrap">2.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;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:6420px;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:6420px;left:5106.24px;white-space:nowrap">6,979</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6420px;left:5863.77px;white-space:nowrap">1,707,847</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6695px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.84px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6695px;left:643.18px;letter-spacing:-0.25px;white-space:nowrap">Apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6695px;left:1271.78px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6695px;left:1439.3px;letter-spacing:-0.14px;white-space:nowrap">Luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6695px;left:1980.26px;white-space:nowrap">Goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6695px;left:2497.59px;white-space:nowrap">2.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6910px;left:0px;white-space:nowrap">adidas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6910px;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:6910px;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:6910px;left:6003.78px;white-space:nowrap">743,783</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7125px;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:7125px;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:7125px;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:7125px;left:6003.78px;white-space:nowrap">750,923</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7389px;left:5863.77px;white-space:nowrap">1,494,706</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7636px;left:0px;letter-spacing:-1.65px;white-space:nowrap">Trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7636px;left:592.21px;white-space:nowrap">Companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7636px;left:1460.04px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7636px;left:1627.56px;letter-spacing:-0.46px;white-space:nowrap">Distributors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7636px;left:2550.5px;white-space:nowrap">0.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7851px;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:7851px;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:7851px;left:5015.01px;white-space:nowrap">10,403</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7851px;left:6001.41px;white-space:nowrap">623,561</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8158px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8158px;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:8158px;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:8158px;left:1539.84px;white-space:nowrap">$14,610,705)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8158px;left:5772.54px;white-space:nowrap">16,230,621</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8620px;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:8620px;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:8620px;left:1457.7px;white-space:nowrap">20.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8889.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8889.5px;left:483.75px;white-space:nowrap">4.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9104.5px;left:0px;white-space:nowrap">HSBC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9104.5px;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:9104.5px;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:9104.5px;left:4923.78px;white-space:nowrap">302,012</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9104.5px;left:5863.77px;white-space:nowrap">2,971,029</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:149px;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:149px;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:149px;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:149px;font-weight:bold;position:absolute;top:53px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:730px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:730px;left:559.34px;letter-spacing:-0.77px;white-space:nowrap">Markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:730px;left:1215.26px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:945px;left:0px;white-space:nowrap">London </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:945px;left:584.38px;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:945px;left:1013.73px;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:945px;left:1734.08px;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:945px;left:2227.15px;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:945px;left:5106.24px;white-space:nowrap">4,944</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:945px;left:6001.41px;white-space:nowrap">698,919</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1220px;left:0px;white-space:nowrap">Electric </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1220px;left:584.56px;text-rendering:optimizeLegibility;white-space:nowrap">Utilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1220px;left:1204.37px;white-space:nowrap">1.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1435px;left:0px;white-space:nowrap">SSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1435px;left:291.62px;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:1435px;left:5015.01px;white-space:nowrap">36,127</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1435px;left:6001.41px;white-space:nowrap">725,911</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1710px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Hotels, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1710px;left:564.26px;letter-spacing:-1px;white-space:nowrap">Restaurants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1710px;left:1488.16px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1710px;left:1655.68px;letter-spacing:-0.25px;white-space:nowrap">Leisure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1710px;left:2228.29px;white-space:nowrap">3.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1925px;left:0px;white-space:nowrap">Compass </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1925px;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:1925px;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:1925px;left:5015.01px;white-space:nowrap">63,078</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1925px;left:5863.77px;white-space:nowrap">2,103,454</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2200px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">Interactive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2200px;left:838.13px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2200px;left:1356.42px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2200px;left:1523.94px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2200px;left:2173.01px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2415px;left:0px;letter-spacing:-0.35px;white-space:nowrap">Auto </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2415px;left:386.89px;letter-spacing:-2.26px;white-space:nowrap">Trader </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2415px;left:890.07px;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:2415px;left:1383.13px;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:2415px;left:1685.21px;white-space:nowrap">144A</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2415px;left:5015.01px;white-space:nowrap">69,757</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2415px;left:6001.41px;white-space:nowrap">692,960</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2690px;left:0px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2690px;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:2905px;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:2905px;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:2905px;left:5015.01px;white-space:nowrap">83,569</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2905px;left:6001.41px;white-space:nowrap">835,820</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3180px;left:0px;white-space:nowrap">Oil, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3180px;left:297.25px;white-space:nowrap">Gas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3180px;left:613.3px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3180px;left:780.82px;white-space:nowrap">Consumable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3180px;left:1745.24px;white-space:nowrap">Fuels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3180px;left:2171.78px;white-space:nowrap">2.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3395px;left:0px;white-space:nowrap">Shell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3395px;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:3395px;left:5015.01px;white-space:nowrap">54,481</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3395px;left:5863.77px;white-space:nowrap">1,689,829</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3670px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3670px;left:1268.26px;white-space:nowrap">2.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3885px;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:3885px;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:3885px;left:5015.01px;white-space:nowrap">12,683</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3885px;left:5863.77px;white-space:nowrap">1,663,155</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4160px;left:0px;letter-spacing:-0.41px;white-space:nowrap">Professional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4160px;left:953.7px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4160px;left:1602.77px;white-space:nowrap">2.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4375px;left:0px;white-space:nowrap">RELX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4375px;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:4375px;left:5015.01px;white-space:nowrap">31,571</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4375px;left:5863.77px;white-space:nowrap">1,435,233</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4650px;left:0px;letter-spacing:-1.65px;white-space:nowrap">Trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4650px;left:592.21px;white-space:nowrap">Companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4650px;left:1460.04px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4650px;left:1627.56px;letter-spacing:-0.46px;white-space:nowrap">Distributors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4650px;left:2550.5px;white-space:nowrap">1.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4865px;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:4865px;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:4865px;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:4865px;left:5015.01px;white-space:nowrap">11,543</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4865px;left:6001.41px;white-space:nowrap">717,935</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5172px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5172px;left:404.74px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5172px;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:5172px;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:5172px;left:2065.43px;white-space:nowrap">$10,445,428)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5172px;left:5772.54px;white-space:nowrap">13,534,245</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5634px;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:5634px;left:623.85px;white-space:nowrap">16.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5903.5px;left:0px;white-space:nowrap">Building </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5903.5px;left:649.34px;letter-spacing:-0.24px;white-space:nowrap">Products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5903.5px;left:1347.1px;white-space:nowrap">1.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6118.5px;left:0px;white-space:nowrap">Cie </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6118.5px;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:6118.5px;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:6118.5px;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:6118.5px;left:5015.01px;white-space:nowrap">11,146</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6118.5px;left:6001.41px;white-space:nowrap">989,218</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6393.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Construction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6393.5px;left:996.15px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6393.5px;left:1163.67px;white-space:nowrap">Engineering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6393.5px;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:6608.5px;left:0px;white-space:nowrap">Vinci </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6608.5px;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:6608.5px;left:5015.01px;white-space:nowrap">10,591</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6608.5px;left:5863.77px;white-space:nowrap">1,093,952</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6883.5px;left:0px;letter-spacing:-0.1px;white-space:nowrap">Electrical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6883.5px;left:716.57px;letter-spacing:-0.43px;white-space:nowrap">Equipment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6883.5px;left:1570.78px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7098.5px;left:0px;white-space:nowrap">Schneider </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7098.5px;left:758.94px;white-space:nowrap">Electric </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7098.5px;left:1330.31px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7098.5px;left:5106.24px;white-space:nowrap">2,734</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7098.5px;left:6001.41px;white-space:nowrap">682,068</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7373.5px;left:0px;letter-spacing:-0.52px;white-space:nowrap">Entertainment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7373.5px;left:1122.89px;white-space:nowrap">0.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7588.5px;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:7588.5px;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:7588.5px;left:5015.01px;white-space:nowrap">85,716</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7588.5px;left:6001.41px;white-space:nowrap">228,399</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7863.5px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Insurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7863.5px;left:765.09px;white-space:nowrap">4.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8078.5px;left:0px;white-space:nowrap">AXA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8078.5px;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:8078.5px;left:5015.01px;white-space:nowrap">54,014</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8078.5px;left:5868.52px;white-space:nowrap">1,919,754</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8293.5px;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:8293.5px;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:8293.5px;left:5015.01px;white-space:nowrap">35,118</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8293.5px;left:6003.78px;white-space:nowrap">859,744</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8557.5px;left:5863.77px;white-space:nowrap">2,779,498</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8804.5px;left:0px;white-space:nowrap">IT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8804.5px;left:177.8px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8804.5px;left:826.88px;white-space:nowrap">0.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9019.5px;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:9019.5px;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:9019.5px;left:5106.24px;white-space:nowrap">3,101</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9019.5px;left:6001.41px;white-space:nowrap">507,882</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9294.5px;left:0px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9294.5px;left:518.29px;white-space:nowrap">0.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9509.5px;left:0px;white-space:nowrap">Canal+ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9509.5px;left:529.37px;letter-spacing:-0.13px;white-space:nowrap">SADIR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9509.5px;left:1090.72px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9509.5px;left:5015.01px;white-space:nowrap">85,716</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9509.5px;left:6003.78px;white-space:nowrap">217,974</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9724.5px;left:0px;white-space:nowrap">Louis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9724.5px;left:412.82px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">Hachette </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9724.5px;left:1106.98px;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:9724.5px;left:5015.01px;white-space:nowrap">85,716</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9724.5px;left:6003.78px;white-space:nowrap">134,039</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9988.5px;left:6001.41px;white-space:nowrap">352,013</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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">14 </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: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:149px;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:149px;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:149px;font-weight:bold;position:absolute;top:53px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:300px;left:0px;white-space:nowrap">Oil, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:300px;left:297.25px;white-space:nowrap">Gas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:300px;left:613.3px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:300px;left:780.82px;white-space:nowrap">Consumable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:300px;left:1745.24px;white-space:nowrap">Fuels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:300px;left:2171.78px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;left:0px;letter-spacing:-1.66px;white-space:nowrap">TotalEnergies</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;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:515px;left:5015.01px;white-space:nowrap">19,869</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:515px;left:5863.77px;white-space:nowrap">1,098,159</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:790px;left:0px;letter-spacing:-0.57px;white-space:nowrap">Personal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:790px;left:684.23px;letter-spacing:-0.4px;white-space:nowrap">Care </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:790px;left:1061.63px;letter-spacing:-0.24px;white-space:nowrap">Products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:790px;left:1759.39px;white-space:nowrap">1.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1005px;left:0px;letter-spacing:-0.38px;white-space:nowrap">L&#39;Oreal</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1005px;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:1005px;left:5106.24px;white-space:nowrap">3,224</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1005px;left:5863.77px;white-space:nowrap">1,141,360</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1280px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1280px;left:1268.26px;white-space:nowrap">1.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1495px;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:1495px;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:1495px;left:5106.24px;white-space:nowrap">7,452</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1495px;left:6001.41px;white-space:nowrap">723,419</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1770px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.84px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1770px;left:643.18px;letter-spacing:-0.25px;white-space:nowrap">Apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1770px;left:1271.78px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1770px;left:1439.3px;letter-spacing:-0.14px;white-space:nowrap">Luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1770px;left:1980.26px;white-space:nowrap">Goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1770px;left:2497.59px;white-space:nowrap">1.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1985px;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:1985px;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:1985px;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:1985px;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:1985px;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:1985px;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:1985px;left:5106.24px;white-space:nowrap">1,769</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1985px;left:5863.77px;white-space:nowrap">1,164,221</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2292px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2292px;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:2292px;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:2292px;left:1350.7px;white-space:nowrap">$10,570,773)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2292px;left:5772.54px;white-space:nowrap">10,760,189</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2754px;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:2754px;left:1066.2px;white-space:nowrap">8.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3023.5px;left:0px;letter-spacing:-0.11px;white-space:nowrap">Chemicals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3023.5px;left:792.95px;white-space:nowrap">2.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3238.5px;left:0px;white-space:nowrap">DSM-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3238.5px;left:397.88px;white-space:nowrap">Firmenich</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3238.5px;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:3238.5px;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:3238.5px;left:6003.78px;white-space:nowrap">923,034</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3453.5px;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:3453.5px;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:3453.5px;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:3453.5px;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:3453.5px;left:6003.78px;white-space:nowrap">750,598</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3717.5px;left:5863.77px;white-space:nowrap">1,673,632</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3964.5px;left:0px;letter-spacing:-0.44px;white-space:nowrap">Food </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3964.5px;left:411.24px;letter-spacing:-0.24px;white-space:nowrap">Products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3964.5px;left:1109px;white-space:nowrap">1.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4179.5px;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:4179.5px;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:4179.5px;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:4179.5px;left:5015.01px;white-space:nowrap">13,981</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4179.5px;left:5863.77px;white-space:nowrap">1,154,879</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4454.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4454.5px;left:1268.26px;white-space:nowrap">3.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4669.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Novartis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4669.5px;left:638.96px;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:4669.5px;left:893.14px;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:4669.5px;left:5106.24px;white-space:nowrap">6,674</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4669.5px;left:6003.78px;white-space:nowrap">653,043</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4884.5px;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:4884.5px;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:4884.5px;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:4884.5px;left:5106.24px;white-space:nowrap">4,948</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4884.5px;left:5868.52px;white-space:nowrap">1,394,610</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5148.5px;left:5863.77px;white-space:nowrap">2,047,653</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5395.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.84px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5395.5px;left:643.18px;letter-spacing:-0.25px;white-space:nowrap">Apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5395.5px;left:1271.78px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5395.5px;left:1439.3px;letter-spacing:-0.14px;white-space:nowrap">Luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5395.5px;left:1980.26px;white-space:nowrap">Goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5395.5px;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:5610.5px;left:0px;white-space:nowrap">Cie </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5610.5px;left:265.69px;letter-spacing:-0.26px;white-space:nowrap">Financiere</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5610.5px;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:5610.5px;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:5610.5px;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:5610.5px;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:5610.5px;left:5106.24px;white-space:nowrap">3,520</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5610.5px;left:6001.41px;white-space:nowrap">535,475</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5917.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5917.5px;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:5917.5px;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:5917.5px;left:1729.86px;white-space:nowrap">$6,736,203)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5917.5px;left:5863.77px;white-space:nowrap">5,411,639</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6379.5px;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:6379.5px;left:1120.34px;white-space:nowrap">6.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6649px;left:0px;letter-spacing:-0.15px;white-space:nowrap">Automobiles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6649px;left:994.39px;white-space:nowrap">0.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6864px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.35px;white-space:nowrap">Stellantis</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6864px;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:6864px;left:5015.01px;white-space:nowrap">36,346</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6864px;left:6001.41px;white-space:nowrap">473,887</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7139px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7139px;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:7354px;left:0px;white-space:nowrap">ABN </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354px;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:7354px;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:7354px;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:7354px;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:7354px;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:7354px;left:5015.01px;white-space:nowrap">67,370</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7354px;left:5863.77px;white-space:nowrap">1,038,851</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7629px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7629px;left:702.16px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7629px;left:1351.23px;white-space:nowrap">0.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7844px;left:0px;letter-spacing:-0.37px;white-space:nowrap">Adyen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7844px;left:495.26px;white-space:nowrap">NV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7844px;left:750.59px;white-space:nowrap">144A*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7844px;left:5241.51px;white-space:nowrap">256</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7844px;left:6001.41px;white-space:nowrap">380,968</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8119px;left:0px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8119px;left:518.29px;white-space:nowrap">0.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8334px;left:0px;letter-spacing:-0.95px;white-space:nowrap">Havas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8334px;left:464.68px;white-space:nowrap">NV* </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8334px;left:809.65px;white-space:nowrap">&#8224;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8334px;left:5015.01px;white-space:nowrap">85,716</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8334px;left:6001.41px;white-space:nowrap">144,016</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8609px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8609px;left:1234.34px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8609px;left:1401.86px;letter-spacing:-0.19px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8609px;left:2566.58px;letter-spacing:-0.43px;white-space:nowrap">Equipment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8609px;left:3420.79px;white-space:nowrap">3.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8824px;left:0px;white-space:nowrap">ASML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8824px;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:8824px;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:8824px;left:5106.24px;white-space:nowrap">3,463</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8824px;left:5863.77px;white-space:nowrap">2,434,010</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9131px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9131px;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:9131px;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:9131px;left:1776.27px;white-space:nowrap">$3,039,075)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9131px;left:5863.77px;white-space:nowrap">4,471,732</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>
		</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>
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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:149px;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:149px;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:149px;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:149px;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;white-space:nowrap">Denmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:300px;left:848.2px;white-space:nowrap">5.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:569.5px;left:0px;white-space:nowrap">Air </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:569.5px;left:257.96px;letter-spacing:-0.46px;white-space:nowrap">Freight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:569.5px;left:820.72px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:569.5px;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:149px;font-weight:bold;position:absolute;top:569.5px;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:784.5px;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:784.5px;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:784.5px;left:5106.24px;white-space:nowrap">4,543</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:784.5px;left:6001.41px;white-space:nowrap">964,569</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1059.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1059.5px;left:1268.26px;white-space:nowrap">4.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:0px;letter-spacing:-0.53px;white-space:nowrap">Novo </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;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:1274.5px;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:1274.5px;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:1274.5px;left:5015.01px;white-space:nowrap">33,158</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1274.5px;left:5863.77px;white-space:nowrap">2,874,056</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;font-weight:bold;position:absolute;top:1581.5px;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:1581.5px;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:1581.5px;left:1543.01px;white-space:nowrap">$1,543,158)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1581.5px;left:5863.77px;white-space:nowrap">3,838,625</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2043.5px;left:0px;letter-spacing:-0.51px;white-space:nowrap">Sweden </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2043.5px;left:736.44px;white-space:nowrap">4.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2313px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2313px;left:483.75px;white-space:nowrap">2.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;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:2528px;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:2528px;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:2528px;left:5015.01px;white-space:nowrap">85,000</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2528px;left:5863.77px;white-space:nowrap">1,678,411</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2803px;left:0px;letter-spacing:0.08px;white-space:nowrap">Machinery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2803px;left:840.23px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3018px;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:3018px;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:3018px;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:3018px;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:3018px;left:5015.01px;white-space:nowrap">68,091</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3018px;left:5863.77px;white-space:nowrap">1,039,959</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3325px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3325px;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:3325px;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:3325px;left:1447.21px;white-space:nowrap">$2,024,768)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3325px;left:5863.77px;white-space:nowrap">2,718,370</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3787px;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:3787px;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:3787px;left:1216.42px;white-space:nowrap">3.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4056.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Construction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4056.5px;left:996.15px;letter-spacing:-0.43px;white-space:nowrap">Materials</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4056.5px;left:1745.24px;white-space:nowrap">3.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4271.5px;left:0px;white-space:nowrap">CRH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4271.5px;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:4271.5px;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:4271.5px;left:1057.59px;white-space:nowrap">$1,057,537) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4271.5px;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:4271.5px;left:5015.01px;white-space:nowrap">21,260</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4271.5px;left:5863.77px;white-space:nowrap">1,974,526</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4761.5px;left:0px;white-space:nowrap">Spain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4761.5px;left:527.36px;white-space:nowrap">2.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;font-weight:bold;position:absolute;top:5031px;left:483.75px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5246px;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:5246px;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:5246px;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:5246px;left:4923.78px;white-space:nowrap">177,809</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5246px;left:6001.41px;white-space:nowrap">822,089</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5521px;left:0px;white-space:nowrap">Specialty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5521px;left:713.23px;letter-spacing:-0.8px;white-space:nowrap">Retail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5521px;left:1179.93px;white-space:nowrap">1.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5736px;left:0px;letter-spacing:-0.24px;white-space:nowrap">Industria</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5736px;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:5736px;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:5736px;left:1437.01px;text-rendering:optimizeLegibility;letter-spacing:-3px;white-space:nowrap">Textil</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5736px;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:5736px;left:5015.01px;white-space:nowrap">19,366</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5736px;left:6001.41px;white-space:nowrap">995,551</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;font-weight:bold;position:absolute;top:6043px;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:6043px;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:6043px;left:1268px;white-space:nowrap">$1,635,736)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6043px;left:5863.77px;white-space:nowrap">1,817,640</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6505px;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:6505px;left:428.92px;white-space:nowrap">2.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6774.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6774.5px;left:483.75px;white-space:nowrap">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;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:6989.5px;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:6989.5px;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:6989.5px;left:4923.78px;white-space:nowrap">309,588</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6989.5px;left:5863.77px;white-space:nowrap">1,238,514</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7264.5px;left:0px;letter-spacing:-0.84px;white-space:nowrap">Beverages </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7264.5px;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:7479.5px;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:7479.5px;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:7479.5px;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:7479.5px;left:5015.01px;white-space:nowrap">76,418</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7479.5px;left:6001.41px;white-space:nowrap">476,255</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7786.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7786.5px;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:7786.5px;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:7786.5px;left:1183.62px;white-space:nowrap">$1,871,645)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7786.5px;left:5863.77px;white-space:nowrap">1,714,769</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8248.5px;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:8248.5px;left:662.09px;white-space:nowrap">2.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8518px;left:0px;letter-spacing:-0.51px;white-space:nowrap">Containers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8518px;left:842.17px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8518px;left:1009.69px;letter-spacing:-0.63px;white-space:nowrap">Packaging</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8518px;left:1791.39px;white-space:nowrap">2.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8733px;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:8733px;left:572.17px;letter-spacing:-1.42px;white-space:nowrap">WestRock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8733px;left:1321.96px;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:8733px;left:1624.04px;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:8733px;left:2035.28px;white-space:nowrap">$1,428,553) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8733px;left:5015.01px;white-space:nowrap">26,343</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8733px;left:5863.77px;white-space:nowrap">1,424,275</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9223px;left:0px;letter-spacing:-0.69px;white-space:nowrap">Norway </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9223px;left:728.13px;white-space:nowrap">1.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9492.5px;left:0px;letter-spacing:-0.3px;white-space:nowrap">Banks</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9492.5px;left:483.75px;white-space:nowrap">1.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9707.5px;left:0px;white-space:nowrap">DNB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9707.5px;left:361.14px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9707.5px;left:755.77px;letter-spacing:-0.22px;white-space:nowrap">ASA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9707.5px;left:1079.91px;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:9707.5px;left:1491.15px;white-space:nowrap">$1,137,536) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9707.5px;left:5015.01px;white-space:nowrap">55,589</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9707.5px;left:5863.77px;white-space:nowrap">1,109,815</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:10014.5px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:10014.5px;left:404.74px;white-space:nowrap">Common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:10014.5px;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:10014.5px;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:10014.5px;left:2050.14px;white-space:nowrap">$56,101,117)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:10014.5px;left:5772.54px;white-space:nowrap">65,006,44</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:10014.5px;left:6503.97px;white-space:nowrap">6</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:516.60px;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: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:149px;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>
		</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:333.90px">
			<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:149px;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:149px;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:149px;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:515px;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:515px;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:515px;left:1610.67px;white-space:nowrap">0.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:799.5px;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:799.5px;left:844.51px;white-space:nowrap">0.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1069px;left:0px;letter-spacing:-0.16px;white-space:nowrap">Automobiles</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1069px;left:994.39px;white-space:nowrap">0.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1284px;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:1284px;left:609.17px;letter-spacing:-0.2px;white-space:nowrap">Automobil</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1284px;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:1284px;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:1284px;left:2212.29px;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:1284px;left:2623.54px;white-space:nowrap">$1,267,155) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1284px;left:5015.01px;white-space:nowrap">12,572</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1284px;left:6001.41px;white-space:nowrap">473,261</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:1774px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:1774px;left:976.6px;white-space:nowrap">Lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:1774px;left:1777.45px;letter-spacing:-1px;white-space:nowrap">Collateral</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:1774px;left:2738.66px;white-space:nowrap">0.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2058.5px;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:2058.5px;left:388.21px;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:2058.5px;left:1339.01px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2058.5px;left:1500.29px;letter-spacing:-0.19px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2058.5px;left:2063.85px;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:2058.5px;left:2802.83px;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:2058.5px;left:3457.88px;letter-spacing:-0.29px;white-space:nowrap">&#39;&#39;DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2274.5px;left:0px;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:2274.5px;left:950.8px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2274.5px;left:1335.67px;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:2274.5px;left:2240.68px;letter-spacing:-0.26px;white-space:nowrap">Shares&#39;&#39;, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2274.5px;left:2880.09px;white-space:nowrap">4.39% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2274.5px;left:3365.77px;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:2274.5px;left:3777.01px;white-space:nowrap">263,920) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2490.5px;left:0px;white-space:nowrap">(b) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2490.5px;left:241.79px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2490.5px;left:4923.78px;white-space:nowrap">263,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2490.5px;left:6001.41px;white-space:nowrap">263,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2920.5px;left:0px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2920.5px;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:2920.5px;left:1650.65px;white-space:nowrap">2.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3205px;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:3205px;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:3205px;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:3205px;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:3205px;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:3205px;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:3205px;left:3741.77px;white-space:nowrap">4.52% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3421px;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:3421px;left:411.24px;white-space:nowrap">$1,828,248) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3421px;left:1323.63px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3421px;left:4788.52px;white-space:nowrap">1,828,248</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3421px;left:5863.77px;white-space:nowrap">1,828,248</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4171.94px;left:4878.52px;white-space:nowrap">% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4171.94px;left:5050.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4171.94px;left:5244.85px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4386.94px;left:5038.92px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4386.94px;left:5934.35px;letter-spacing:-1.66px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4386.94px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4633.94px;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:4633.94px;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:4633.94px;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:4656.44px;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:4656.44px;left:2716.11px;white-space:nowrap">$59,460,440)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4656.44px;left:5089.51px;white-space:nowrap">101.4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4656.44px;left:5772.54px;white-space:nowrap">67,571,87</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4656.44px;left:6503.97px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4903.44px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4903.44px;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:4903.44px;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:4903.44px;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:4903.44px;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:4925.94px;left:5218.18px;letter-spacing:-7.41px;white-space:nowrap">(1.4)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4925.94px;left:5945.34px;letter-spacing:-6.23px;white-space:nowrap">(972,253)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5172.94px;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:5172.94px;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:5195.44px;left:5089.51px;white-space:nowrap">100.0</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5195.44px;left:5772.54px;white-space:nowrap">66,599,622</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">17 </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:333.90px">
			<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:40px;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:173.45px;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:40px;left:920.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1140.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1453.71px;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:1991.29px;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:40px;left:2944.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3334.78px;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:40px;left:4035.31px;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:40px;left:4982.29px;letter-spacing:0px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5521.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5834.65px;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:40px;left:6219.56px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:0px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:791.28px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1058.47px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1464.08px;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:256px;left:1737.86px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1932.89px;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:689px;left:3492.69px;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:881px;left:3242.92px;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:2253px;left:87.44px;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:2253px;left:494.08px;white-space:nowrap">($) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:711.03px;letter-spacing:-0.49px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2445px;left:57.75px;white-space:nowrap">12/31/2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:1044.38px;letter-spacing:-0.23px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:1421.8px;letter-spacing:-0.45px;white-space:nowrap">Cost</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2445px;left:1529.22px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:2312.72px;white-space:nowrap">Sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:2047.17px;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:2445px;left:2470.22px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1485px;left:2863.69px;letter-spacing:-0.36px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1677px;left:2768.45px;letter-spacing:-0.39px;white-space:nowrap">Real- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1869px;left:2837.67px;letter-spacing:-0.74px;white-space:nowrap">ized</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:2729.16px;white-space:nowrap">Gain/</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:2722.98px;white-space:nowrap">(Loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2445px;left:2923.22px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1101px;left:3607.84px;white-space:nowrap">in</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1293px;left:3239.8px;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:1485px;left:3466.67px;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:1677px;left:3173.47px;letter-spacing:-0.26px;white-space:nowrap">Appreci</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1677px;left:3684.02px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1869px;left:3321.2px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">ation</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1869px;left:3664.25px;white-space:nowrap">/ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:3125.03px;white-space:nowrap">(</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:3174.88px;letter-spacing:-0.26px;white-space:nowrap">Depreci</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:3684.02px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:3340.11px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">ation</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:3683.16px;white-space:nowrap">) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2445px;left:3552.22px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:3785.59px;letter-spacing:-0.13px;white-space:nowrap">Income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2445px;left:4096.22px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1677px;left:4382.98px;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:1869px;left:4537.91px;white-space:nowrap">Gain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:4441.19px;letter-spacing:-0.3px;white-space:nowrap">Distri</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:4795.02px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:4342.91px;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:2445px;left:4663.22px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1869px;left:5194.31px;white-space:nowrap">Number</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:5126.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:5299.08px;letter-spacing:-0.3px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:5606.03px;letter-spacing:-0.74px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2445px;left:4952.75px;white-space:nowrap">12/31/2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:6090.58px;letter-spacing:-1.47px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2061px;left:6497.22px;white-space:nowrap">($) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2253px;left:6545.03px;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:2445px;left:5891.75px;white-space:nowrap">12/31/2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2679px;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:2679px;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:2679px;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:2679px;left:1905.16px;white-space:nowrap">0.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2928px;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:2928px;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:2928px;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:2928px;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:2928px;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:2928px;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:2928px;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:2928px;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:2928px;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:2928px;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:2928px;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:2928px;left:6047.27px;white-space:nowrap">4.39% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2928px;left:6478.98px;white-space:nowrap">(b) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3120px;left:0px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:764.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:969.38px;white-space:nowrap">263,920 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:1531.25px;white-space:nowrap">(d)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:2571.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:3024.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:3653.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:3832.39px;white-space:nowrap">31,598</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:4764.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:5213.3px;white-space:nowrap">263,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3369px;left:6152.3px;white-space:nowrap">263,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3618px;left:0px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3618px;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:3618px;left:1148.28px;white-space:nowrap">2.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3867px;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:3867px;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:3867px;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:3867px;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:3867px;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:3867px;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:3867px;left:3326.02px;white-space:nowrap">4.52% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3867px;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:4116px;left:198.06px;white-space:nowrap">1,250,300</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:1064.06px;white-space:nowrap">9,753,403</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:2005.06px;white-space:nowrap">9,175,455</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:3024.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:3653.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:3832.39px;white-space:nowrap">80,934</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:4764.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:5093.06px;white-space:nowrap">1,828,248</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4116px;left:6032.06px;white-space:nowrap">1,828,248</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:193.84px;white-space:nowrap">1,250,300</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:978.75px;white-space:nowrap">10,017,323</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:2000.84px;white-space:nowrap">9,175,455</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:3024.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:3653.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:3749.19px;white-space:nowrap">112,532</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:4764.31px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:5088.84px;white-space:nowrap">2,092,168</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4365px;left:6027.84px;white-space:nowrap">2,092,168</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4777px;left:0px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4777px;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:4777px;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:4777px;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:5024px;left:0px;white-space:nowrap">&#8224;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:502.2px;white-space:nowrap">All </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:727.5px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:927.84px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:1056.99px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:1635.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:1827.78px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:2272.37px;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:5024px;left:3003.21px;letter-spacing:-0.88px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:3408.95px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:3640.76px;white-space:nowrap">loan. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:4041.05px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:4354.94px;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:5024px;left:4782.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:4974.91px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:5183.51px;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:5024px;left:5914.36px;white-space:nowrap">loaned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5024px;left:6453.08px;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:5240px;left:502.2px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:1293.48px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:1560.67px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:1966.28px;letter-spacing:-0.39px;white-space:nowrap">amounted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:2753.08px;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:5240px;left:2945.03px;white-space:nowrap">$221,617, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:3712.41px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:4182.18px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:4332.21px;white-space:nowrap">0.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:4726.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5240px;left:4915.01px;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:5240px;left:5196.44px;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:5487px;left:0px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5487px;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:5734px;left:0px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5734px;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:5734px;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:5734px;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:5734px;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:5734px;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:5734px;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:5734px;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:5734px;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:5734px;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:5734px;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:5734px;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:5950px;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:5950px;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:5950px;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:5950px;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:5950px;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:5950px;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:5950px;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:5950px;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:5950px;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:6197px;left:0px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6197px;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:6197px;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:6197px;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:6197px;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:6197px;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:6197px;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:6197px;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:6197px;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:6197px;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:6197px;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:6197px;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:6413px;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:6413px;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:6413px;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:6413px;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:6413px;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:6413px;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:6413px;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:6413px;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:6660px;left:0px;white-space:nowrap">(d)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6660px;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:6876px;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:6876px;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:6876px;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:6876px;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:6876px;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:6876px;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:6876px;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:6876px;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:6876px;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:6876px;left:4530.93px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6876px;left:5322.21px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6876px;left:5589.4px;white-space:nowrap">2024.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7203px;left:0px;white-space:nowrap">144A:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7203px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7419px;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:7635px;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:7635px;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:7635px;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:7882px;left:0px;letter-spacing:-1.98px;white-space:nowrap">CVA:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7882px;left:504.2px;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:7882px;left:981.97px;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:7882px;left:1698.11px;letter-spacing:-0.4px;white-space:nowrap">Adjustment</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8129px;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:8129px;left:305.87px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8129px;left:1040.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8129px;left:1257.75px;letter-spacing:0px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8129px;left:1496.04px;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:8129px;left:2154.97px;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:8129px;left:3229.7px;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:8129px;left:3752.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8129px;left:4063.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8129px;left:4496.77px;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:8129px;left:5197.98px;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:8129px;left:5757.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8129px;left:5974.78px;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:8345px;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:8345px;left:723.31px;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:8345px;left:902.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8345px;left:1180.81px;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:8345px;left:1806.82px;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:8345px;left:2579.26px;letter-spacing:-0.81px;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:8345px;left:3589.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8345px;left:3774.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8345px;left:4052.68px;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:8345px;left:4831.36px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8345px;left:5001.48px;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:8345px;left:5279.98px;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:8345px;left:5754.47px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8345px;left:6447.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8561px;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:8561px;left:919.86px;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:8561px;left:1458.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8561px;left:1646.98px;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:8561px;left:2282.96px;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:8561px;left:2912.78px;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:8561px;left:3757.76px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8561px;left:3954.38px;letter-spacing:-0.18px;white-space:nowrap">industries. </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">18 </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:515.61px;left:0px;position:absolute;top:0px;transform:translate(28.800px,26.764px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10251.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.04px) rotate(0deg) scale(0.05)">
















































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:40px;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:40px;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:40px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:381.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;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:597.5px;left:4966px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:597.5px;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:597.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:813.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1029.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1245.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1461.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:1677.5px;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:2107.5px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;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:2107.5px;left:3731.04px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.5px;left:4522.32px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.5px;left:4789.51px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.5px;left:5195.13px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.5px;left:5369.06px;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:2107.5px;left:5921.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.5px;left:0px;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:2323.5px;left:506.25px;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:2323.5px;left:1465.93px;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:2323.5px;left:1742.7px;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:2323.5px;left:2631.27px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.5px;left:2859.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.5px;left:3141.65px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.5px;left:3653.79px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.5px;left:4117.24px;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:2323.5px;left:4842.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.5px;left:5124.73px;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:2323.5px;left:5827.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;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:2539.5px;left:5407.65px;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:2755.5px;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:2755.5px;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:2755.5px;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:2755.5px;left:1333.04px;letter-spacing:-0.72px;white-space:nowrap">Statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;left:2354.65px;letter-spacing:-0.42px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;left:2779.52px;white-space:nowrap">1</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;left:3491.65px;letter-spacing:-0.42px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;left:3916.52px;white-space:nowrap">2</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;left:4629.65px;letter-spacing:-0.42px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;left:5054.52px;white-space:nowrap">3</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3185.5px;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:3400.5px;left:0px;white-space:nowrap">Common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3400.5px;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:3400.5px;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:3400.5px;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:3400.5px;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:3400.5px;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:3400.5px;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:3615.5px;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:3615.5px;left:2044.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3615.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">16,703,882</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3615.5px;left:3181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3615.5px;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:3615.5px;left:4318.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3615.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3615.5px;left:5457.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3615.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">16,703,882</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3830.5px;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:3830.5px;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:3830.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">13,534,245</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3830.5px;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:3830.5px;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:3830.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">13,534,245</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4045.5px;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:4045.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">10,760,189</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4045.5px;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:4045.5px;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:4045.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">10,760,189</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4260.5px;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:4260.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">5,411,639</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4260.5px;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:4260.5px;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:4260.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">5,411,639</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4475.5px;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:4475.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">4,471,732</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4475.5px;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:4475.5px;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:4475.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">4,471,732</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690.5px;left:180px;white-space:nowrap">Denmark</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">3,838,625</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690.5px;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:4690.5px;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:4690.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">3,838,625</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4905.5px;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:4905.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">2,718,370</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4905.5px;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:4905.5px;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:4905.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">2,718,370</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5120.5px;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:5120.5px;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:5120.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,974,526</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5120.5px;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:5120.5px;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:5120.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,974,526</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5335.5px;left:180px;white-space:nowrap">Spain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5335.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,817,640</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5335.5px;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:5335.5px;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:5335.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,817,640</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5550.5px;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:5550.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,714,769</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5550.5px;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:5550.5px;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:5550.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,714,769</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5765.5px;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:5765.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,424,275</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5765.5px;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:5765.5px;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:5765.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,424,275</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5980.5px;left:180px;letter-spacing:-0.81px;white-space:nowrap">Norway</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5980.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,109,81</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5980.5px;left:2978.97px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5980.5px;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:5980.5px;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:5980.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,109,81</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5980.5px;left:6391.97px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6183.5px;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:6183.5px;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:6183.5px;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:6183.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">2,092,168</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6183.5px;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:6183.5px;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:6183.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">2,092,168</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:0px;letter-spacing:-3.46px;white-space:nowrap">Total</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:2044.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:2247.54px;letter-spacing:0px;white-space:nowrap">67,571,87</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:2978.97px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:3181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:4044.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:4318.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:5457.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:5660.54px;letter-spacing:0px;white-space:nowrap">67,571,87</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6398.5px;left:6391.97px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6613.5px;left:0px;white-space:nowrap">(e) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6613.5px;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:6613.5px;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:6613.5px;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:6613.5px;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:6613.5px;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:6613.5px;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:6613.5px;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:6613.5px;left:3975.29px;text-rendering:optimizeLegibility;letter-spacing:-0.71px;white-space:nowrap">categorizations.</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">
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">19 </div></div>
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		<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">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1174.66px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1441.85px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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">$57,368,272) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:4870.46px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:924px;left:0px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:924px;left:694.86px;white-space:nowrap">$221,617 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:924px;left:1418.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:924px;left:1606.55px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:924px;left:2333.67px;white-space:nowrap">loaned</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:816px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:816px;left:5705.29px;letter-spacing:0px;white-space:nowrap">65,479,707</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1174px;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:1174px;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:1174px;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:1174px;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:1174px;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:1174px;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:1174px;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:1174px;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:1409px;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:1409px;left:389.71px;white-space:nowrap">$1,828,248)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1409px;left:5796.52px;white-space:nowrap">1,828,248</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1644px;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:1644px;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:1644px;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:1644px;left:1412.4px;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:1644px;left:2363.2px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1644px;left:2524.48px;letter-spacing:-0.19px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1644px;left:3088.04px;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:1644px;left:3827.02px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">Portfolio</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1879px;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:1879px;left:389.71px;white-space:nowrap">$263,920)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1875.35px;left:1126.14px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1879px;left:5931.78px;white-space:nowrap">263,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2128px;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:2128px;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:2128px;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:2128px;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:2128px;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:2128px;left:2277.95px;white-space:nowrap">$179,290)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2128px;left:5931.78px;white-space:nowrap">175,151</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2392px;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:2392px;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:2392px;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:2392px;left:5931.78px;white-space:nowrap">215,166</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2656px;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:2656px;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:2656px;left:6023.01px;white-space:nowrap">26,854</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2920px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2920px;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:2920px;left:6023.01px;white-space:nowrap">13,387</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3184px;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:3184px;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:3184px;left:5705.29px;letter-spacing:0px;white-space:nowrap">68,002,433</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3712px;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:3976px;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:3976px;left:959.5px;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:3976px;left:5931.78px;white-space:nowrap">944,729</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4240px;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:4240px;left:593px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4240px;left:1008.11px;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:4240px;left:1504.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4240px;left:1692.86px;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:4240px;left:2419.98px;white-space:nowrap">loaned</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4240px;left:5931.78px;white-space:nowrap">263,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4504px;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:4504px;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:4504px;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:4504px;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:4504px;left:6023.01px;white-space:nowrap">38,306</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4768px;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:4768px;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:4768px;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:4768px;left:6023.01px;white-space:nowrap">11,792</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5032px;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:5032px;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:5032px;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:5032px;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:5032px;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:5032px;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:5032px;left:6114.24px;white-space:nowrap">7,564</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5296px;left:0px;white-space:nowrap">Accrued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5296px;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:5296px;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:5296px;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:5296px;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:5296px;left:5931.78px;white-space:nowrap">136,500</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5560px;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:5560px;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:5560px;left:5796.52px;white-space:nowrap">1,402,811</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5824px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5824px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5824px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5824px;left:5700.54px;letter-spacing:0px;white-space:nowrap">66,599,622</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6352px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6352px;left:311.04px;letter-spacing:-0.18px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6352px;left:828.02px;letter-spacing:-0.25px;white-space:nowrap">Consist </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6352px;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:6616px;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:6616px;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:6616px;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:6616px;left:5796.52px;white-space:nowrap">5,742,182</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6880px;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:6880px;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:6880px;left:5705.29px;letter-spacing:0px;white-space:nowrap">60,857,440</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7144px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7144px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7144px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7144px;left:5700.54px;letter-spacing:0px;white-space:nowrap">66,599,622</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7672px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7672px;left:311.04px;letter-spacing:-0.21px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7672px;left:756.21px;letter-spacing:-1.99px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7936px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7936px;left:311.04px;letter-spacing:-0.18px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7936px;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:7936px;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:7936px;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:8168px;left:0px;white-space:nowrap">($66,599,622 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:1003.62px;white-space:nowrap">&#247; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:1133.96px;white-space:nowrap">6,700,209 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:1901.34px;letter-spacing:-0.38px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:2407.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:2596.2px;letter-spacing:-0.25px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:3277.71px;letter-spacing:-0.66px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:3692.99px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8168px;left:4188.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8384px;left:0px;letter-spacing:-0.24px;white-space:nowrap">outstanding, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8384px;left:946.32px;white-space:nowrap">$.001 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8384px;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:8384px;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:8384px;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:8384px;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:8384px;left:3510.26px;letter-spacing:-0.4px;white-space:nowrap">authorized)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8384px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8384px;left:6201.43px;white-space:nowrap">9.94</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8895px;left:0px;white-space:nowrap">*&#160;&#160; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8895px;left:211.73px;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:8895px;left:1054.6px;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:8895px;left:1755.7px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8895px;left:1983.78px;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:8895px;left:2710.9px;white-space:nowrap">loaned.</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;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:149px;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:486.26px;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;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:40px;left:881.89px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1381.03px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2172.3px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2439.49px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;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:149px;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">$324,277)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:5207.97px;white-space:nowrap">$</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">2,194,986</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">80,934</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">31,598</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">2,307,518</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">469,361</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:5931.78px;white-space:nowrap">144,419</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">54,111</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:6023.01px;white-space:nowrap">14,513</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">42,047</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">82,817</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:5931.78px;white-space:nowrap">106,993</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">80,936</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">23,750</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">27,744</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">27,833</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:5796.52px;white-space:nowrap">1,074,524</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;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:149px;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:149px;font-weight:bold;position:absolute;top:5746px;left:5791.77px;letter-spacing:0px;white-space:nowrap">1,232,994</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;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:149px;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:149px;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:149px;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">1,973,916</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">(8,893)</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">1,965,023</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:5742.73px;letter-spacing:0px;white-space:nowrap">(5,145,707)</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">(19,138)</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:5742.73px;letter-spacing:0px;white-space:nowrap">(5,164,845)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;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:149px;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:149px;font-weight:bold;position:absolute;top:8601px;left:5735.7px;letter-spacing:0px;white-space:nowrap">(3,199,822)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;font-weight:bold;position:absolute;top:8865px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8865px;left:5735.7px;letter-spacing:0px;white-space:nowrap">(1,966,828)</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:149px;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: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:149px;font-weight:bold;position:absolute;top:321px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:321px;left:664.45px;letter-spacing:-0.18px;white-space:nowrap">(Decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:321px;left:1500.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:321px;left:1682.05px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:321px;left:1993.1px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:57px;left:4309.73px;letter-spacing:-2.77px;white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:57px;left:4742.59px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:57px;left:5251.48px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:57px;left:6059.81px;white-space:nowrap">31,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:321px;left:4468.74px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:321px;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:595px;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:859px;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:859px;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:859px;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:859px;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:859px;left:4003.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:859px;left:4507.52px;white-space:nowrap">1,232,994</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:859px;left:5299.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:859px;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:1123px;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:1123px;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:1123px;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:1123px;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:1123px;left:4507.52px;white-space:nowrap">1,965,023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1123px;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:1387px;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:1387px;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:1387px;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:1387px;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:1387px;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:1387px;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:1387px;left:4453.73px;letter-spacing:0px;white-space:nowrap">(5,164,845)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1387px;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:1651px;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:1651px;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:1651px;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:1651px;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:1651px;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:1651px;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:1651px;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:1651px;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:1867px;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:1867px;left:4453.73px;letter-spacing:0px;white-space:nowrap">(1,966,828)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1867px;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:2131px;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:2131px;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:2131px;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:2131px;left:4453.73px;letter-spacing:0px;white-space:nowrap">(1,198,572)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2131px;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:2395px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2395px;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:2395px;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:2659px;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:2659px;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:2659px;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:2659px;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:2659px;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:2659px;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:2659px;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:2659px;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:2923px;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:2923px;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:2923px;left:4453.73px;letter-spacing:0px;white-space:nowrap">(1,282,114)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2923px;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:3187px;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:3187px;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:3187px;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:3187px;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:3187px;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:3187px;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:3187px;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:3187px;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:3187px;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:3403px;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:3403px;left:4453.73px;letter-spacing:0px;white-space:nowrap">(1,011,160)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403px;left:5884.99px;letter-spacing:0px;white-space:nowrap">(734,935)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3667px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3667px;left:404.74px;letter-spacing:-0.22px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3667px;left:1065.41px;letter-spacing:-0.18px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3667px;left:1884.64px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3667px;left:2066.13px;letter-spacing:-0.31px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3667px;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:3667px;left:4453.73px;letter-spacing:0px;white-space:nowrap">(4,176,560)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3667px;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:3931px;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:3931px;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:3931px;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:3931px;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:3931px;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:3931px;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:3931px;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:3931px;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:4195px;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:4195px;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:4195px;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:4195px;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:4195px;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:4195px;left:1472.08px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4195px;left:4003.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4195px;left:4411.54px;white-space:nowrap">66,599,622</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4195px;left:5299.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4195px;left:5707.54px;white-space:nowrap">70,776,182</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4723px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4723px;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:4987px;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:4987px;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:4987px;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:4987px;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:4987px;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:4987px;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:4987px;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:4987px;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:5251px;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:5251px;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:5251px;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:5251px;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:5251px;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:5251px;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:5251px;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:5251px;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:5515px;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:5515px;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:5515px;left:4588.99px;letter-spacing:0px;white-space:nowrap">(145,500)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5515px;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:5779px;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:5779px;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:5779px;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:5779px;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:5779px;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:5779px;left:2106.74px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5779px;left:4502.77px;white-space:nowrap">6,700,209</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5779px;left:5798.77px;white-space:nowrap">6,813,832</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;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:149px;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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:487.22px;left:0px;position:absolute;top:0px;transform:translate(28.800px,55.998px) 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,1.6px) rotate(0deg) scale(0.05)">












































































































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:47.5px;left:3824.7px;letter-spacing:-2.61px;white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:47.5px;left:4233.51px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:47.5px;left:4714.13px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:47.5px;left:5477.55px;white-space:nowrap">31,&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:255px;left:3117.88px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:255px;left:3851.88px;white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:255px;left:4585.88px;white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:255px;left:5319.88px;white-space:nowrap">2021</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:255px;left:6054.88px;white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:721.5px;left:0px;letter-spacing:-0.68px;white-space:nowrap">Per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:721.5px;left:272.18px;letter-spacing:-0.32px;white-space:nowrap">Share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:721.5px;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:149px;font-weight:bold;position:absolute;top:721.5px;left:1450.81px;letter-spacing:-0.48px;white-space:nowrap">Performance</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:981.75px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:981.75px;left:293.76px;letter-spacing:-0.19px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:981.75px;left:695.11px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:981.75px;left:1157.79px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:981.75px;left:1891.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:981.75px;left:2075.03px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:978px;left:2979.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:985.5px;left:3070.43px;letter-spacing:0px;white-space:nowrap">10.39</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:978px;left:3787.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:985.5px;left:3879.04px;white-space:nowrap">8.81</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:978px;left:4447.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:985.5px;left:4538.43px;letter-spacing:0px;white-space:nowrap">11.95</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:978px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:985.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">12.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:978px;left:5915.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:985.5px;left:6006.43px;letter-spacing:0px;white-space:nowrap">10.73</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-style:italic;font-weight:300;position:absolute;top:1242px;left:0px;letter-spacing:-0.18px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-style:italic;font-weight:300;position:absolute;top:1242px;left:535.15px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-style:italic;font-weight:300;position:absolute;top:1242px;left:930.19px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-style:italic;font-weight:300;position:absolute;top:1242px;left:1296.17px;letter-spacing:-0.64px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-style:italic;font-weight:300;position:absolute;top:1242px;left:2081.42px;text-rendering:optimizeLegibility;white-space:nowrap">operations:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:465.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:1265px;letter-spacing:-0.24px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:1807.04px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:99.1px;font-weight:300;position:absolute;top:1495.06px;left:2166.29px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:3231.2px;white-space:nowrap">.18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:3965.2px;white-space:nowrap">.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:4699.2px;white-space:nowrap">.16</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:5433.2px;white-space:nowrap">.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1498.5px;left:6167.2px;white-space:nowrap">.10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1755px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1755px;left:465.96px;letter-spacing:-0.74px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1755px;left:1034.65px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1755px;left:1329.74px;letter-spacing:-0.6px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1755px;left:2075.07px;letter-spacing:-0.66px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1755px;left:2395.73px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:180px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:395.41px;letter-spacing:-0.69px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:1260.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:1555.27px;letter-spacing:-0.83px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:2074.65px;letter-spacing:-0.31px;white-space:nowrap">currency</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.48)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:3879.04px;white-space:nowrap">1.58</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:4562.24px;letter-spacing:-1.95px;white-space:nowrap">(2.40)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:5347.04px;white-space:nowrap">1.11</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:1959px;left:6081.04px;white-space:nowrap">1.38</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2215.5px;left:180px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2215.5px;left:562.25px;letter-spacing:-0.42px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2215.5px;left:942.51px;letter-spacing:-0.68px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2215.5px;left:1773.25px;text-rendering:optimizeLegibility;letter-spacing:-0.53px;white-space:nowrap">operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2215.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.30)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2215.5px;left:3879.04px;white-space:nowrap">1.73</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2215.5px;left:4562.24px;letter-spacing:-1.95px;white-space:nowrap">(2.24)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2215.5px;left:5347.04px;white-space:nowrap">1.26</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2215.5px;left:6081.04px;white-space:nowrap">1.48</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-style:italic;font-weight:300;position:absolute;top:2472px;left:0px;white-space:nowrap">Less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-style:italic;font-weight:300;position:absolute;top:2472px;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:146px;font-style:italic;font-weight:300;position:absolute;top:2472px;left:1199.88px;white-space:nowrap">from:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:465.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:1265px;letter-spacing:-0.28px;white-space:nowrap">income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.18)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.17)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.29)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:5382.4px;letter-spacing:-2.34px;white-space:nowrap">(.11)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2728.5px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.13)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:465.96px;letter-spacing:-0.74px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:1034.65px;letter-spacing:-0.66px;white-space:nowrap">gains</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:3146.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:3880.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.58)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:5296.24px;letter-spacing:-1.95px;white-space:nowrap">(1.39)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:2985px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.07)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3241.5px;left:180px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3241.5px;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:151px;font-weight:300;position:absolute;top:3241.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.18)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3241.5px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.17)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3241.5px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.87)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3241.5px;left:5296.24px;letter-spacing:-1.95px;white-space:nowrap">(1.50)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3241.5px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.20)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3498px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Dilution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3498px;left:574px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3498px;left:738.27px;letter-spacing:-0.21px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3498px;left:1004.06px;letter-spacing:-0.14px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3498px;left:1393.04px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3498px;left:1793.63px;letter-spacing:-0.66px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3498px;left:2161.27px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3702px;left:0px;letter-spacing:-0.9px;white-space:nowrap">reinvestment</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3702px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3702px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3702px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.10)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3702px;left:5348.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3702px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:0px;letter-spacing:-0.28px;white-space:nowrap">Increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;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:151px;font-weight:300;position:absolute;top:3958.5px;left:1240.63px;letter-spacing:-0.66px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:1608.28px;letter-spacing:-0.42px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:2020.91px;letter-spacing:-0.45px;white-space:nowrap">repurchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:3231.2px;white-space:nowrap">.04</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:3965.2px;white-space:nowrap">.03</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:4699.2px;white-space:nowrap">.07</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:5433.2px;white-space:nowrap">.10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:3958.5px;left:6167.2px;white-space:nowrap">.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4218.75px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4218.75px;left:293.76px;letter-spacing:-0.19px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4218.75px;left:695.11px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4218.75px;left:1157.79px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4218.75px;left:1464.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4218.75px;left:1647.87px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4215px;left:3053.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4222.5px;left:3145.04px;white-space:nowrap">9.94</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4215px;left:3713.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4222.5px;left:3804.43px;letter-spacing:0px;white-space:nowrap">10.39</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4215px;left:4521.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4222.5px;left:4613.04px;white-space:nowrap">8.81</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4215px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4222.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">11.95</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4215px;left:5915.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4222.5px;left:6006.43px;letter-spacing:0px;white-space:nowrap">12.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4482.75px;left:0px;letter-spacing:-0.83px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4482.75px;left:551.67px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4482.75px;left:1014.36px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4482.75px;left:1320.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4482.75px;left:1504.43px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4479px;left:3053.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4486.5px;left:3145.04px;white-space:nowrap">8.14</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4479px;left:3787.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4486.5px;left:3879.04px;white-space:nowrap">8.62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4479px;left:4521.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4486.5px;left:4613.04px;white-space:nowrap">7.50</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4479px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4486.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">10.37</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4479px;left:5915.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4486.5px;left:6006.43px;letter-spacing:0px;white-space:nowrap">10.40</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4999.5px;left:0px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4999.5px;left:382.25px;letter-spacing:-0.68px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4999.5px;left:1216.56px;letter-spacing:-0.52px;white-space:nowrap">Return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4999.5px;left:1734.45px;letter-spacing:-0.64px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4999.5px;left:1975.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4999.5px;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:4996.06px;left:2708.21px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:0px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:447.5px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:839.54px;letter-spacing:-0.95px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:1359.25px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:1759.85px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:3094.24px;letter-spacing:-2.34px;white-space:nowrap">(3.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:3265.76px;letter-spacing:-2.34px;white-space:nowrap">6</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:3349.58px;letter-spacing:-1.17px;white-space:nowrap">4)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:3792.88px;letter-spacing:0px;white-space:nowrap">17.27</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:4476.08px;letter-spacing:-1.67px;white-space:nowrap">(19.12)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:5260.88px;letter-spacing:0px;white-space:nowrap">15.23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5256px;left:5994.88px;letter-spacing:0px;white-space:nowrap">13.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:0px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:447.5px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:839.54px;letter-spacing:-0.21px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:1105.33px;letter-spacing:-0.14px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:1494.31px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:1894.9px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:3094.24px;letter-spacing:-2.34px;white-space:nowrap">(2.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:3265.76px;letter-spacing:-2.34px;white-space:nowrap">38</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:3433.4px;white-space:nowrap">)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:3792.88px;letter-spacing:-0.61px;white-space:nowrap">20.33</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:99.1px;font-weight:300;position:absolute;top:5509.06px;left:4176.05px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:4476.08px;letter-spacing:-1.67px;white-space:nowrap">(17.55)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:99.1px;font-weight:300;position:absolute;top:5516.56px;left:4952.2px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:5260.88px;letter-spacing:0px;white-space:nowrap">14.22</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:5512.5px;left:5994.88px;letter-spacing:0px;white-space:nowrap">15.12</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5928px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">Ratios </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5928px;left:475.22px;letter-spacing:-0.55px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5928px;left:662.32px;letter-spacing:-1.41px;white-space:nowrap">Average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5928px;left:1269.02px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5928px;left:1562.79px;letter-spacing:-0.19px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6184.5px;left:0px;letter-spacing:-2.97px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6184.5px;left:364.82px;letter-spacing:-0.28px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6184.5px;left:1032.04px;letter-spacing:-1.19px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6184.5px;left:1516.55px;letter-spacing:-0.31px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6184.5px;left:2118.03px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">reductions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6388.5px;left:0px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6388.5px;left:3145.04px;white-space:nowrap">1.49</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6388.5px;left:3879.04px;white-space:nowrap">1.55</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6388.5px;left:4613.04px;white-space:nowrap">1.57</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6388.5px;left:5347.04px;white-space:nowrap">1.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6388.5px;left:6081.04px;white-space:nowrap">1.30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6645px;left:0px;letter-spacing:-2.97px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6645px;left:364.82px;letter-spacing:-0.28px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6645px;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:151px;font-weight:300;position:absolute;top:6645px;left:1393.37px;letter-spacing:-0.31px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6645px;left:1994.84px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">reductions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6849px;left:0px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6849px;left:3145.04px;white-space:nowrap">1.49</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6849px;left:3879.04px;white-space:nowrap">1.45</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6849px;left:4613.04px;white-space:nowrap">1.47</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6849px;left:5347.04px;white-space:nowrap">1.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:6849px;left:6081.04px;white-space:nowrap">1.30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:285.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:1085px;letter-spacing:-0.24px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:1627.04px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:3145.04px;white-space:nowrap">1.71</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:3879.04px;white-space:nowrap">1.50</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:4613.04px;white-space:nowrap">1.66</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:5347.04px;white-space:nowrap">1.16</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7105.5px;left:6167.2px;white-space:nowrap">.93</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:618.66px;letter-spacing:-0.28px;white-space:nowrap">turnover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:1251.76px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:3283.88px;white-space:nowrap">23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:4017.88px;white-space:nowrap">13</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:4751.88px;white-space:nowrap">25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:5485.88px;white-space:nowrap">57</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7362px;left:6219.88px;white-space:nowrap">25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7618.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7618.5px;left:285.96px;letter-spacing:-0.12px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7618.5px;left:740.68px;letter-spacing:-0.55px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7618.5px;left:913.33px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7618.5px;left:1212.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7618.5px;left:1390.3px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7822.5px;left:0px;white-space:nowrap">($ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7822.5px;left:175.4px;white-space:nowrap">thousands)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7822.5px;left:3011.8px;white-space:nowrap">66,600</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7822.5px;left:3745.8px;white-space:nowrap">70,776</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7822.5px;left:4479.8px;white-space:nowrap">60,818</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7822.5px;left:5213.8px;white-space:nowrap">81,109</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:151px;font-weight:300;position:absolute;top:7822.5px;left:5947.8px;white-space:nowrap">87,186</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:8148.35px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:8167px;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:8167px;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:8167px;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:8167px;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:8167px;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:8167px;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:8167px;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:8167px;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:8395.35px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8399px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8591px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8783px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:8975px;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:9167px;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:9167px;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:9167px;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:9167px;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:9167px;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:9167px;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:9167px;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:9167px;left:2851px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:9167px;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:9167px;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:9395.35px;left:0px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:9414px;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:9414px;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:9414px;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:9414px;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:9414px;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:9414px;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:9414px;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:9414px;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:9414px;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:9414px;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:9414px;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:9414px;left:4678.11px;letter-spacing:-0.29px;white-space:nowrap">reduced.</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">23 </div></div>
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		<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: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>
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		<div style="height:505.68px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;font-weight:300;position:absolute;top:1732.7px;left:4585.52px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:5440.27px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:5719.03px;letter-spacing:-0.27px;white-space:nowrap">October </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:326.56px;white-space:nowrap">2008.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">Operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4270.6px;left:914.85px;letter-spacing:-0.16px;white-space:nowrap">Segment.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:1785.31px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:2003.06px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:2373.02px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:3245.5px;white-space:nowrap">period, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:3925.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:4270.52px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:4764.34px;letter-spacing:-0.4px;white-space:nowrap">adopted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4263.1px;left:5553.03px;letter-spacing:-2.47px;white-space:nowrap">FASB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:1036.41px;letter-spacing:-0.64px;white-space:nowrap">Standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:1962.49px;letter-spacing:-0.61px;white-space:nowrap">Update </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:2660.95px;white-space:nowrap">2023-07, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:3500.88px;letter-spacing:-0.27px;white-space:nowrap">Segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:4329.21px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">Reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:5241.87px;letter-spacing:-2.84px;white-space:nowrap">(Topic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4493.1px;left:5814.96px;white-space:nowrap">280) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:0px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:117.09px;letter-spacing:-0.74px;white-space:nowrap">Improvements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:1449.66px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:1684.27px;letter-spacing:-0.68px;white-space:nowrap">Reportable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:2704.56px;letter-spacing:-0.27px;white-space:nowrap">Segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:3532.89px;letter-spacing:-0.27px;white-space:nowrap">Disclosures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:4572.41px;letter-spacing:-3.13px;white-space:nowrap">(&#8220;ASU </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4723.1px;left:5122.52px;white-space:nowrap">2023-07&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Adoption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:864.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:1094.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:1439.35px;letter-spacing:-0.27px;white-space:nowrap">new </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:1864.74px;letter-spacing:-1.01px;white-space:nowrap">standard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:2688.55px;letter-spacing:-0.24px;white-space:nowrap">impacted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:3565.44px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:4355.1px;letter-spacing:-1.24px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4953.1px;left:5303.74px;letter-spacing:-0.27px;white-space:nowrap">disclosures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:0px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:424.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:806.2px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:1133.09px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:1484.14px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:2030.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:2375.74px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:2994.49px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:3784.15px;text-rendering:optimizeLegibility;white-space:nowrap">position </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:4544.7px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:4785px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:5130.04px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:5766.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5183.1px;left:5996.61px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">operations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:1047.47px;white-space:nowrap">An </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:1335.47px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:2232.44px;letter-spacing:-0.27px;white-space:nowrap">segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:3046.27px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:3229.64px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">defined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:3951.08px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:4163.67px;letter-spacing:-3.31px;white-space:nowrap">Topic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:4671.03px;white-space:nowrap">280 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:5055.27px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:5293.64px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5413.1px;left:5446.93px;letter-spacing:-0.43px;white-space:nowrap">component </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:230.21px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:383.5px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:966.8px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">entity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:1525.82px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:1935.85px;letter-spacing:-0.74px;white-space:nowrap">engages </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:2706.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:2918.87px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:3723.99px;text-rendering:optimizeLegibility;white-space:nowrap">activities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:4548.24px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:5024.01px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:5598.18px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5643.1px;left:5768.77px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:0px;letter-spacing:-1.07px;white-space:nowrap">recognize </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:893.11px;letter-spacing:-0.72px;white-space:nowrap">revenues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:1748.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:2130.71px;white-space:nowrap">incur </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:2627px;letter-spacing:-0.32px;white-space:nowrap">expenses, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:3544.28px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:3896.94px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:4793.92px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:5430.28px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5873.1px;left:5840.31px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:0px;letter-spacing:-0.32px;white-space:nowrap">regularly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:821.99px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:1679.54px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:1939.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:2284.54px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:2867.84px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">entity&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:3558.24px;letter-spacing:-0.36px;white-space:nowrap">chief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:4036.7px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:4933.67px;white-space:nowrap">decision </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:5711.19px;letter-spacing:-1.25px;white-space:nowrap">maker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:0px;letter-spacing:-0.31px;white-space:nowrap">(CODM) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:760.12px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:994.73px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:1520.23px;white-space:nowrap">decisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:2382.83px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:2951.74px;letter-spacing:-0.64px;white-space:nowrap">resources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:3856.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:4091.48px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:4364.23px;letter-spacing:-0.64px;white-space:nowrap">allocated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:5215.33px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:5449.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:5794.98px;letter-spacing:-0.27px;white-space:nowrap">segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:381.88px;white-space:nowrap">assess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:984.2px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:1239.86px;letter-spacing:-0.41px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:2487.35px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:2869.24px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:3221.9px;letter-spacing:-0.72px;white-space:nowrap">discrete </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:3972.25px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:4761.9px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:0px;letter-spacing:-0.63px;white-space:nowrap">available. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:872.7px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:1251.79px;letter-spacing:-0.75px;white-space:nowrap">President </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:2133.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:2515.39px;letter-spacing:-0.36px;white-space:nowrap">Chief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:3018.02px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">Operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:3944.21px;text-rendering:optimizeLegibility;letter-spacing:-2.27px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:4623.44px;white-space:nowrap">acts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:5027.67px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:5266.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:5611.07px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:0px;letter-spacing:-0.36px;white-space:nowrap">CODM. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:682.45px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:1061.54px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:1555.36px;letter-spacing:-0.78px;white-space:nowrap">represents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:2545.36px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:2698.65px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:3256.71px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:4153.68px;letter-spacing:-0.24px;white-space:nowrap">segment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:5021.33px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:5259.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:5604.74px;letter-spacing:-0.43px;white-space:nowrap">CODM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:0px;letter-spacing:-0.72px;white-space:nowrap">monitors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:842.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:1187.87px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:2084.84px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:2721.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:2951.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:3296.46px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:3790.27px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:4028.64px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:4181.93px;white-space:nowrap">whole </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:4771.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:5153.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:5498.6px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:6117.35px;white-space:nowrap">long-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:0px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:478.46px;letter-spacing:-1.13px;white-space:nowrap">strategic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:1279.93px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:1783.31px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:2689.41px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:2872.78px;letter-spacing:-0.43px;white-space:nowrap">pre-determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:4322.01px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:4534.6px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:5594.64px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:6033.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:0px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:563.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:793.74px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:1049.4px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:2088.6px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">Objective, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:3025.75px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:4064.95px;letter-spacing:-0.54px;white-space:nowrap">Policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:4769.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:5151.2px;letter-spacing:-0.21px;white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:5957.72px;letter-spacing:-0.31px;white-space:nowrap">Risks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:575.67px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:854.43px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:1007.72px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">defined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:1729.17px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:2763.21px;letter-spacing:-1.25px;white-space:nowrap">strategy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:3519.57px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:4093.74px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:4277.11px;letter-spacing:-1.25px;white-space:nowrap">executed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:5128.21px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:5388.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:5733.21px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:808.03px;letter-spacing:-0.66px;white-space:nowrap">managers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:1720.04px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:1958.41px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:2111.7px;letter-spacing:-0.36px;white-space:nowrap">team. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:2671.69px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:3050.78px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:3840.44px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:4926.47px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:5139.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:5484.1px;letter-spacing:-1.07px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:5958.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8173.1px;left:6189px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:618.75px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:1426.78px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">composition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:2621.31px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:3077.1px;letter-spacing:-0.48px;white-space:nowrap">returns, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:3822.71px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:4601.09px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">ratios </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:5142.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8403.1px;left:5524.6px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:212.59px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:556.55px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:1059.93px;white-space:nowrap">(i.e., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:1494.13px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:2264.88px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:2477.47px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:2821.44px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:3409.89px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:4225.44px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:4701.21px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">operations), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8633.1px;left:5814.42px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:334.62px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:806.74px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:1066.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:1411.74px;letter-spacing:-0.43px;white-space:nowrap">CODM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:2040.37px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:2274.98px;white-space:nowrap">assess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:2877.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:3222.33px;letter-spacing:-0.75px;white-space:nowrap">segment&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:4169.69px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:5363.36px;letter-spacing:-0.92px;white-space:nowrap">versus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8863.1px;left:5972.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:618.75px;text-rendering:optimizeLegibility;letter-spacing:-0.9px;white-space:nowrap">comparative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:1761.93px;letter-spacing:-0.2px;white-space:nowrap">benchmarks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:2890.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:3272.07px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:3506.68px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:4032.19px;letter-spacing:-0.72px;white-space:nowrap">resource </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:4852.25px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9093.1px;left:5758.35px;white-space:nowrap">decisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:300.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:645.71px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:1264.46px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:1822.52px;letter-spacing:-0.24px;white-space:nowrap">segment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:2690.17px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:2873.54px;letter-spacing:-0.83px;white-space:nowrap">consistent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:3823.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:4261.64px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:4671.67px;letter-spacing:-0.75px;white-space:nowrap">presented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9323.1px;left:5616.12px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:345.04px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:963.79px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:1753.45px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:2840.99px;letter-spacing:-0.27px;white-space:nowrap">Segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:3669.32px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:4257.77px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:4592.39px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">reflected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:5430.28px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9553.1px;left:5709.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:0px;letter-spacing:-0.5px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:1317.85px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:2283.68px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:2513.89px;letter-spacing:-0.15px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:3122.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:3504.64px;text-rendering:optimizeLegibility;white-space:nowrap">Liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:4371.53px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:4609.9px;letter-spacing:-0.77px;white-space:nowrap">&#8220;total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:5155.71px;letter-spacing:-0.13px;white-space:nowrap">assets&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9783.1px;left:5834.19px;white-space:nowrap">and </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:149px;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>
		</div>
		<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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:636.37px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:866.57px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1860.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2242.11px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3184.41px;letter-spacing:-0.27px;white-space:nowrap">segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3998.24px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4861.7px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5196.32px;letter-spacing:-0.69px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5718.71px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5997.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.5px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1317.85px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2283.68px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2513.89px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">Operations.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:582.7px;left:0px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:582.7px;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:194px;font-weight:300;position:absolute;top:575.2px;left:1688.11px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2067.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2561.02px;letter-spacing:-0.59px;white-space:nowrap">calculates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3476.04px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3731.7px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4075.66px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4579.04px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5097.46px;letter-spacing:-0.27px;white-space:nowrap">(&#8220;NAV&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5842.86px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:533.99px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;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:194px;font-weight:300;position:absolute;top:805.2px;left:1865.38px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2088.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2433.86px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2934.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3164.43px;letter-spacing:-0.4px;white-space:nowrap">regular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3840.87px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4518.27px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4797.03px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5677.25px;letter-spacing:-0.72px;white-space:nowrap">B&#246;rse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:0px;letter-spacing:0.15px;white-space:nowrap">XETRA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:669.88px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1496.17px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1719.61px;white-space:nowrap">11:30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2273.15px;white-space:nowrap">a.m., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2761.92px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3213.42px;letter-spacing:-3.12px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3638.38px;text-rendering:optimizeLegibility;white-space:nowrap">time.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:379.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:997.84px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:1570.51px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:1923.17px;letter-spacing:-0.39px;white-space:nowrap">designated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:2941.53px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;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:194px;font-weight:300;position:absolute;top:1380.4px;left:4602.28px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:5214.58px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:5625.36px;letter-spacing:-0.73px;white-space:nowrap">&#8220;Advisor&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:238.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;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:194px;font-weight:300;position:absolute;top:1610.4px;left:1442.68px;white-space:nowrap">designee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:2283.9px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:2584.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:2929.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:3423.43px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:4260.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:4495.28px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:4933.67px;white-space:nowrap">2a-5 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:5377.32px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610.4px;left:5954.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:0px;white-space:nowrap">1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:495.75px;white-space:nowrap">Act. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:889.13px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:1268.22px;letter-spacing:-0.32px;white-space:nowrap">Advisor&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:2112.88px;letter-spacing:-0.27px;white-space:nowrap">Pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;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:194px;font-weight:300;position:absolute;top:1840.4px;left:3787.05px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:4197.83px;letter-spacing:-0.24px;white-space:nowrap">&#8220;Pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;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:194px;font-weight:300;position:absolute;top:2070.4px;left:0px;letter-spacing:-0.21px;white-space:nowrap">typically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:770.97px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:1374.46px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:2263.16px;white-space:nowrap">using </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:2778.25px;letter-spacing:-0.4px;white-space:nowrap">readily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:3421.28px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:4240.16px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;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:194px;font-weight:300;position:absolute;top:2070.4px;left:5909.49px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:0px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:575.78px;white-space:nowrap">supplied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:1373.6px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:1633.56px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:2813.92px;white-space:nowrap">pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:3461.88px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4216.09px;white-space:nowrap">(which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4856.01px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:5190.63px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:0px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:338.59px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:942.09px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:1519.27px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:1957.66px;white-space:nowrap">2a-5). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:2520.87px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:2899.96px;white-space:nowrap">Advisor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:3608.95px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:3961.61px;letter-spacing:-0.4px;white-space:nowrap">adopted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:4750.3px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;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:194px;font-weight:300;position:absolute;top:2760.4px;left:0px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:1047.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:1457.61px;letter-spacing:-0.67px;white-space:nowrap">provide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:2175.19px;letter-spacing:-0.08px;white-space:nowrap">methodologies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:3545.67px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:3846.35px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4184.94px;letter-spacing:-0.4px;white-space:nowrap">valuing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4860.63px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:0px;letter-spacing:-1.54px;white-space:nowrap">Various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:701.36px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:1299.91px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:1634.53px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:2106.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:2319.24px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:3448.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:3793.5px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:4311.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:4542.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:4887.16px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:0px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:1172.94px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:1745.82px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:2344.38px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:2678.99px;letter-spacing:-0.49px;white-space:nowrap">summarized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:3808.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:4020.91px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:4547.28px;letter-spacing:-0.72px;white-space:nowrap">broad </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:5115.43px;letter-spacing:-0.4px;white-space:nowrap">levels. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:5712.16px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:0px;white-space:nowrap">1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:161.24px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:938.33px;letter-spacing:-0.31px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:1624.54px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:2200.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;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:194px;font-weight:300;position:absolute;top:3565.6px;left:2982.25px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:3739.89px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;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:194px;font-weight:300;position:absolute;top:3565.6px;left:4836.67px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:5779.19px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:0px;white-space:nowrap">2 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:161.24px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:938.33px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;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:194px;font-weight:300;position:absolute;top:3795.6px;left:2416.24px;letter-spacing:-0.2px;white-space:nowrap">observable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:3434.38px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:4032.94px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:4947.96px;letter-spacing:-0.31px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:5634.17px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:300.67px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:934.57px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:1877.09px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:2602.4px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:3142.84px;letter-spacing:-0.88px;white-space:nowrap">prepayment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:4265.94px;white-space:nowrap">speeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:4931.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:5313.73px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:5873.51px;white-space:nowrap">risk). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:501.45px;white-space:nowrap">3 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:662.69px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;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:194px;font-weight:300;position:absolute;top:4255.6px;left:2382.08px;letter-spacing:-0.17px;white-space:nowrap">unobservable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:3628.82px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:4227.37px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:5142.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:5487.43px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-0.27px;white-space:nowrap">own </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;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:194px;font-weight:300;position:absolute;top:4485.6px;left:1589.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:1802.22px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2931.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3276.47px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3615.07px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4133.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4363.69px;letter-spacing:-0.77px;white-space:nowrap">investments). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5602.37px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5981.46px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:0px;white-space:nowrap">assigned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:812.43px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1047.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1392.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;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:194px;font-weight:300;position:absolute;top:4715.6px;left:3225.13px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3645.15px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3996.2px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4268.95px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;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:194px;font-weight:300;position:absolute;top:4715.6px;left:5452.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5683.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:6028.19px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:6384.4px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:756.14px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1731px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;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:194px;font-weight:300;position:absolute;top:4945.6px;left:3000.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3213.31px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3758.15px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:600.49px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:1489.19px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:1823.81px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:2456.52px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:2679.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:3025px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:3518.17px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:4135.96px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:4531.59px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:5022.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:5262.6px;text-rendering:optimizeLegibility;white-space:nowrap">official </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:5895.31px;white-space:nowrap">closing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:490.7px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1319.79px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1598.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1943.58px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:2821.97px;letter-spacing:-0.72px;white-space:nowrap">(U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3280.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3520.54px;letter-spacing:-0.95px;white-space:nowrap">foreign) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:4258.42px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:4498.72px;letter-spacing:-1.01px;white-space:nowrap">over-the-counter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:672.57px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:951.33px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:1525.5px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:1966.46px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:2486.6px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:2965.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:3200.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:3545.24px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:3996.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;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:194px;font-weight:300;position:absolute;top:5750.8px;left:5140.14px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:6043.34px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:574.17px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:852.93px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:1333.64px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:1668.26px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:2497.34px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:2831.96px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:3464.68px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:3688.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:4033.15px;letter-spacing:-0.59px;white-space:nowrap">calculated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:4977.39px;white-space:nowrap">mean </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:5527.71px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:345.04px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:838.21px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:1456px;white-space:nowrap">bid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:1782.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:2164.77px;letter-spacing:-1.25px;white-space:nowrap">asked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;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:194px;font-weight:300;position:absolute;top:6210.8px;left:3712.39px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:3991.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:4336.19px;letter-spacing:-1.07px;white-space:nowrap">relevant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:5105.01px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:5777.58px;letter-spacing:-5.1px;white-space:nowrap">or, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:6051.29px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:153.29px;white-space:nowrap">mean </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:703.61px;letter-spacing:-0.31px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:1363.94px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:1636.68px;letter-spacing:-0.27px;white-space:nowrap">determined, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:2776.75px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:3000.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:3345.22px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:3838.4px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:4456.18px;white-space:nowrap">bid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;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:194px;font-weight:300;position:absolute;top:6440.8px;left:5748.57px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:888.7px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:1223.32px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:2075.5px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:3142.3px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:3380.67px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:3882.12px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:0px;letter-spacing:-0.9px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:1124.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:1336.87px;white-space:nowrap">open-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:2243.29px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:3277.33px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:4281.73px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:4616.35px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:5249.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:5630.95px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:6265.38px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:469.43px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:896.87px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:1366.73px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:2171.86px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:2532.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:2914.03px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:3248.65px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:4315.46px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:4553.83px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:5055.27px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;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:194px;font-weight:300;position:absolute;top:7591.2px;left:1676.64px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:2011.26px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:2863.44px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:3496.15px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:3719.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;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:194px;font-weight:300;position:absolute;top:7591.2px;left:5068.38px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:0px;letter-spacing:-0.49px;white-space:nowrap">established </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1047.26px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1517.12px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1877.41px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:2156.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:2501.21px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:3379.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:3658.36px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:4232.53px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:4673.5px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:5008.12px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:5642.55px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:6024.43px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:0px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:1066.81px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:1305.18px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:1806.62px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:903.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:1285.09px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:1820.69px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:2409.15px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:2709.82px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:3283.99px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;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:194px;font-weight:300;position:absolute;top:8396.4px;left:4953.33px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:5287.95px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:5639px;letter-spacing:-0.4px;white-space:nowrap">readily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:0px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:818.88px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:1059.18px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:1359.85px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:1934.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:2279.06px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;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:194px;font-weight:300;position:absolute;top:8626.4px;left:3722.92px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:4770.5px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:5105.12px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:5883.6px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;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:194px;font-weight:300;position:absolute;top:8856.4px;left:851.64px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:1190.23px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:1708.65px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:2043.27px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:2675.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:2888.57px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:3041.87px;white-space:nowrap">manner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:3782.32px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:4192.35px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:4375.72px;letter-spacing:-0.48px;white-space:nowrap">intended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:5216.62px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;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:194px;font-weight:300;position:absolute;top:9086.4px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:469.43px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:808.03px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:1326.45px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:1564.81px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:2651.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:2863.65px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:3923.69px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:4362.29px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:5409.87px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:605px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:1227.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:1609.29px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:1943.91px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:2796.08px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:3862.89px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:4101.26px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:4602.71px;white-space:nowrap">3. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:4817.76px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:5035.51px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:783.64px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;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:194px;font-weight:300;position:absolute;top:9546.4px;left:2261.66px;letter-spacing:-0.63px;white-space:nowrap">procedures, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:3363.06px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:4012.31px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:5034.76px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:5247.34px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:518.42px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:938.44px;white-space:nowrap">include, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:1684.27px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:2034.89px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:2369.51px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:2720.57px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:3383.14px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:3667.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:4012.31px;white-space:nowrap">type </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:4454.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:4684.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:5029.6px;white-space:nowrap">security; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:5832.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">size </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:373.29px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:603.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:948.54px;white-space:nowrap">holding; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:1713.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:2058.96px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:2591.34px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:3001.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:3232.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:3577.15px;white-space:nowrap">security; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:4380.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:4725.06px;letter-spacing:-0.81px;white-space:nowrap">existence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:5598.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:5828.93px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">contractual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;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:194px;font-weight:300;position:absolute;top:10236.4px;left:2084.63px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:2363.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:2708.43px;letter-spacing:-0.68px;white-space:nowrap">security&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:3584.88px;text-rendering:optimizeLegibility;white-space:nowrap">disposition; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:4651.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:4996.19px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:5486.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:5868.78px;letter-spacing:-0.92px;white-space:nowrap">extent </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-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:149px;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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:230.21px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:813.51px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1490.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1703.5px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2337.39px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3226.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3456.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3801.34px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4368.63px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4608.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4839.14px;letter-spacing:-0.59px;white-space:nowrap">comparable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.2px;white-space:nowrap">companies; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;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:194px;font-weight:300;position:absolute;top:230px;left:2058.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2299.26px;letter-spacing:-0.86px;white-space:nowrap">evaluated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3211.16px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3786.94px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4262.71px;letter-spacing:-1.58px;white-space:nowrap">broker-dealers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5587.33px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:6236.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.72px;white-space:nowrap">appropriate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1087.11px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1594.68px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2473.07px;letter-spacing:-1.07px;white-space:nowrap">(for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2839.48px;letter-spacing:-0.87px;white-space:nowrap">exchange-traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4369.92px;text-rendering:optimizeLegibility;white-space:nowrap">securities); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5382.16px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5649.75px;letter-spacing:-0.3px;white-space:nowrap">analysis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:575.24px;letter-spacing:-1.4px;white-space:nowrap">company&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1561.38px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1801.68px;letter-spacing:-0.36px;white-space:nowrap">issuer&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2504.65px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3294.31px;letter-spacing:-1.03px;white-space:nowrap">statements; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4385.82px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;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:194px;font-weight:300;position:absolute;top:690px;left:5620.31px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5850.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-1.23px;white-space:nowrap">forces </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:584.8px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;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:194px;font-weight:300;position:absolute;top:920px;left:1859.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2204.51px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2771.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3153.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3498.73px;letter-spacing:-0.86px;white-space:nowrap">market(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4387.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4600.45px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5174.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5519.66px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:183.37px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1153.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1535.7px;white-space:nowrap">sold; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2005.89px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2441.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2880.2px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3585.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3819.81px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4278.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5220.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5565.63px;letter-spacing:-1.93px;white-space:nowrap">maturity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:-0.27px;white-space:nowrap">coupon, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:767.31px;letter-spacing:-0.3px;white-space:nowrap">creditworthiness, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2351.36px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;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:194px;font-weight:300;position:absolute;top:1380px;left:4513.01px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4894.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5239.93px;letter-spacing:-0.6px;white-space:nowrap">movement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:6247.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:345.04px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1017.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1230.2px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1804.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2149.4px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2894.48px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3077.85px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3904.14px;letter-spacing:-0.54px;white-space:nowrap">traded. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4592.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4971.48px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5489.9px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:0px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:577.18px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:1116.01px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2163.58px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;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:194px;font-weight:300;position:absolute;top:1840px;left:3100.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:3576.29px;white-space:nowrap">published </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4488.41px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5091.9px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5392.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5737.62px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Disclosure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:954.44px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1523.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;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:194px;font-weight:300;position:absolute;top:2415.2px;left:3037.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3267.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3612.28px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3950.87px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4469.29px;letter-spacing:-0.41px;white-space:nowrap">measurements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5838.27px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:806.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1018.9px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1172.19px;letter-spacing:-0.54px;white-space:nowrap">table </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1666.11px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2521.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2866.45px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3485.2px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4336.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;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:2997.9px;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:2997.9px;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:2997.9px;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:2997.9px;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:2997.9px;left:3433.52px;letter-spacing:-0.15px;white-space:nowrap">Income.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4184.32px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;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:194px;font-weight:300;position:absolute;top:3220.4px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:334.62px;letter-spacing:-0.64px;white-space:nowrap">accounted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1307.22px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1607.89px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1886.65px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2039.94px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2560.08px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3004.38px;white-space:nowrap">plus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3416.34px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3803.81px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4290.11px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4590.78px;white-space:nowrap">daily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5052.48px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;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:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:871.41px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1172.08px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;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:194px;font-weight:300;position:absolute;top:3450.4px;left:2834.22px;white-space:nowrap">purposes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3750.1px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4784.14px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1126.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1461.47px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2290.56px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2569.32px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3089.45px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3587.57px;letter-spacing:-1.13px;white-space:nowrap">Interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4318.04px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5019.5px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5202.87px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:6050px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:345.04px;white-space:nowrap">accrual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1027.71px;white-space:nowrap">basis. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1567.82px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2396.58px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3098.05px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3281.42px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4128.54px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4407.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4752.34px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5820.33px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:343.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:574.17px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1246.31px;white-space:nowrap">withholding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2342.76px;letter-spacing:-1.61px;white-space:nowrap">taxes. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2896.74px;letter-spacing:-0.4px;white-space:nowrap">Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3584.24px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4478.85px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4954.62px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5626.76px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:420.02px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:692.76px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1539.89px;letter-spacing:-0.29px;white-space:nowrap">subsequent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2617.76px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2852.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3197.41px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4265.4px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4709.7px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4948.07px;white-space:nowrap">soon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5426.63px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5665px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:6010.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:183.37px;letter-spacing:-0.72px;white-space:nowrap">informed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1042.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1273.06px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1730.03px;white-space:nowrap">dividends. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2678.46px;letter-spacing:-1.07px;white-space:nowrap">Realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3454.58px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3954.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4336.51px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4913.48px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5389.25px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1126.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1461.47px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2308.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2587.36px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;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:194px;font-weight:300;position:absolute;top:4830.4px;left:3744.08px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4154.65px;white-space:nowrap">basis. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4694.77px;letter-spacing:-0.72px;white-space:nowrap">Proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5550.7px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">litigation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:814.37px;letter-spacing:-0.64px;white-space:nowrap">payments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1780.73px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1944.77px;letter-spacing:-4.3px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2341.69px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2676.31px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3482.62px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3695.21px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4039.17px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4775.12px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5190.09px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5704.75px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;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:5643.1px;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:5643.1px;left:891.68px;white-space:nowrap">Lending.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;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:194px;font-weight:300;position:absolute;top:5635.6px;left:2473.04px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3298.9px;letter-spacing:0.24px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4067.61px;letter-spacing:-0.54px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4417.27px;white-space:nowrap">(Fidelity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5171.91px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:0px;white-space:nowrap">Lending), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:864.75px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1103.12px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1804.69px;letter-spacing:-0.54px;white-space:nowrap">agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2406.46px;white-space:nowrap">lends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2927.14px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3815.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4046.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4391.08px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4884.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5119.51px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5782.84px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">institutions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1033.94px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1611.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1956.15px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2519.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2749.89px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3005.56px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3894.26px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4595.83px;letter-spacing:-0.49px;white-space:nowrap">agreement. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5663.28px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:345.04px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:823.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1053.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1398.74px;white-space:nowrap">loans, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1968.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2313.54px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;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:194px;font-weight:300;position:absolute;top:6325.6px;left:3716.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3951.51px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4636.76px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5531.37px;letter-spacing:-1.02px;white-space:nowrap">generated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:605px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1493.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1875.59px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;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:194px;font-weight:300;position:absolute;top:6555.6px;left:3109.43px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3322.02px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3682.31px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4453.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4665.65px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5135.09px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5807.66px;letter-spacing:-0.46px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:872.91px;letter-spacing:-0.72px;white-space:nowrap">requires </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1647.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1992.57px;letter-spacing:-1.18px;white-space:nowrap">borrowers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2949.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3179.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3524.51px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4413.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4647.82px;letter-spacing:-0.6px;white-space:nowrap">maintain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5471.32px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:783.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;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:194px;font-weight:300;position:absolute;top:7015.6px;left:2200.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2430.42px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3008.56px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3452.65px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3692.95px;white-space:nowrap">liquid, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4285.06px;letter-spacing:-0.25px;white-space:nowrap">unencumbered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5686.91px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">having </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:626.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:779.88px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1298.3px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1521.74px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1986.98px;white-space:nowrap">equal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2526.13px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2760.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3105.78px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3624.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3854.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4199.44px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5088.14px;white-space:nowrap">loaned. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5795.84px;white-space:nowrap">When </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:345.04px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1201.94px;letter-spacing:-0.81px;white-space:nowrap">falls </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1598.33px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2187px;text-rendering:optimizeLegibility;white-space:nowrap">specified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3023.5px;letter-spacing:-0.24px;white-space:nowrap">amounts, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3903.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4248.21px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:5136.91px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:5838.49px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:349.12px;white-space:nowrap">use </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:706.94px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:962.61px;letter-spacing:-0.54px;white-space:nowrap">best </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;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:194px;font-weight:300;position:absolute;top:7705.6px;left:1930.05px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2164.66px;letter-spacing:-0.61px;white-space:nowrap">obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2777.82px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3708.53px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:4565.43px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:4844.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:5189.23px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:5624.18px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:360.29px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:594.9px;letter-spacing:-0.21px;white-space:nowrap">meet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1107.3px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1911.14px;letter-spacing:-0.27px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:2737px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3314.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3659.22px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:4547.92px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5249.49px;letter-spacing:-0.49px;white-space:nowrap">agreement. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:984.41px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:1416.57px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2026.62px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2993.74px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3320.3px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3869.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4214.91px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4708.73px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5496.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5841.49px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:0px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:856.9px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1252.22px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1405.51px;letter-spacing:-0.36px;white-space:nowrap">joint </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1853.56px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:2530.97px;letter-spacing:-0.54px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3282.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;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:194px;font-weight:300;position:absolute;top:8395.6px;left:4313.2px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:4970.63px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5643.19px;white-space:nowrap">funds, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:0px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:849.28px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1323.76px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2485.85px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2682.97px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3371.76px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;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:194px;font-weight:300;position:absolute;top:8625.6px;left:5125.1px;letter-spacing:-0.2px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:259.96px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:734.44px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:1773.64px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:3008.03px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:3922.72px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4287.85px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4762.33px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:1234.38px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:2149.08px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:2514.21px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:3284.53px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;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:194px;font-weight:300;position:absolute;top:9085.6px;left:6015.95px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:0px;white-space:nowrap">(0.13% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:659.36px;letter-spacing:-0.49px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;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:194px;font-weight:300;position:absolute;top:9315.6px;left:2461.25px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:2862.79px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:3101.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:3331.37px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:4298.49px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:4625.05px;white-space:nowrap">2024) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:5186.54px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:5465.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:5810.34px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:0px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:856.9px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:1644.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:1857.22px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:2331.7px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:3493.79px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:3690.91px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:4379.7px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:5282.9px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">Portfolio. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:6137.33px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:493.82px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:1264.14px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">compensation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2565.99px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2866.66px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:3568.23px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:3823.9px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:4712.6px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:5290.74px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:5503.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:5848.37px;letter-spacing:-1.07px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:230.21px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:641.74px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:882.04px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1142px;white-space:nowrap">earning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1860.12px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:2585.43px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:2864.19px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:3651.91px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:4096px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:4952.9px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5296.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5527.07px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:0px;letter-spacing:-0.94px;white-space:nowrap">rebates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:710.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1092.59px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1504.12px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1934.56px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:2169.17px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:2322.46px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:3211.16px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:3912.73px;letter-spacing:-0.54px;white-space:nowrap">agent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:4514.51px;white-space:nowrap">Either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:5091.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:5436.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:5930.33px;white-space:nowrap">or </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">26 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:345.04px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1220.96px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1640.98px;letter-spacing:-0.64px;white-space:nowrap">terminate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2562.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2907.59px;white-space:nowrap">loan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3338.46px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3561.89px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3922.19px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4373.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4755.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5100.71px;letter-spacing:-2.79px;white-space:nowrap">borrower, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;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:194px;font-weight:300;position:absolute;top:230px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">notice, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:653.98px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:837.35px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1641.19px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1875.8px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2482.52px;letter-spacing:-0.84px;white-space:nowrap">borrowed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3396.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4285.6px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4887.05px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5040.34px;letter-spacing:-1.01px;white-space:nowrap">standard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5864.16px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:679.98px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1240.4px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1660.42px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1933.16px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2372.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2602.51px;letter-spacing:-0.72px;white-space:nowrap">delay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3120.07px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3501.95px;letter-spacing:-0.81px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3997.6px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4210.19px;letter-spacing:-0.84px;white-space:nowrap">recovery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5023.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5253.79px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:6142.49px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:475.02px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:858.19px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1088.4px;letter-spacing:-0.31px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1635.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1847.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2192.8px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3049.71px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3690.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4035.73px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4911.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5141.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5486.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.97px;white-space:nowrap">fail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;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:194px;font-weight:300;position:absolute;top:920px;left:1285.3px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1454.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1799.53px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2293.35px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2476.72px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2827.77px;white-space:nowrap">able </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3252.63px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3487.24px;letter-spacing:-1.07px;white-space:nowrap">recover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4202.56px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5091.26px;letter-spacing:-0.36px;white-space:nowrap">lent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5536.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5881.56px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:420.02px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:760.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1105.69px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1962.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2344.48px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3200.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3353.93px;letter-spacing:-0.45px;white-space:nowrap">replacement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4520.85px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5554.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5767.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:-1.07px;white-space:nowrap">market, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:726.39px;white-space:nowrap">incurring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1564.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1909.53px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2265.74px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2675.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3020.81px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3539.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3769.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4114.47px;letter-spacing:-0.45px;white-space:nowrap">replacement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5281.4px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:6026.47px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-0.94px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:690.29px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1144.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1489.51px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2007.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2238.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2583.17px;letter-spacing:-0.9px;white-space:nowrap">collateral. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3493.9px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3872.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4366.81px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4550.18px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4951.83px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5640.4px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5875.01px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:1034.04px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:1473.18px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2448.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2886.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:3231.68px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4447.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4677.26px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5037.55px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5481.63px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:0px;letter-spacing:-0.54px;white-space:nowrap">received, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:853.36px;letter-spacing:0.2px;white-space:nowrap">including, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1758.6px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:2109.23px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:2460.28px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:3122.86px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:3406.99px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:4132.3px;letter-spacing:-1.43px;white-space:nowrap">rate, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:4587.67px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:5147.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:5529.33px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:6285.47px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300px;left:0px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300px;left:974.85px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300px;left:1413.46px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300px;left:1870.43px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:258.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:488.98px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1456.1px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1782.67px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2332.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2677.28px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3171.09px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3552.98px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4441.68px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4720.44px;white-space:nowrap">loan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5151.31px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5725.48px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">classified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:850.67px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1089.04px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1921.99px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2429.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2642.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2987.19px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3838.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4069.14px;letter-spacing:-0.83px;white-space:nowrap">Investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5247.24px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5626.33px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:6144.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:345.04px;letter-spacing:-0.94px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1019.22px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1876.12px;letter-spacing:-0.9px;white-space:nowrap">exceeded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2766.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3111.9px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3630.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3860.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4205.57px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5094.27px;white-space:nowrap">loaned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5748.14px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5971.58px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;white-space:nowrap">end. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:440.86px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:699.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:929.84px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1556.01px;white-space:nowrap">end, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1996.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2341.9px;letter-spacing:-0.32px;white-space:nowrap">remaining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3279.38px;letter-spacing:-0.72px;white-space:nowrap">contractual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4327.06px;letter-spacing:-0.24px;white-space:nowrap">maturity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5132.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5362.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5707.75px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:0px;letter-spacing:-0.49px;white-space:nowrap">agreements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1098.71px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1590.06px;letter-spacing:-0.54px;white-space:nowrap">overnight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2483.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2864.94px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">continuous. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3917.9px;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:3917.9px;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:3917.9px;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:194px;font-weight:300;position:absolute;top:3910.4px;left:2591.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2970.16px;letter-spacing:-0.36px;white-space:nowrap">books </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3543.57px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3925.46px;letter-spacing:-1.07px;white-space:nowrap">records </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4634.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4864.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5209.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5703.72px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;letter-spacing:-0.49px;white-space:nowrap">maintained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1046.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1259.09px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1904.7px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2488.43px;letter-spacing:-0.54px;white-space:nowrap">dollars.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-0.15px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:608.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:990.75px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:1814.03px;letter-spacing:-0.36px;white-space:nowrap">denominated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3047.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3259.82px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3931.96px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4751.59px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5086.21px;letter-spacing:-0.78px;white-space:nowrap">translated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:395.31px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1040.92px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1624.65px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2260.69px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2484.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2829.17px;letter-spacing:-0.68px;white-space:nowrap">prevailing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3733.66px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4612.05px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5098.67px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5322.11px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5948.27px;white-space:nowrap">end. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:936.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1318.39px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1799.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2029.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3063.35px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4005.87px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4707.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5089.22px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5952.68px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;letter-spacing:-0.78px;white-space:nowrap">translated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:939.62px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1163.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1508.1px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1909.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2139.84px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3018.23px;letter-spacing:-0.68px;white-space:nowrap">prevailing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3922.72px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4201.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;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:194px;font-weight:300;position:absolute;top:5175.6px;left:5501.72px;letter-spacing:-0.72px;white-space:nowrap">dates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:230.21px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;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:194px;font-weight:300;position:absolute;top:5405.6px;left:1867.85px;letter-spacing:-0.36px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2237.92px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2973.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3355.75px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4320.29px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4820.34px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5202.23px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5779.19px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:672.14px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;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:194px;font-weight:300;position:absolute;top:5635.6px;left:2618.62px;letter-spacing:-0.86px;white-space:nowrap">represent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3523.54px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3867.51px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4367.56px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4749.44px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5326.41px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:520.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;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:194px;font-weight:300;position:absolute;top:5865.6px;left:1905.77px;letter-spacing:-0.72px;white-space:nowrap">dates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2435.15px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2713.91px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;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:194px;font-weight:300;position:absolute;top:5865.6px;left:4783.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5128.32px;text-rendering:optimizeLegibility;white-space:nowrap">acquisition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:6134.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">disposition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1008.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1238.68px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1910.82px;letter-spacing:-0.27px;white-space:nowrap">currencies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2929.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3311.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;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:194px;font-weight:300;position:absolute;top:6095.6px;left:4595.51px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5422.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5767.8px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:230.21px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:574.17px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1608.21px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2309.68px;white-space:nowrap">accrued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3063.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3445.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3790.17px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4182.69px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4737.95px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5478.73px;white-space:nowrap">actually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">received. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:853.36px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1232.45px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1935.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2165.41px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2630.76px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3366.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3748.59px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4713.13px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5213.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5595.07px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:6172.03px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1119.12px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1529.15px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2165.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;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:194px;font-weight:300;position:absolute;top:6785.6px;left:3733.66px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3946.25px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4618.39px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5438.02px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:486.62px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:669.99px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1021.04px;letter-spacing:-0.78px;white-space:nowrap">separately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1979.79px;white-space:nowrap">disclosed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2842.38px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3193.01px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3376.38px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4182.69px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4621.29px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4965.25px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;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:194px;font-weight:300;position:absolute;top:7245.6px;left:2561.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;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:194px;font-weight:300;position:absolute;top:7245.6px;left:4516.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4794.99px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:241.16px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1208.28px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1534.84px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2084.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2429.45px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:3307.84px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:3709.38px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:4098.79px;white-space:nowrap">EUR </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:4513.01px;white-space:nowrap">&#8364;1.00 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5062.58px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5297.19px;white-space:nowrap">USD </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5719.89px;white-space:nowrap">$1.04.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7943.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">Contingencies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:1320.91px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:1538.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:1883.7px;white-space:nowrap">normal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:2564.43px;letter-spacing:-0.92px;white-space:nowrap">course </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:3199.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:3430.14px;white-space:nowrap">business, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:4289.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:4634.13px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:5127.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:5547.96px;letter-spacing:-0.72px;white-space:nowrap">enter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936px;left:6073.26px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;left:0px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;left:866.36px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;left:1304.96px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;left:1974.09px;letter-spacing:-0.97px;white-space:nowrap">providers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;left:2848.29px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;left:3258.32px;letter-spacing:-0.94px;white-space:nowrap">contain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;left:3961.83px;letter-spacing:-0.74px;white-space:nowrap">general </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166px;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:194px;font-weight:300;position:absolute;top:8396px;left:0px;white-space:nowrap">clauses. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:742.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:1121.48px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:1740.23px;letter-spacing:-0.27px;white-space:nowrap">maximum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:2668.36px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:3525.37px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:4102.55px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:4641.38px;letter-spacing:-0.62px;white-space:nowrap">arrangements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:5922.38px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:0px;letter-spacing:-0.12px;white-space:nowrap">unknown, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:925.12px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:1163.49px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:1533.45px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:2126.63px;letter-spacing:-1.01px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:2796.73px;letter-spacing:-0.46px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:3394.42px;white-space:nowrap">claims </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:3997.49px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:4407.52px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:4827.54px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:5100.28px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:5650.61px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:838.86px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:1248.89px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:1716.06px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:2067.12px;letter-spacing:-0.94px;white-space:nowrap">yet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:2391.1px;letter-spacing:-0.32px;white-space:nowrap">occurred. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:3282.28px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:4153.68px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:4729.36px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:5008.12px;letter-spacing:-0.27px;white-space:nowrap">experience, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:6081.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:493.82px;letter-spacing:-0.4px;white-space:nowrap">expects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:1215.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:1560.09px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:1916.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:2146.5px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:2529.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:2764.29px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;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:9438.7px;left:0px;letter-spacing:-3.81px;white-space:nowrap">Taxes.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:576.58px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:955.67px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:1574.42px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:2140.86px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:2324.23px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:2558.84px;letter-spacing:-0.31px;white-space:nowrap">comply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:3248.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:3687.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:4032.24px;letter-spacing:-0.66px;white-space:nowrap">requirements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:5274.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:5504.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.2px;left:5849.28px;letter-spacing:-0.48px;white-space:nowrap">Internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:0px;letter-spacing:-0.94px;white-space:nowrap">Revenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:810.82px;white-space:nowrap">Code </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:1316.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:1546.23px;white-space:nowrap">1986, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:2095.8px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:2334.17px;white-space:nowrap">amended, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:3275.62px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:3849.79px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:4184.4px;letter-spacing:-0.2px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:5129.93px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.2px;left:5364.54px;letter-spacing:-0.75px;white-space:nowrap">regulated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:1034.04px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:2092.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:2474.14px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:2708.75px;letter-spacing:-0.44px;white-space:nowrap">distribute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:3607.87px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:3858.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:4088.48px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:4344.14px;letter-spacing:-1.21px;white-space:nowrap">taxable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:5027.24px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:5728.7px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.2px;left:5963.31px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.2px;left:0px;letter-spacing:-0.58px;white-space:nowrap">shareholders.</div></div>
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			<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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">27 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1133.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1478.34px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1972.16px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2392.18px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2664.92px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3353.5px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3588.11px;letter-spacing:-1.88px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4088.26px;white-space:nowrap">imposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4897.69px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5157.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.54px;white-space:nowrap">governments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1211.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1441.39px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2314.19px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2526.78px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3100.95px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3271.53px;letter-spacing:-0.95px;white-space:nowrap">invests. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3977.29px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4448.77px;letter-spacing:-1.88px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4948.93px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5283.54px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:575.67px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:854.43px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1555.9px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2204.83px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2833.57px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3333.62px;white-space:nowrap">earned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4008.77px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4249.07px;letter-spacing:-0.74px;white-space:nowrap">repatriated. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;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:194px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:312.28px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1135.56px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1414.32px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2077.65px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2749.79px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3638.49px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3973.11px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4820.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5098.99px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5366.58px;white-space:nowrap">accrual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:6049.25px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:381.88px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;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:194px;font-weight:300;position:absolute;top:920px;left:1554.39px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1792.76px;letter-spacing:-0.39px;white-space:nowrap">components </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2944.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3174.42px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3899.74px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4601.2px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4841.5px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5185.47px;letter-spacing:-0.23px;white-space:nowrap">change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5871.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:964.54px;letter-spacing:-0.43px;white-space:nowrap">gain/loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1792.66px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2071.42px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3244.36px;letter-spacing:-4.83px;white-space:nowrap">Tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3576.72px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4400px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5135.95px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5374.32px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5527.61px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:6078.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:745.08px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1225.79px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;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:194px;font-weight:300;position:absolute;top:1380px;left:2398.3px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2636.67px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2789.96px;letter-spacing:-0.43px;white-space:nowrap">component </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3856.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4086.54px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4430.51px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5166.46px;letter-spacing:-0.43px;white-space:nowrap">gain/loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5994.57px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:241.16px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1208.28px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1534.84px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2084.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2429.45px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2923.27px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3305.16px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3458.45px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3802.41px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4114.69px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4600.99px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5229.73px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;letter-spacing:-0.79px;white-space:nowrap">carryforward </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1189.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1419.26px;letter-spacing:-0.92px;white-space:nowrap">approximately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2723.57px;white-space:nowrap">$1,990,000, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3826.8px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4400.97px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4820.99px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5093.73px;white-space:nowrap">applied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5795.73px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:735.95px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1079.91px;letter-spacing:-1.21px;white-space:nowrap">taxable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1763.01px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2391.75px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;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:194px;font-weight:300;position:absolute;top:2415.2px;left:3962.69px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4811.96px;letter-spacing:-0.88px;white-space:nowrap">short-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5812.49px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;white-space:nowrap">($1,639,000) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1180.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1562.77px;letter-spacing:-0.21px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2489.29px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3066.25px;white-space:nowrap">($351,000).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:872.91px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1225.58px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2083.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2428.16px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2740.44px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3586.06px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3886.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4231.78px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4733.54px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:5045.82px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:5558.76px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:5797.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:0px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:967.12px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1293.68px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1789.43px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2171.32px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2523.98px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3610.23px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4020.26px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4299.02px;letter-spacing:-0.54px;white-space:nowrap">provision </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5156.25px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5456.92px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:312.28px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:961.21px;letter-spacing:-0.32px;white-space:nowrap">uncertain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1853.13px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2165.41px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3011.04px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3194.4px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3998.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4210.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4555.87px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5174.62px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1087.54px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1466.63px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2085.38px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2749.79px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3062.06px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3753.86px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4054.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4399.57px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4878.56px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;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:194px;font-weight:300;position:absolute;top:3680.4px;left:5896.82px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-0.46px;white-space:nowrap">remain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:671.49px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1173.26px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1861.84px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;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:194px;font-weight:300;position:absolute;top:3910.4px;left:3314.5px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3574.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3919.5px;letter-spacing:-0.48px;white-space:nowrap">Internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4656.2px;letter-spacing:-0.94px;white-space:nowrap">Revenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;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:4263.1px;left:0px;white-space:nowrap">Dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4263.1px;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:4263.1px;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:4263.1px;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:4263.1px;left:2687.14px;letter-spacing:-0.38px;white-space:nowrap">Shareholders.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:3938.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:4317.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:4810.93px;letter-spacing:-1.07px;white-space:nowrap">records </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:5520.13px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;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:194px;font-weight:300;position:absolute;top:4485.6px;left:1535.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:1769.99px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2025.65px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3216.86px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3495.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3840.65px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4908.64px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5406.76px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">timing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:608.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:990.75px;letter-spacing:-0.64px;white-space:nowrap">character </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1875.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2105.47px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2768.8px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3470.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3852.15px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4480.89px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;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:194px;font-weight:300;position:absolute;top:4715.6px;left:6049.36px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1086.25px;white-space:nowrap">annually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1880.1px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2092.69px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3152.72px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3591.33px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4236.93px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4820.66px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5485.07px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;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:194px;font-weight:300;position:absolute;top:5175.6px;left:1397.77px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1971.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;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:194px;font-weight:300;position:absolute;top:5175.6px;left:2908.88px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;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:194px;font-weight:300;position:absolute;top:5175.6px;left:4400.64px;white-space:nowrap">principles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5302.13px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:855.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1068.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1413.13px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2058.74px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2642.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2872.68px;letter-spacing:-0.24px;white-space:nowrap">America. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3702.29px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;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:194px;font-weight:300;position:absolute;top:5405.6px;left:5299.23px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">relate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:559.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:794.49px;letter-spacing:-0.42px;white-space:nowrap">restructuring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1992.35px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2222.56px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2885.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3828.41px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4207.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4701.32px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;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:194px;font-weight:300;position:absolute;top:5635.6px;left:5691.53px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5844.82px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:575.24px;letter-spacing:-0.48px;white-space:nowrap">proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1435.91px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1911.68px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2540.42px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3074.41px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4196.97px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4435.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;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:194px;font-weight:300;position:absolute;top:5865.6px;left:5657.05px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:6132.82px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1034.04px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1735.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2117.39px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2853.34px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3482.08px;letter-spacing:-0.61px;white-space:nowrap">gains. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4035.95px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4294.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4448.02px;letter-spacing:-0.4px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5053.13px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5397.09px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:701.46px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1216.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1598.01px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1941.97px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2677.92px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3092.89px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3607.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3886.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;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:194px;font-weight:300;position:absolute;top:6325.6px;left:6047.21px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;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:194px;font-weight:300;position:absolute;top:6555.6px;left:1025.77px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1651.93px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;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:194px;font-weight:300;position:absolute;top:6555.6px;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:194px;font-weight:300;position:absolute;top:6555.6px;left:3676.73px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;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:194px;font-weight:300;position:absolute;top:6555.6px;left:5306px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5926.14px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:679.98px;letter-spacing:-1.74px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1788.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2133.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2627.32px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3047.34px;letter-spacing:-0.17px;white-space:nowrap">periodically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4111.14px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;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:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:659.46px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1322.79px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1553px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1808.66px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2437.4px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3274.22px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4014.14px;text-rendering:optimizeLegibility;white-space:nowrap">impacting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4934.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5279.46px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5706.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5937.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:241.16px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1208.28px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1534.84px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2084.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2429.45px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:3048.2px;letter-spacing:-0.39px;white-space:nowrap">components </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:4199.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:4429.86px;letter-spacing:-0.42px;white-space:nowrap">distributable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5594.32px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:0px;letter-spacing:-0.33px;white-space:nowrap">(accumulated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1251.89px;white-space:nowrap">losses) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1894.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2173.36px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2326.65px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2638.93px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3125.22px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3616.57px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3854.94px;letter-spacing:-1.07px;white-space:nowrap">follows:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:241.16px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:1208.28px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:1534.84px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:2084.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:2429.45px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:3351.56px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:3762.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:3992.33px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:5111.46px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9132.6px;left:5412.13px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:701.46px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:1013.74px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:1875.8px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:2265.21px;white-space:nowrap">$59,939,475. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:3479.93px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:3859.02px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:4202.99px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9362.6px;left:5167.53px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:300.67px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:551.07px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:1670.2px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:2245.87px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:2524.63px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:2836.9px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:3247.47px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:3636.88px;white-space:nowrap">$7,632,400. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:4740.1px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:5144.11px;letter-spacing:-0.7px;white-space:nowrap">consisted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9592.6px;left:6023.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:0px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:922.11px;letter-spacing:-0.72px;white-space:nowrap">gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:1431.4px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;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:194px;font-weight:300;position:absolute;top:9822.6px;left:3550.83px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:3851.5px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:4101.9px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:5221.03px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:5521.7px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9822.6px;left:6095.87px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:389.4px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:656.99px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:1271.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:1502.08px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:2020.5px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:2463.08px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:2775.35px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:3185.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:3416.12px;white-space:nowrap">$17,233,045 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:4577.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:4958.92px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10052.6px;left:5881.03px;letter-spacing:-0.72px;white-space:nowrap">gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8260.2px;left:0px;letter-spacing:-0.28px;white-space:nowrap">Undistributed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8260.2px;left:1037.11px;letter-spacing:-0.2px;white-space:nowrap">ordinary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8260.2px;left:1684.86px;letter-spacing:-0.29px;white-space:nowrap">income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8260.2px;left:5270.4px;white-space:nowrap">$	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8260.2px;left:5979.02px;letter-spacing:0px;white-space:nowrap">115,478</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8539.2px;left:0px;letter-spacing:-0.33px;white-space:nowrap">Capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8539.2px;left:535.96px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8539.2px;left:849.46px;letter-spacing:-0.64px;white-space:nowrap">carryforwards</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8539.2px;left:5270.4px;white-space:nowrap">$	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8539.2px;left:5789.96px;letter-spacing:-2.64px;white-space:nowrap">(1,990,000)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8818.2px;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:8818.2px;left:302.78px;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:8818.2px;left:1091.95px;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:8818.2px;left:2036.87px;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:8818.2px;left:5270.4px;white-space:nowrap">$	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8818.2px;left:5843.75px;letter-spacing:0px;white-space:nowrap">7,632,400</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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">28 </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: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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;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:194px;font-weight:300;position:absolute;top:0px;left:2124.59px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2425.26px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2675.66px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3794.79px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4095.46px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4669.63px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5196px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5585.4px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5852.99px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:230.21px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:542.48px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:953.05px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1395.63px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1914.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2144.25px;white-space:nowrap">$9,600,645.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:217.74px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1050.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1395.2px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1707.47px;letter-spacing:-0.64px;white-space:nowrap">character </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2591.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2822.19px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3975.68px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4406.12px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4640.73px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5831.93px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:6091.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:493.82px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:677.19px;letter-spacing:-0.49px;white-space:nowrap">summarized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1806.51px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2044.88px;letter-spacing:-1.07px;white-space:nowrap">follows:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2025px;left:0px;white-space:nowrap">*	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2025px;left:316.8px;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:2025px;left:593.57px;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:2025px;left:849.07px;letter-spacing:0px;white-space:nowrap">purposes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2025px;left:1598.42px;letter-spacing:-0.72px;white-space:nowrap">short-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2025px;left:2417.03px;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:2025px;left:2931.46px;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:2025px;left:3270.98px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2025px;left:3421.01px;letter-spacing:-0.4px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2025px;left:4257.55px;letter-spacing:-0.2px;white-space:nowrap">ordinary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2025px;left:4905.31px;letter-spacing:-0.25px;white-space:nowrap">income.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2508.3px;left:0px;white-space:nowrap">B. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:2508.3px;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:2508.3px;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:2508.3px;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:2508.3px;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:2508.3px;left:4147.75px;letter-spacing:-0.47px;white-space:nowrap">Agreements</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:872.91px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:1056.28px;white-space:nowrap">party </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:1569px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:1803.61px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:2071.2px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:3110.4px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:3917.46px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:4951.5px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2861px;left:5390.11px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:1186.26px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:1798.56px;letter-spacing:-0.21px;white-space:nowrap">(&#8220;DWSI&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:2692.1px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:3071.19px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:3565.01px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:3966.66px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;left:4319.33px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3091px;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:194px;font-weight:300;position:absolute;top:3321px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3321px;left:1034.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3321px;left:1472.65px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3321px;left:1947.13px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3321px;left:2986.33px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3321px;left:4220.71px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3321px;left:5135.41px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3321px;left:5500.54px;letter-spacing:-0.75px;white-space:nowrap">(&#8220;DIMA&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3551px;left:0px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3551px;left:528.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3551px;left:910.08px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3551px;left:1456.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3551px;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:194px;font-weight:300;position:absolute;top:3551px;left:2609.38px;letter-spacing:-0.21px;white-space:nowrap">companies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:602.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:947.78px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:1986.98px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:2794.04px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:3828.09px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:4266.69px;letter-spacing:-0.36px;white-space:nowrap">DWSI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:4848.7px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:5376.89px;letter-spacing:-0.4px;white-space:nowrap">directs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3896.2px;left:6021.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:1119.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:1349.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:1694.37px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:2188.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:2400.77px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:3460.81px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:3899.41px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;left:4155.08px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4126.2px;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:194px;font-weight:300;position:absolute;top:4356.2px;left:0px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4356.2px;left:711.78px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4356.2px;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:194px;font-weight:300;position:absolute;top:4356.2px;left:2184.42px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4356.2px;left:2712.62px;letter-spacing:-0.29px;white-space:nowrap">determines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4356.2px;left:3769.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4356.2px;left:4114.69px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4356.2px;left:5057.21px;letter-spacing:-0.4px;white-space:nowrap">instruments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4356.2px;left:6166.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:535.61px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;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:194px;font-weight:300;position:absolute;top:4586.2px;left:2119.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:2354.15px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:3473.27px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:3707.88px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:3980.63px;letter-spacing:-0.29px;white-space:nowrap">purchased, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:5004.89px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:5417.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4586.2px;left:5657.59px;letter-spacing:-0.94px;white-space:nowrap">entered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4816.2px;left:0px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4816.2px;left:395.31px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4816.2px;left:655.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4816.2px;left:1000.31px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:379.09px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:1418.29px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:2225.35px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:3259.39px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:4062.05px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:4590.24px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:5028.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:5182.14px;letter-spacing:-1.29px;white-space:nowrap">fee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5161.4px;left:5562.41px;letter-spacing:-0.48px;white-space:nowrap">computed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:0px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:661.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:1043.17px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:1775.36px;letter-spacing:-2.15px;white-space:nowrap">monthly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:2594.78px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:2818.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:3163.25px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:3811.54px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:4213.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:4443.29px;white-space:nowrap">0.65% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:5036.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:5267.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5391.4px;left:5612.15px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:0px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:738.2px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:1399.49px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:1743.46px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:2331.91px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:2610.24px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:2844.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:3226.74px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:4076.02px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:4571.77px;white-space:nowrap">million, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:5272.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:5654.47px;white-space:nowrap">0.60% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5621.4px;left:6248.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5851.4px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5851.4px;left:456.97px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5851.4px;left:1045.43px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5851.4px;left:1258.02px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5851.4px;left:1872.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5851.4px;left:2103.11px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5851.4px;left:2598.86px;white-space:nowrap">million. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:0px;letter-spacing:-1.74px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:1108.49px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:1409.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:1754.2px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:2186.36px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:2796.41px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:3763.53px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:4090.09px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:4639.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:4984.7px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6196.6px;left:5311.15px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:579.65px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:1618.85px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:2425.91px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:3459.95px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:4496.36px;white-space:nowrap">$469,361 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:5380.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6426.6px;left:5762.32px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:0px;letter-spacing:-0.49px;white-space:nowrap">equivalent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:974.42px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:1209.03px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:1476.62px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:2124.91px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:2526.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:2756.66px;white-space:nowrap">0.65% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:3350.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:3580.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:3925.52px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:4544.27px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:5282.47px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6656.6px;left:5943.76px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6886.6px;left:0px;letter-spacing:-0.15px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;left:602.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;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:194px;font-weight:300;position:absolute;top:7231.8px;left:2297px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;left:3331.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;left:3769.65px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;left:4371.32px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;left:4918.1px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7231.8px;left:5720.75px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7461.8px;left:0px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7461.8px;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:194px;font-weight:300;position:absolute;top:7461.8px;left:1787.18px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7461.8px;left:2541.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7461.8px;left:2776px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7461.8px;left:3121.04px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7461.8px;left:3668.67px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7461.8px;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:194px;font-weight:300;position:absolute;top:7461.8px;left:5396.98px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:0px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:802.66px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:1349.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:1788.04px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:2055.63px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:2703.92px;letter-spacing:-1.29px;white-space:nowrap">fee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:3084.19px;letter-spacing:-0.48px;white-space:nowrap">computed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:4035.84px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:4697.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:5079.01px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7691.8px;left:5811.2px;letter-spacing:-2.15px;white-space:nowrap">monthly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:230.21px;white-space:nowrap">0.20% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:823.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:1054.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:1399.06px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:2017.81px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:2756.02px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;left:3417.3px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7921.8px;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:8435.1px;left:0px;white-space:nowrap">C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:8435.1px;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:8435.1px;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:8435.1px;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:194px;font-weight:300;position:absolute;top:8787.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:474.48px;letter-spacing:0.27px;white-space:nowrap">Service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:1158.12px;letter-spacing:-0.54px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:2039.19px;letter-spacing:1.25px;white-space:nowrap">(&#8220;DSC&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:2816.39px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;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:194px;font-weight:300;position:absolute;top:8787.8px;left:3787.59px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:4017.79px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:4619.46px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:4802.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8787.8px;left:5147.87px;letter-spacing:-1.43px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:601.78px;letter-spacing:-0.27px;white-space:nowrap">dividend-paying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:2055.2px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:2603.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:2985.04px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:4095.46px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:4764.59px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:5312.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9017.8px;left:5542.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:0px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:547.64px;letter-spacing:-0.95px;white-space:nowrap">Pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:1380.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:1614.77px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:1768.06px;letter-spacing:-0.99px;white-space:nowrap">sub-transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:2887.29px;letter-spacing:-0.23px;white-space:nowrap">agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:3555.66px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:4569.3px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:5396.55px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9247.8px;left:5797.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:0px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:514.01px;white-space:nowrap">GIDS, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:1042.42px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;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:194px;font-weight:300;position:absolute;top:9477.8px;left:2298.18px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:2698.76px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:3051.43px;letter-spacing:-0.86px;white-space:nowrap">delegated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:3974.82px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:4638.15px;letter-spacing:-1.43px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:5376.36px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9477.8px;left:5924.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:0px;letter-spacing:-0.27px;white-space:nowrap">dividend-paying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:1453.42px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:2001.38px;text-rendering:optimizeLegibility;white-space:nowrap">functions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:2872.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:3106.86px;white-space:nowrap">SS&amp;C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:3674.69px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:4075.26px;letter-spacing:-0.54px;white-space:nowrap">compensates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:5292.89px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:5806.9px;white-space:nowrap">out </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9707.8px;left:6157.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:345.04px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:671.49px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:842.08px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:1612.4px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:2088.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:2433.21px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:2980.85px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:3319.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:3664.16px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:4096.32px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:4706.37px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:5673.49px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9937.8px;left:6000.05px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:345.04px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:1085.82px;letter-spacing:-0.6px;white-space:nowrap">charged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:1844.11px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:2078.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:2423.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:2917.58px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:3177.54px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:3578.12px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:4384.42px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:4597.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:4942.05px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10167.8px;left:5907.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1165.4px;left:4165.73px;letter-spacing:-2.77px;white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1165.4px;left:4598.59px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1165.4px;left:5107.48px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1165.4px;left:5915.81px;white-space:nowrap">31,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1415.6px;left:4252.74px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1415.6px;left:5692.74px;white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1694.6px;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:1694.6px;left:959.5px;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:1694.6px;left:1348.77px;letter-spacing:-0.2px;white-space:nowrap">ordinary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1694.6px;left:1996.52px;letter-spacing:-0.16px;white-space:nowrap">income*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1694.6px;left:3873.6px;white-space:nowrap">$	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1694.6px;left:4111.72px;letter-spacing:0px;white-space:nowrap">1,198,572</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1694.6px;left:5313.6px;white-space:nowrap">$	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1694.6px;left:5551.72px;letter-spacing:0px;white-space:nowrap">1,174,079</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">29 </div></div>
		</div>
		<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:194px;font-weight:300;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">Operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1022.87px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1600.05px;letter-spacing:0.21px;white-space:nowrap">&#8220;Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2458.78px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2693.39px;letter-spacing:-0.54px;white-space:nowrap">shareholders&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3974.61px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5011.02px;white-space:nowrap">$12,000, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5837.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:6067.62px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">$1,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:661.07px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:844.44px;white-space:nowrap">unpaid.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:602.74px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:870.33px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1883.96px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2322.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2667.61px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3215.24px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3762.02px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3945.39px;letter-spacing:-0.54px;white-space:nowrap">compensated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5192.24px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5492.91px;letter-spacing:-0.54px;white-space:nowrap">providing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:0px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:663.33px;letter-spacing:-0.64px;white-space:nowrap">pre-press </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1541.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1923.71px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2880.95px;text-rendering:optimizeLegibility;white-space:nowrap">filing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3358.76px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4112.97px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4347.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4692.62px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5240.25px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5578.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5923.56px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:0px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:610.05px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1577.17px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1903.73px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2453.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2798.34px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3539.12px;letter-spacing:-0.6px;white-space:nowrap">charged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4297.41px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4532.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4877.06px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5370.88px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5630.84px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:806.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1018.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1363.94px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2329.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;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:194px;font-weight:300;position:absolute;top:1265.2px;left:3582.84px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4160.02px;letter-spacing:-0.48px;white-space:nowrap">&#8220;Reports </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4983.52px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:5218.13px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:381.88px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;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:194px;font-weight:300;position:absolute;top:1495.2px;left:2268.96px;letter-spacing:-0.32px;white-space:nowrap">expenses&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3222.44px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4258.85px;white-space:nowrap">$1,513, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4973.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5203.95px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5778.12px;white-space:nowrap">$917 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:6273.87px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;white-space:nowrap">unpaid.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:880.21px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:1362.54px;letter-spacing:-0.27px;white-space:nowrap">AG, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:1727.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:2072.06px;white-space:nowrap">majority </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:2858.39px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:3968.81px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:4181.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:4526.44px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:5000.92px;letter-spacing:-0.61px;white-space:nowrap">Group, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:5657.37px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:6039.26px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:788.69px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:1208.71px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:1893.96px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:2827.77px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4013.07px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4251.44px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4404.73px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4956.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;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:194px;font-weight:300;position:absolute;top:2530.4px;left:0px;letter-spacing:-0.23px;white-space:nowrap">agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;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:194px;font-weight:300;position:absolute;top:2530.4px;left:1795.23px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;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:194px;font-weight:300;position:absolute;top:2530.4px;left:2815.85px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:3704.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:3983.31px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:4588.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:4818.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:5163.45px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:5711.08px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:6121.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:572.67px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:1658.92px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;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:194px;font-weight:300;position:absolute;top:2760.4px;left:2921.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:3134.36px;letter-spacing:-0.2px;white-space:nowrap">compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4195.79px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4634.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4979.43px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:5598.18px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:6036.57px;white-space:nowrap">17e-1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:0px;letter-spacing:-0.63px;white-space:nowrap">procedures. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1101.4px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1439.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1784.71px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2216.87px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2826.91px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3794.03px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4120.6px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4670.17px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:5550.38px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:6032.71px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:351.05px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1036.3px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1970.12px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3155.41px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3631.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3976.22px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;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:194px;font-weight:300;position:absolute;top:3565.6px;left:1414.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:1644.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:1989.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:2483.16px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:2817.78px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;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:194px;font-weight:300;position:absolute;top:3565.6px;left:3916.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:4147.02px;letter-spacing:0.21px;white-space:nowrap">DIMA.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:872.91px;letter-spacing:-1.4px;white-space:nowrap">pays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:1315.6px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:1785.46px;letter-spacing:-0.6px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:2552.88px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:2985.36px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:3168.73px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:3519.79px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:3787.37px;letter-spacing:-1.03px;white-space:nowrap">&#8220;interested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:4823.56px;letter-spacing:-0.54px;white-space:nowrap">person&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:5571.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.8px;left:5802.18px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:240.3px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;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:194px;font-weight:300;position:absolute;top:4140.8px;left:1901.04px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:2513.35px;letter-spacing:-0.84px;white-space:nowrap">retainer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:3263.37px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:3674.9px;white-space:nowrap">plus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:4086.87px;text-rendering:optimizeLegibility;white-space:nowrap">specified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:4923.36px;letter-spacing:-0.27px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.8px;left:5749.22px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">attended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:846.16px;letter-spacing:-0.54px;white-space:nowrap">board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:1415.39px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;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:194px;font-weight:300;position:absolute;top:4370.8px;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:194px;font-weight:300;position:absolute;top:4716px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:872.91px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:1292.93px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:1859.79px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:2303.88px;white-space:nowrap">balances </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:3125.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:3337.81px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:3812.29px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:4496.57px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4716px;left:4966.97px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:1162.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:1709.73px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:2283.9px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:2467.27px;letter-spacing:-0.2px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:3336.95px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:3596.91px;letter-spacing:0.18px;white-space:nowrap">DIMA. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:4198.58px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:4577.68px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:5071.49px;letter-spacing:-0.29px;white-space:nowrap">indirectly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4946px;left:5939.68px;letter-spacing:-0.72px;white-space:nowrap">bears </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;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:194px;font-weight:300;position:absolute;top:5176px;left:1539.25px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:2073.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:2303.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:2648.49px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:3511.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:3742.15px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:4216.63px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:4900.91px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5176px;left:5371.31px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:1162.09px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:1709.73px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:2184.21px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:2868.49px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:3338.89px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:4573.27px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5406px;left:5735.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:0px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:472.55px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:823.6px;letter-spacing:-1.07px;white-space:nowrap">pay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:1183.9px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:1730.67px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:1998.26px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:3032.3px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:4254.87px;letter-spacing:-1.29px;white-space:nowrap">fee. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:4635.15px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:5109.63px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5636px;left:5793.91px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:1234.38px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:2396.47px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:2890.29px;letter-spacing:-0.36px;white-space:nowrap">seeks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:3422.46px;letter-spacing:-0.27px;white-space:nowrap">maximum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:4350.59px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:5049.79px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:5751.26px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:5985.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:0px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:611.66px;letter-spacing:-0.83px;white-space:nowrap">consistent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:1561.16px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:1999.77px;letter-spacing:-0.59px;white-space:nowrap">stability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:2733.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;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:6609.3px;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:6609.3px;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:6609.3px;left:1131.81px;text-rendering:optimizeLegibility;white-space:nowrap">Securities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:936.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:1318.39px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:1799.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:2029.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:3063.35px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:4005.87px;letter-spacing:-0.81px;white-space:nowrap">excluding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6962px;left:4885.01px;letter-spacing:-0.88px;white-space:nowrap">short-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:0px;letter-spacing:-0.83px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:1172.94px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:1473.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:1818.65px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:2250.81px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:2860.86px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:3827.98px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:4154.54px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:4650.29px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7192px;left:5141.64px;white-space:nowrap">$16,299,035 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7422px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7422px;left:381.88px;white-space:nowrap">$17,872,691, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7422px;left:1596.61px;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:7935.3px;left:0px;white-space:nowrap">E. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7935.3px;left:225.62px;letter-spacing:-0.32px;white-space:nowrap">Capital</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:984.41px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:1416.57px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:2026.62px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:2993.74px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:3320.3px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:3816.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:4197.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:4542.98px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:4975.14px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288px;left:5585.19px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:326.56px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:876.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:1221.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:1714.99px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:2685.44px;white-space:nowrap">145,500 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:3458.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:3839.9px;white-space:nowrap">121,360 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:4612.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:4842.69px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:5098.35px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518px;left:5717.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:0px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:832.95px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:1340.52px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:1619.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:1964.32px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:2466.08px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:3138.65px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:3362.09px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:3515.38px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:3971.17px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:4381.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:4611.94px;white-space:nowrap">$1,282,114 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748px;left:5661.35px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:0px;white-space:nowrap">$1,007,771 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:1049.4px;white-space:nowrap">($8.81 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:1664.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:2046.6px;white-space:nowrap">$8.30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:2596.17px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:3334.38px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:3682.96px;letter-spacing:-0.4px;white-space:nowrap">share), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;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:194px;font-weight:300;position:absolute;top:8978px;left:5476.04px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978px;left:5855.14px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:0px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:802.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:1032.75px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:1571.58px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:2542.03px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:3214.92px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:4204.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:4549.53px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:5405.68px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208px;left:5896.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:345.04px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:772.47px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:1121.05px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:1655.05px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:1878.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:2223.53px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:2675.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:2905.33px;letter-spacing:-0.32px;white-space:nowrap">purchase, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:3815.3px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:4204.71px;white-space:nowrap">16.89% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:4909.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438px;left:5291.71px;white-space:nowrap">14.74%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668px;left:0px;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:300;position:absolute;top:10013.2px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:984.41px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:1416.57px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:2026.62px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:2993.74px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:3320.3px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:3816.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:4197.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:4542.98px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:4975.14px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10013.2px;left:5585.19px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:326.56px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:876.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:1221.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:1714.99px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:2320.74px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:2621.42px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:3430.95px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:4646.32px;white-space:nowrap">31,877 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:5307.39px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10243.2px;left:5689.28px;white-space:nowrap">32,196 </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">30 </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: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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;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:194px;font-weight:300;position:absolute;top:0px;left:1812.42px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2191.51px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2929.72px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3732.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3962.47px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4501.3px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5107.05px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:989.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1334.61px;white-space:nowrap">issue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1826.06px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2316.77px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2551.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2896.42px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3323.85px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3672.43px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4206.43px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4429.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4774.9px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5226.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5456.71px;white-space:nowrap">issuance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:389.4px;white-space:nowrap">17.28% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1094.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1476.41px;white-space:nowrap">13.00%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;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:973.3px;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:973.3px;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:973.3px;left:793.54px;letter-spacing:-0.6px;white-space:nowrap">Repurchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:307.98px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:686.32px;white-space:nowrap">28, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:1012.88px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:1562.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:1907.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:2401.31px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:3443.09px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:3853.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:4198.15px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:4770.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1326px;left:5001.03px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;left:0px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;left:884.73px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;left:1152.31px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;left:2056.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;left:2286.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;left:2631.73px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;left:3330.94px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1556px;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:194px;font-weight:300;position:absolute;top:1556px;left:5593.56px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:838.86px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:1073.47px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:2110.95px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:2389.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:2623.89px;white-space:nowrap">687,213 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:3396.46px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:4015.54px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:4635.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:4980.72px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1786px;left:5606.88px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:0px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:660.11px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:875.17px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:1370.92px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:2125.23px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:2503.57px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:2830.14px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:3379.71px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:3758.8px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:4252.62px;letter-spacing:-0.54px;white-space:nowrap">repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2016px;left:5404.39px;white-space:nowrap">177,321 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:0px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:619.07px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:1446.33px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:2106.44px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:2321.49px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:2817.25px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:3199.13px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:3577.47px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:3904.03px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:4453.6px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:4761.58px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:5139.92px;white-space:nowrap">25, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:5466.48px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2246px;left:6016.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:493.82px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:1535.6px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:1945.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:2290.66px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:2863.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:3093.54px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:3941.74px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:4826.46px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:5094.05px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2476px;left:5998.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:345.04px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:1044.25px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:2081.73px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:3306.88px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:4279.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:4624.08px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:5117.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2706px;left:5352.51px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:234.61px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:1090.76px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:2191.41px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:2810.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:3040.68px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:3296.35px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:4129.3px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:4636.87px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2936px;left:4849.45px;letter-spacing:-0.72px;white-space:nowrap">open-market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:1126.86px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:1569.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:1914.47px;letter-spacing:-0.5px;white-space:nowrap">twelve-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:3203.54px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:3829.7px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:4305.47px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:4965.58px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:5180.63px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3166px;left:5676.39px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:0px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:378.34px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:704.9px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:1254.47px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:1633.56px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:2127.38px;letter-spacing:-0.54px;white-space:nowrap">repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:3279.16px;white-space:nowrap">19,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:3940.23px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:4559.31px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:5386.56px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3396px;left:6046.67px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3626px;left:0px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3626px;left:495.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3626px;left:877.64px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3626px;left:1844.76px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3626px;left:2171.32px;white-space:nowrap">2024.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:0px;letter-spacing:-0.63px;white-space:nowrap">Repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:1162.73px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:1511.86px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:1784.6px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:2334.92px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:2875.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:3220.72px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:3839.47px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:4458.54px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:4978.68px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:5202.12px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:5355.41px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3971.2px;left:6157.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:0px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:343.96px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:847.34px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:1365.76px;letter-spacing:-0.27px;white-space:nowrap">(&#8220;NAV&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:2111.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:2493.05px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:2950.02px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:3891.25px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:4225.87px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:5004.36px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:5238.96px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:5511.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:5724.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4201.2px;left:6069.34px;letter-spacing:-0.54px;white-space:nowrap">best </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:0px;letter-spacing:-1.02px;white-space:nowrap">interests </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:810.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:1040.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:1385.63px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:1933.27px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:2312.36px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:3053.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:3435.03px;text-rendering:optimizeLegibility;white-space:nowrap">timing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:4043.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:4274.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:4619.14px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:5741.7px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4431.2px;left:6090.82px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:223.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;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:194px;font-weight:300;position:absolute;top:4661.2px;left:1488.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:1718.32px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:2319.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:2665.03px;white-space:nowrap">Funds&#8217; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:3297.74px;letter-spacing:-2.11px;white-space:nowrap">administrator, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:4572.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:4954.4px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:5642.98px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4661.2px;left:5877.59px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:966.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:1348.14px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;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:194px;font-weight:300;position:absolute;top:4891.2px;left:3769px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:4329.42px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:4688.43px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:4961.17px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:5239.93px;letter-spacing:-0.43px;white-space:nowrap">assurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4891.2px;left:6169.35px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:345.04px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:963.79px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:2086.35px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:2435.47px;letter-spacing:-0.46px;white-space:nowrap">reduce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:3097.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:3442.44px;letter-spacing:-0.46px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:4090.73px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:4917.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:5263.03px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5121.2px;left:5935.6px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:575.24px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:1193.99px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:1813.07px;letter-spacing:-1.67px;white-space:nowrap">referred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:2581.46px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:2816.06px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:3404.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:3786.62px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:4042.29px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:4469.72px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5351.2px;left:4818.3px;letter-spacing:-0.54px;white-space:nowrap">share.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Monthly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:794.6px;letter-spacing:-0.54px;white-space:nowrap">updates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:1552.57px;letter-spacing:-0.2px;white-space:nowrap">concerning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:2581.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:2926.17px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:3544.92px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:4582.4px;letter-spacing:-1.07px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:5384.95px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5696.4px;left:5719.57px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5926.4px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5926.4px;left:278.76px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5926.4px;left:534.42px;letter-spacing:-2.01px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5926.4px;left:992.9px;letter-spacing:-0.43px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5926.4px;left:1355.13px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5926.4px;left:1578.56px;letter-spacing:-0.61px;white-space:nowrap">dws.com</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5926.4px;left:2363.5px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:6439.7px;left:0px;white-space:nowrap">G. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:6439.7px;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:6439.7px;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:6439.7px;left:1912.1px;letter-spacing:-0.31px;white-space:nowrap">Ownership</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:0px;letter-spacing:-0.86px;white-space:nowrap">From </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:511.22px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:962.82px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:1197.43px;text-rendering:optimizeLegibility;white-space:nowrap">time, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:1702.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:2047.89px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:2541.71px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:2961.73px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:3428.91px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;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:194px;font-weight:300;position:absolute;top:6792.4px;left:4860.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6792.4px;left:5090.4px;letter-spacing:-0.94px;white-space:nowrap">several </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7022.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7022.4px;left:1110.42px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7022.4px;left:1947.24px;white-space:nowrap">holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7022.4px;left:2654.82px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7022.4px;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:194px;font-weight:300;position:absolute;top:7022.4px;left:3750.42px;letter-spacing:-0.93px;white-space:nowrap">percentage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7022.4px;left:4793.06px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7022.4px;left:5023.26px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:0px;letter-spacing:-0.45px;white-space:nowrap">outstanding. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:1154.46px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:2193.66px;text-rendering:optimizeLegibility;white-space:nowrap">activities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:3017.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:3248.12px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:3786.94px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:4978.14px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:5511.17px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7252.4px;left:5978.35px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:0px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:780.53px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:1436.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:1715.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:2060.35px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:2607.99px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:2849.15px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:3816.27px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:4142.83px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:4692.4px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:5218.77px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7482.4px;left:5710.12px;letter-spacing:-0.32px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:0px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:1191.2px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:1601.23px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:2036.83px;letter-spacing:-0.92px;white-space:nowrap">approximately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:3341.14px;white-space:nowrap">28%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:3823.25px;white-space:nowrap">10% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:4251.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;left:4633.43px;white-space:nowrap">6%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7712.4px;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:194px;font-weight:300;position:absolute;top:7712.4px;left:6141.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7942.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7942.4px;left:345.04px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7942.4px;left:1445.68px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7942.4px;left:2064.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7942.4px;left:2294.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7942.4px;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:329.76px">
			<div style="width:6595.2px;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;letter-spacing:-0.26px;white-space:nowrap">Independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3296.07px;letter-spacing:-1.52px;white-space:nowrap">Registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:4862.6px;white-space:nowrap">Public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:1653.02px;white-space:nowrap">Firm</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">31 </div></div>
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		<div style="height:487.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,70.124px) 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,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;letter-spacing:-6.05px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:246.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:584.88px;letter-spacing:-0.43px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1151.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1378.23px;letter-spacing:-0.7px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:2215.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:2591.57px;letter-spacing:-0.38px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:3784.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:4010.92px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:4380.78px;letter-spacing:-0.28px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:5263.13px;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:0px;left:5859.18px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:220px;left:0px;white-space:nowrap">Inc.:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:551.2px;left:0px;white-space:nowrap">Opinion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:551.2px;left:734.08px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:551.2px;left:1003.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:551.2px;left:1337.21px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:551.2px;left:2165.42px;letter-spacing:-0.63px;white-space:nowrap">Statements</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:0px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:344.18px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:811.36px;letter-spacing:-0.27px;white-space:nowrap">audited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:1534.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:1879.99px;letter-spacing:-0.5px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:3197.84px;letter-spacing:-1.24px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:4146.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:4376.69px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:4965.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:946.5px;left:5347.03px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:230.21px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:609.3px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:1507.99px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:2108.48px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:2656.11px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:3021.24px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:3432.02px;white-space:nowrap">&#8220;Fund&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:4225.44px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:5074.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1176.5px;left:5419.76px;white-space:nowrap">schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:230.21px;letter-spacing:-0.83px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:1403.14px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:1641.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:1871.72px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:2838.84px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:3165.4px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:3714.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:4096.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:4441.89px;letter-spacing:-0.94px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:5116.07px;letter-spacing:-1.24px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1406.5px;left:6064.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:993.65px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:1294.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:1639.37px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:2071.52px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:2530.86px;white-space:nowrap">ended, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:3194.73px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:3539.77px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:4573.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:4803.69px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:5574.44px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1636.5px;left:5787.03px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:0px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:588.46px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:889.13px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:1358.99px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:1589.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:1934.24px;letter-spacing:-0.54px;white-space:nowrap">two </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:2322.57px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:2835.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:3048.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:3393.13px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:4019.3px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:4478.63px;white-space:nowrap">ended, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:5142.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1866.5px;left:5487.54px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:0px;letter-spacing:-0.2px;white-space:nowrap">highlights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:899.77px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:1200.44px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:1670.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:1900.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:2245.55px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:2612.18px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:3125.12px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:3337.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:3682.74px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:4308.91px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:4768.24px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:5378.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2096.5px;left:5760.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:0px;letter-spacing:-0.94px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:674.18px;letter-spacing:-0.36px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:1216.88px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">(collectively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:2305.92px;letter-spacing:-1.67px;white-space:nowrap">referred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:3074.31px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:3308.92px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:3547.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:3892.32px;text-rendering:optimizeLegibility;white-space:nowrap">&#8220;financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:4772px;letter-spacing:-0.88px;white-space:nowrap">statements&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:6015.3px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2326.5px;left:6233.05px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:0px;white-space:nowrap">opinion, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:773.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:1118.05px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:1907.71px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:2941.43px;letter-spacing:-0.67px;white-space:nowrap">present </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:3665.02px;letter-spacing:-2.75px;white-space:nowrap">fairly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:4185.8px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:4398.39px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:4648.79px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2556.5px;left:5429.32px;letter-spacing:-0.32px;white-space:nowrap">respects, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:345.04px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:1134.7px;text-rendering:optimizeLegibility;white-space:nowrap">position </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:1895.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:2125.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:2470.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:2964.31px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:3187.74px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:4154.86px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:4481.43px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:5031px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:5376.04px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:6012.4px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2786.5px;left:6242.61px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:993.65px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:1294.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:1639.37px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:2071.52px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:2530.86px;white-space:nowrap">ended, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:3194.73px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:3539.77px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:4310.52px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:4523.11px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:4778.77px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:5122.73px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:5711.19px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3016.5px;left:6011.87px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:575.24px;letter-spacing:-0.54px;white-space:nowrap">two </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:963.57px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:1476.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:1689.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:2034.14px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:2660.3px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:3119.64px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:3729.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:4111.57px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:4367.24px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:5156.89px;letter-spacing:-0.2px;white-space:nowrap">highlights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3246.5px;left:6056.66px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:0px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:469.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:700.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:1045.11px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:1411.74px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:1924.68px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:2137.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:2482.3px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:3108.47px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:3567.8px;white-space:nowrap">ended, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:4231.67px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:4444.26px;letter-spacing:-0.78px;white-space:nowrap">conformity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:5456.17px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3476.5px;left:5894.78px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3706.5px;left:0px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3706.5px;left:852.18px;letter-spacing:-0.36px;white-space:nowrap">accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3706.5px;left:1707.69px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3706.5px;left:2723.68px;white-space:nowrap">principles.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:4218px;left:0px;white-space:nowrap">Basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:4218px;left:493.11px;letter-spacing:-0.38px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:176px;font-style:italic;font-weight:bold;position:absolute;top:4218px;left:790.17px;white-space:nowrap">Opinion</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:0px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:572.88px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:1362.54px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:2396.26px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:2730.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:3075.92px;letter-spacing:-0.21px;white-space:nowrap">responsibility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:4298.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:4528.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4613.3px;left:4873.52px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:0px;letter-spacing:-0.31px;white-space:nowrap">management. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:1276.39px;white-space:nowrap">Our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:1660.21px;letter-spacing:-0.21px;white-space:nowrap">responsibility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:2882.56px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:3065.93px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:3300.54px;letter-spacing:-0.81px;white-space:nowrap">express </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:4013.6px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:4281.19px;white-space:nowrap">opinion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:5000.38px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:5279.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4843.3px;left:5624.18px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:789.66px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:1823.38px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:2399.05px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:2677.81px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:3032.41px;white-space:nowrap">audits. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:3674.04px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:4018.22px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:4352.84px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:4506.13px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:5089.43px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5073.3px;left:6105.43px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:0px;letter-spacing:-1.03px;white-space:nowrap">registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:939.62px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:1378.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:1723.26px;letter-spacing:-0.31px;white-space:nowrap">Public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:2301.84px;letter-spacing:-0.54px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:3182.91px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:4219.32px;letter-spacing:-0.86px;white-space:nowrap">Oversight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:5109.09px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5303.3px;left:5681.76px;letter-spacing:-0.27px;white-space:nowrap">(United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:0px;letter-spacing:-0.94px;white-space:nowrap">States) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:649.47px;letter-spacing:-0.21px;white-space:nowrap">(&#8220;PCAOB&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:1623.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:2005.57px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:2340.19px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:3144.02px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:3378.63px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:3651.38px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:4831.73px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:5270.33px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:5975.34px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5533.3px;left:6209.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:493.82px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:706.41px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:1766.45px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:2205.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:2550.09px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:2942.61px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:3607.01px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:4495.71px;letter-spacing:-0.64px;white-space:nowrap">laws </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:4933.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:5315.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5763.3px;left:5660.06px;letter-spacing:-0.2px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:0px;white-space:nowrap">rules </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:482.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:864.1px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">regulations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:1895.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:2125.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:2471.03px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:3374.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:3756.11px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:4636.54px;white-space:nowrap">Commission </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:5763.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5993.3px;left:6144.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6223.3px;left:0px;letter-spacing:-0.36px;white-space:nowrap">PCAOB.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:0px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:344.18px;letter-spacing:-0.43px;white-space:nowrap">conducted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:1329.67px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:1684.27px;white-space:nowrap">audits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:2272.08px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:2484.67px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:3544.71px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:3983.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:4328.35px;letter-spacing:-0.91px;white-space:nowrap">standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:5237.25px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:5467.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6626.1px;left:5812.49px;letter-spacing:-0.31px;white-space:nowrap">PCAOB. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:0px;white-space:nowrap">Those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:578.9px;letter-spacing:-0.91px;white-space:nowrap">standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:1487.79px;letter-spacing:-0.81px;white-space:nowrap">require </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:2177.33px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:2587.36px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:2897.38px;white-space:nowrap">plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:3327.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:3709.71px;letter-spacing:-0.67px;white-space:nowrap">perform </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:4483.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:4828.29px;white-space:nowrap">audit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:5331.03px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6856.1px;left:5565.63px;letter-spacing:-0.61px;white-space:nowrap">obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:0px;letter-spacing:-0.29px;white-space:nowrap">reasonable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:1023.84px;letter-spacing:-0.43px;white-space:nowrap">assurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:1953.25px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:2522.16px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:3318.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:3663.73px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:4453.39px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:5487.11px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7086.1px;left:5821.73px;letter-spacing:-0.64px;white-space:nowrap">free </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:230.21px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:1010.73px;letter-spacing:-0.88px;white-space:nowrap">misstatement, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:2320.85px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:3117.38px;white-space:nowrap">due </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:3504.42px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:3739.03px;letter-spacing:-0.72px;white-space:nowrap">error </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:4235.43px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:4475.73px;letter-spacing:-0.61px;white-space:nowrap">fraud. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:5048.72px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:5427.81px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7316.1px;left:5921.63px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:351.05px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:1154.89px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:1389.5px;letter-spacing:-0.98px;white-space:nowrap">have, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:1910.5px;white-space:nowrap">nor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:2265.1px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:2756.45px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:3066.46px;letter-spacing:-0.74px;white-space:nowrap">engaged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:3866.11px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:4100.72px;letter-spacing:-0.6px;white-space:nowrap">perform, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:4928.09px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:5195.67px;white-space:nowrap">audit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:5698.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7546.1px;left:5928.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:618.75px;letter-spacing:-0.48px;white-space:nowrap">internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:1350.29px;letter-spacing:-1.07px;white-space:nowrap">control </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:2025.44px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:2468.02px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:3257.68px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">reporting. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:4183.97px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:4442.75px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:4858.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:5088.68px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7776.1px;left:5443.28px;white-space:nowrap">audits, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:0px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:310.02px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:644.64px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:1448.48px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:1683.09px;letter-spacing:-0.61px;white-space:nowrap">obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:2296.25px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:2563.84px;letter-spacing:-0.73px;white-space:nowrap">understanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:3886.31px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:4116.51px;letter-spacing:-0.48px;white-space:nowrap">internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:4848.06px;letter-spacing:-1.07px;white-space:nowrap">control </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8006.1px;left:5523.2px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:789.66px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">reporting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:1718.11px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:2068.73px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:2419.79px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:2720.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:3065.5px;white-space:nowrap">purpose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:3842.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:4072.69px;letter-spacing:-0.59px;white-space:nowrap">expressing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:5051.73px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:5319.32px;white-space:nowrap">opinion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8236.1px;left:6038.51px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:-0.77px;white-space:nowrap">effectiveness </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:1539.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:1769.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:2114.28px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:2733.03px;letter-spacing:-0.48px;white-space:nowrap">internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:3464.57px;letter-spacing:-1.07px;white-space:nowrap">control </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:4139.72px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:4582.29px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8466.1px;left:5371.95px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">reporting. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8696.1px;left:0px;letter-spacing:-1.74px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8696.1px;left:1108.49px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8696.1px;left:1418.51px;letter-spacing:-0.81px;white-space:nowrap">express </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8696.1px;left:2131.57px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8696.1px;left:2410.33px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8696.1px;left:2867.3px;white-space:nowrap">opinion.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:0px;white-space:nowrap">Our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:383.82px;white-space:nowrap">audits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:971.63px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:1777.94px;letter-spacing:-0.49px;white-space:nowrap">performing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:2817.46px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:3865.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:4099.65px;white-space:nowrap">assess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:4701.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:5047px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:5486.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9098.9px;left:5716.35px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:0px;letter-spacing:-0.95px;white-space:nowrap">misstatement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:1256.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:1486.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:1831.54px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:2621.2px;letter-spacing:-1.03px;white-space:nowrap">statements, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:3708.74px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:4505.27px;white-space:nowrap">due </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:4892.31px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:5126.92px;letter-spacing:-0.72px;white-space:nowrap">error </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9328.9px;left:5623.32px;white-space:nowrap">or </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">32 </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>
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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="height:32.73px;left:0px;position:absolute;top:0px;transform:translate(4278.099px,2451.800px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:115.86px">
					<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="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.61px;white-space:nowrap">fraud, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:572.99px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:954.87px;letter-spacing:-0.49px;white-space:nowrap">performing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1994.39px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3041.97px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3452px;letter-spacing:-0.4px;white-space:nowrap">respond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4225.76px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4460.37px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5005.21px;letter-spacing:-0.31px;white-space:nowrap">risks. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5498.17px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1047.58px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1853.89px;letter-spacing:-0.49px;white-space:nowrap">examining, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2859.25px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3138.01px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3291.3px;letter-spacing:-0.97px;white-space:nowrap">test </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3674.58px;white-space:nowrap">basis, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4214.7px;letter-spacing:-0.12px;white-space:nowrap">evidence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5056.99px;letter-spacing:-1.07px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5943.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.27px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:825.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1207.74px;letter-spacing:-0.27px;white-space:nowrap">disclosures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2228.04px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2440.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2785.66px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3575.32px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4662.86px;white-space:nowrap">Our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5046.68px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:806.31px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">confirmation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1988.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2218.58px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3107.29px;letter-spacing:-0.18px;white-space:nowrap">owned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3761.7px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4000.07px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4230.27px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5197.39px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5523.96px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:6073.53px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.36px;white-space:nowrap">correspondence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1481.03px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1919.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2264.67px;letter-spacing:-0.44px;white-space:nowrap">custodian, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3224.05px;letter-spacing:-2.01px;white-space:nowrap">brokers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3929.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4311.05px;letter-spacing:-0.54px;white-space:nowrap">others; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4985.23px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5526px;letter-spacing:-0.4px;white-space:nowrap">replies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:491.35px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:842.4px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1641.94px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2117.71px;letter-spacing:-1.02px;white-space:nowrap">brokers&#160;and&#160;others, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3874.92px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4184.94px;letter-spacing:-0.54px;white-space:nowrap">performed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5181.49px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5717.1px;text-rendering:optimizeLegibility;white-space:nowrap">auditing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:-0.63px;white-space:nowrap">procedures. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1101.4px;white-space:nowrap">Our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1485.21px;white-space:nowrap">audits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2073.03px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2474.68px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3280.99px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">evaluating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4236.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4581.33px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5597.32px;white-space:nowrap">principles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:472.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:854px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1796.31px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">estimates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2695.64px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3245.97px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3505.93px;letter-spacing:-0.31px;white-space:nowrap">management, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4782.31px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5020.68px;letter-spacing:-0.43px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5427.81px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5666.18px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">evaluating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:345.04px;letter-spacing:-0.94px;white-space:nowrap">overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:983.98px;text-rendering:optimizeLegibility;letter-spacing:-0.83px;white-space:nowrap">presentation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2153.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2384.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2729.16px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:3518.82px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4606.36px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4950.54px;letter-spacing:-0.4px;white-space:nowrap">believe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5631.38px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:6041.41px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:0px;white-space:nowrap">audits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:587.81px;letter-spacing:-0.67px;white-space:nowrap">provide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1305.39px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1458.68px;letter-spacing:-0.29px;white-space:nowrap">reasonable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:2482.52px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:2968.82px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:3269.49px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:3624.09px;white-space:nowrap">opinion.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:0px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:344.18px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:811.36px;white-space:nowrap">served </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:1450.52px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:1688.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:2033.93px;letter-spacing:-0.27px;white-space:nowrap">auditor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:2725.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:2955.28px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:3342.75px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:3583.06px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:4102.87px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3286.54px;left:5136.91px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:212.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:557.63px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:1032.11px;letter-spacing:-0.69px;white-space:nowrap">family </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:1614.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:1844.65px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:2388.1px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:2888.04px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:3111.47px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:3576.72px;white-space:nowrap">1979, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:4126.29px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:4476.91px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:4786.93px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:5121.55px;white-space:nowrap">unable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3516.54px;left:5775px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3746.54px;left:0px;letter-spacing:-0.32px;white-space:nowrap">determine </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3746.54px;left:971.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3746.54px;left:1316.99px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3746.54px;left:2024.04px;letter-spacing:-5.26px;white-space:nowrap">year.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4149.34px;left:0px;letter-spacing:-0.4px;white-space:nowrap">Boston, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4149.34px;left:717.58px;text-rendering:optimizeLegibility;letter-spacing:-0.08px;white-space:nowrap">Massachusetts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4379.34px;left:0px;letter-spacing:-0.24px;white-space:nowrap">February </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4379.34px;left:838.32px;white-space:nowrap">24, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4379.34px;left:1164.88px;white-space:nowrap">2025</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">33 </div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:534.64px;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:10554.56px;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:-7.22px;white-space:nowrap">Tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:540.38px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">Information	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:97.5px;left:5545.3px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:0px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:338.27px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:1002.68px;letter-spacing:-0.31px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:1709.3px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:2021.57px;white-space:nowrap">purposes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:2937.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:3282.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:3776.31px;letter-spacing:-0.39px;white-space:nowrap">designates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:4765.45px;white-space:nowrap">$2,345,080, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:5868.67px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:593.6px;left:6108.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:0px;letter-spacing:-0.27px;white-space:nowrap">maximum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:928.13px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:1668.91px;letter-spacing:-0.38px;white-space:nowrap">allowable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:2559.11px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:3136.29px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:3448.56px;letter-spacing:-4.3px;white-space:nowrap">law, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:3836.46px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:4074.83px;text-rendering:optimizeLegibility;white-space:nowrap">qualified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:4890.38px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:823.6px;left:5699.91px;letter-spacing:-0.31px;white-space:nowrap">income.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:872.91px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:1303.35px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:1975.49px;letter-spacing:-1.88px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:2475.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:2705.85px;white-space:nowrap">$188,176 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:3589.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:3971.82px;white-space:nowrap">earned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:4646.96px;white-space:nowrap">$1,295,934 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:5696.37px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1168.8px;left:5926.57px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:0px;letter-spacing:-0.46px;white-space:nowrap">source </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:638.73px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:1340.2px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:1960.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:2305.38px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:2737.54px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:3347.59px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:4314.71px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:4641.27px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:5190.84px;letter-spacing:-0.95px;white-space:nowrap">Pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1398.8px;left:6023.36px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Section </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:699.75px;white-space:nowrap">853 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:1083.99px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:1314.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:1659.24px;letter-spacing:-0.48px;white-space:nowrap">Internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:2395.94px;letter-spacing:-0.94px;white-space:nowrap">Revenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:3206.76px;white-space:nowrap">Code, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:3765.78px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:4110.82px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:4604.64px;letter-spacing:-0.39px;white-space:nowrap">designates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1628.8px;left:5593.78px;white-space:nowrap">$0.0281 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:0px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:348.58px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:882.58px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:1120.95px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:1793.09px;letter-spacing:-1.88px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:2293.24px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:2723.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:3105.57px;white-space:nowrap">$0.1934 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:3878.14px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:4226.73px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:4760.72px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:4999.09px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1858.8px;left:5700.56px;white-space:nowrap">earned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:0px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:475.77px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:1147.91px;letter-spacing:-0.4px;white-space:nowrap">sources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:1871.72px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:2172.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:2517.43px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:2949.59px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:3559.64px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:4526.76px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2088.8px;left:4853.32px;white-space:nowrap">2024.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:0px;white-space:nowrap">Please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:616.06px;letter-spacing:-0.27px;white-space:nowrap">consult </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:1306.46px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:1459.76px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:1772.03px;white-space:nowrap">advisor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:2460.61px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:2624.64px;letter-spacing:-0.67px;white-space:nowrap">you </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:2997.71px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:3464.89px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">questions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:4367.56px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:4936.46px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:5600.87px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2434px;left:5841.17px;letter-spacing:-1.7px;white-space:nowrap">state </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:701.46px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:1013.74px;letter-spacing:-0.54px;white-space:nowrap">laws, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:1504.98px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:1745.28px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:2024.04px;letter-spacing:-0.27px;white-space:nowrap">how </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:2455.45px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:2690.06px;letter-spacing:-0.81px;white-space:nowrap">prepare </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:3434.6px;letter-spacing:-0.54px;white-space:nowrap">your </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:3883.52px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:4195.79px;letter-spacing:-0.48px;white-space:nowrap">returns. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:4941.41px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:5110.6px;letter-spacing:-0.67px;white-space:nowrap">you </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2664px;left:5483.67px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:707.05px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">questions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:1609.72px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:2178.62px;letter-spacing:-0.54px;white-space:nowrap">your </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:2627.54px;letter-spacing:-0.48px;white-space:nowrap">account, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:3433.1px;white-space:nowrap">please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:4051.74px;letter-spacing:-0.43px;white-space:nowrap">call </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:4393.55px;white-space:nowrap">(800) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2894px;left:4909.29px;white-space:nowrap">728-3337.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:872.91px;letter-spacing:-0.27px;white-space:nowrap">elected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:1575.34px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:1809.95px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:2082.7px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:2771.27px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:3005.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:3350.92px;letter-spacing:-0.91px;white-space:nowrap">statutory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:4198.91px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">calculation, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3239.2px;left:5251.96px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">notification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:381.88px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">publication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:1412.6px;letter-spacing:-0.66px;white-space:nowrap">requirements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:2654.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:2884.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:3229.64px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:3993.84px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:5033.04px;letter-spacing:-4.83px;white-space:nowrap">Tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3469.2px;left:5365.4px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:0px;letter-spacing:-0.65px;white-space:nowrap">(Investmentsteuergesetz) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:2289.38px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:2700.16px;letter-spacing:-1.46px;white-space:nowrap">&#8220;Act&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:3275.29px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:3575.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:3921.01px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:4412.89px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:4845.05px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3699.2px;left:5455.1px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:326.56px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:822.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:1204.2px;letter-spacing:-0.54px;white-space:nowrap">intends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:1907.17px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:2141.78px;white-space:nowrap">elect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:2623.35px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:2857.96px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:3130.7px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:3819.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:4053.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:4398.93px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:4738.49px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:5039.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:5384.2px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3929.2px;left:5876.08px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:0px;white-space:nowrap">ending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:653.02px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:1620.14px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:1946.7px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:2496.27px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:2900.28px;text-rendering:optimizeLegibility;white-space:nowrap">election </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:3657.71px;letter-spacing:-0.46px;white-space:nowrap">allows </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:4258.42px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:5094.48px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4159.2px;left:5670.16px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:856.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:1091.51px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:1658.38px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:1870.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:2216.01px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:2709.82px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:3449.75px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:4186.02px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4389.2px;left:4498.29px;letter-spacing:-0.17px;white-space:nowrap">consequences.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:5240px;left:0px;letter-spacing:-0.55px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:5240px;left:1011.7px;letter-spacing:-0.82px;white-space:nowrap">Repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:5240px;left:2908.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:5240px;left:3518.54px;white-space:nowrap">Issued	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5337.5px;left:5545.3px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:872.91px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:1225.58px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:1721.33px;letter-spacing:-0.29px;white-space:nowrap">purchasing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:2734.75px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:3353.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:3584.02px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:3839.69px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:4672.64px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:5180.21px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:5392.79px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5833.6px;left:5737.83px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:672.57px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:1054.45px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:1407.12px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:1808.77px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:2779.22px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:3398.29px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:4235.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:4470.15px;letter-spacing:-0.31px;white-space:nowrap">tender </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:5111.88px;text-rendering:optimizeLegibility;letter-spacing:-1.34px;white-space:nowrap">offers. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6063.6px;left:5715.27px;letter-spacing:-0.46px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:1151.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:1364.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:1709.4px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:2211.17px;letter-spacing:-1.07px;white-space:nowrap">market, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:2937.56px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:3556.63px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:4162.38px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:4463.06px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6293.6px;left:5272.59px;letter-spacing:-1px;white-space:nowrap">reinvestment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:381.88px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:1000.96px;letter-spacing:-0.6px;white-space:nowrap">tendered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:1862.48px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:2244.37px;letter-spacing:-0.36px;white-space:nowrap">accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:3099.87px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:3400.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:3745.59px;letter-spacing:-0.54px;white-space:nowrap">past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:4167.86px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:4534.49px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:5047.43px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:5382.05px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6523.6px;left:5620.42px;letter-spacing:-1.07px;white-space:nowrap">follows:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:20px;position:absolute;top:6812.8px;left:0px;white-space:nowrap">j</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6947.8px;left:3555.73px;letter-spacing:-2.77px;white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6947.8px;left:3988.59px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6947.8px;left:4497.48px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6947.8px;left:5305.81px;white-space:nowrap">31,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7257.8px;left:2722.74px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7257.8px;left:3542.74px;white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7257.8px;left:4362.74px;white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7257.8px;left:5182.74px;white-space:nowrap">2021</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7257.8px;left:6002.74px;white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7489.8px;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:7489.8px;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:7525.8px;left:2579.78px;white-space:nowrap">145,500</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7525.8px;left:3399.78px;white-space:nowrap">121,360</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7525.8px;left:4219.78px;white-space:nowrap">350,140</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7525.8px;left:5039.78px;white-space:nowrap">422,500</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7525.8px;left:5859.78px;white-space:nowrap">439,000</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7753.8px;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:7753.8px;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:7753.8px;left:1013.99px;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:7753.8px;left:1260px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7969.8px;left:0px;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:7969.8px;left:2671.01px;white-space:nowrap">31,877</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7969.8px;left:3491.01px;white-space:nowrap">32,196</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7969.8px;left:4219.78px;white-space:nowrap">464,944</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7969.8px;left:5576.09px;white-space:nowrap">-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7969.8px;left:5951.01px;white-space:nowrap">74,917</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:46.00px;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: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:-2.08px;white-space:nowrap">Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1455.96px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:2198.71px;letter-spacing:-0.53px;white-space:nowrap">Purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3554.39px;letter-spacing:-1.45px;white-space:nowrap">Program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:609.61px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:1947.2px;letter-spacing:-1.53px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:3966.28px;white-space:nowrap">Plan</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: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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">34 </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:14.42px;left:0px;position:absolute;top:0px;transform:translate(48.850px,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:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:275.7px;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:929.3px;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:1366.02px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:1764.3px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:872.91px;text-rendering:optimizeLegibility;letter-spacing:-1.53px;white-space:nowrap">offers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1422.48px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2613.68px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2766.97px;letter-spacing:-1.29px;white-space:nowrap">Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3666.31px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4136.71px;letter-spacing:-0.6px;white-space:nowrap">Purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4988.13px;letter-spacing:-1.34px;white-space:nowrap">Program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:381.88px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1210.64px;letter-spacing:-1.16px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2466.19px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2894.05px;white-space:nowrap">(&#8220;Plan&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3633.44px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4207.61px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5010.26px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5310.94px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">optional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:444.08px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1385.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1767.2px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2067.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2412.91px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">automatic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3353.5px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4568.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4799.07px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5693.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1153.5px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1885.68px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2145.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2490.68px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2984.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3197.09px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4127.79px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4621.61px;letter-spacing:-0.4px;white-space:nowrap">shares. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5294.5px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5468.2px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.6px;white-space:nowrap">complete </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:879.25px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">description </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1916.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2146.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2491.65px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2919.51px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3102.88px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3934.76px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4147.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4492.38px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4920.24px;letter-spacing:-0.84px;white-space:nowrap">brochure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5774.03px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:475.77px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:950.25px;letter-spacing:0.27px;white-space:nowrap">Service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1633.89px;letter-spacing:-2.39px;white-space:nowrap">Company, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2551.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2896.63px;letter-spacing:-1.43px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3634.83px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4182.79px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4593.57px;letter-spacing:-1.72px;white-space:nowrap">&#8220;Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5451.55px;letter-spacing:0.54px;white-space:nowrap">Agent&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:6238.1px;letter-spacing:-7.09px;white-space:nowrap">P.O. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:-1.07px;white-space:nowrap">Box </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:369.96px;white-space:nowrap">219066, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1142.54px;letter-spacing:-0.61px;white-space:nowrap">Kansas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1790.51px;letter-spacing:-2.86px;white-space:nowrap">City, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2212.46px;white-space:nowrap">Missouri </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3020.17px;white-space:nowrap">64105 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3627.42px;letter-spacing:-0.2px;white-space:nowrap">(telephone </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4645.35px;white-space:nowrap">1-800-GERMANY </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:6191.9px;white-space:nowrap">(1-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;white-space:nowrap">800-437-6269)). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1484.79px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1998.8px;white-space:nowrap">GIDS, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2527.21px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2892.33px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3303.12px;white-space:nowrap">&#8220;Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3821px;letter-spacing:0.6px;white-space:nowrap">Agent&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4553.72px;white-space:nowrap">acts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4957.95px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5196.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5541.36px;white-space:nowrap">plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5971.8px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:0px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:577.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:922.22px;white-space:nowrap">Plan. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:1403.9px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:1577.6px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2688.02px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:3329px;letter-spacing:-0.64px;white-space:nowrap">read </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:3777.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4122.96px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4550.82px;letter-spacing:-0.84px;white-space:nowrap">brochure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5404.61px;letter-spacing:-0.75px;white-space:nowrap">carefully </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:0px;letter-spacing:-1.53px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:627.02px;letter-spacing:-0.43px;white-space:nowrap">enrolling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1449.12px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1661.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:2006.75px;white-space:nowrap">Plan.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:602.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:947.78px;white-space:nowrap">Plan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1429.46px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">participating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2586.4px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3777.6px;white-space:nowrap">(&#8220;Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4361.22px;text-rendering:optimizeLegibility;letter-spacing:-0.47px;white-space:nowrap">Participants&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5601.62px;letter-spacing:-0.27px;white-space:nowrap">appoint </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:345.04px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1102.26px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1670.63px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1905.23px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2590.48px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2830.78px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3397.65px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3891.46px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5044.96px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5283.33px;white-space:nowrap">described </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:588.67px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1165.85px;letter-spacing:-1.07px;white-space:nowrap">&#8220;Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2511.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2741.62px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3235.44px;letter-spacing:-2.15px;white-space:nowrap">Shares.&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3996.74px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4214.48px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5046.89px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5474.76px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:420.02px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:945.53px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">optional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1723.48px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2167.56px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3108.79px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3863.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4208.14px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4965.36px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5533.73px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5772.1px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">often </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:238.37px;white-space:nowrap">once </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:719.4px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:872.7px;letter-spacing:-0.36px;white-space:nowrap">month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1509.92px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1748.29px;white-space:nowrap">described </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2661.38px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3250.05px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3827.23px;letter-spacing:-0.59px;white-space:nowrap">&#8220;Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4823.03px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5293.43px;letter-spacing:-1.79px;white-space:nowrap">Purchases.&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:560.42px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:743.79px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1022.55px;letter-spacing:-0.69px;white-space:nowrap">charge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1666.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1901.15px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2329.01px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3413.65px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3714.33px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">participating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4871.26px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5083.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5428.89px;white-space:nowrap">Plan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:0px;white-space:nowrap">although </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:834.88px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1375.64px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1994.72px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2329.34px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3299.79px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3876.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4222px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4649.86px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4909.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5254.86px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5682.72px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:6251.09px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:345.04px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:796.53px;letter-spacing:-3.12px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1221.49px;letter-spacing:-0.36px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1746.25px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2626.68px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2866.98px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3799.73px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4078.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4423.53px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4925.29px;letter-spacing:-1.07px;white-space:nowrap">market, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5651.68px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:6121.54px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:999.56px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1348.68px;letter-spacing:-1.07px;white-space:nowrap">pay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1708.97px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1862.27px;letter-spacing:-1.07px;white-space:nowrap">pro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:2212.57px;letter-spacing:-1.93px;white-space:nowrap">rata </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:2607.88px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3141.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3372.08px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:4305.9px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:5491.19px;letter-spacing:-0.36px;white-space:nowrap">incurred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:6283.11px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">connection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:1034.9px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:1473.51px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:1930.48px;letter-spacing:-0.29px;white-space:nowrap">purchases, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:2925.53px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:3163.9px;white-space:nowrap">described </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:4076.98px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:4665.65px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:5242.83px;letter-spacing:-1.07px;white-space:nowrap">&#8220;Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:230.21px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:724.02px;letter-spacing:-0.4px;white-space:nowrap">Shares&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:1447.62px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:1829.5px;letter-spacing:-0.59px;white-space:nowrap">&#8220;Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:2825.3px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:3295.7px;letter-spacing:-1.95px;white-space:nowrap">Purchases.&#8221;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5067.9px;left:0px;letter-spacing:-0.95px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5067.9px;left:1247.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5067.9px;left:1473.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5067.9px;left:1955.83px;letter-spacing:-0.34px;white-space:nowrap">Shares.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2639.05px;letter-spacing:-0.36px;white-space:nowrap">Whenever </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3606.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3951.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4445.57px;letter-spacing:-0.36px;white-space:nowrap">declares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5230.39px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5383.68px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:6012.42px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distribution, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1122.24px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1389.82px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2091.29px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2900.82px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3141.12px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3294.41px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3901.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4131.34px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4760.08px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5828.5px;letter-spacing:-0.84px;white-space:nowrap">payable, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:223.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:568.48px;text-rendering:optimizeLegibility;white-space:nowrap">election </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1325.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1556.11px;letter-spacing:-0.54px;white-space:nowrap">shareholders, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2801.13px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3379.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3591.87px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4035.95px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4276.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4488.84px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4982.66px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5655.55px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5895.85px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:0px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:424.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:636.9px;letter-spacing:-0.36px;white-space:nowrap">cash, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1134.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1479.84px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2237.06px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2805.43px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3255.21px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">automatically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4491.31px;white-space:nowrap">elect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4972.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5207.49px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5892.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:0px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:619.07px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:919.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1264.79px;letter-spacing:-0.54px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2016.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2246.73px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2716.59px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3144.45px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Whenever </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:967.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1312.7px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1806.51px;letter-spacing:-0.36px;white-space:nowrap">declares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2591.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2744.63px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3373.37px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3788.34px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distribution, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4910.58px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5178.16px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:809.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1049.83px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1203.13px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1809.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2040.05px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2668.79px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3737.21px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4469.39px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4893.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5106.3px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5550.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5932.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:343.96px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:847.34px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1365.76px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1714.35px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2248.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2478.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2823.58px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3442.33px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4275.28px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4782.85px;white-space:nowrap">equals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5407.08px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5647.38px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5830.75px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:454.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:799.22px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1471.79px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1962.49px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2311.07px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2845.07px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3123.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3468.87px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4328.13px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4772.43px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5183.21px;letter-spacing:-1.07px;white-space:nowrap">&#8220;Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;letter-spacing:-0.69px;white-space:nowrap">Parity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:553.87px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:794.17px;letter-spacing:-0.49px;white-space:nowrap">Premium&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1855.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2200.32px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2957.54px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3525.91px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3975.68px;white-space:nowrap">apply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4503.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4848.16px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5588.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5819.15px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:809.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1049.83px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2118.25px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2850.44px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3085.05px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3238.34px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3666.2px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4665.76px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4900.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:5245.41px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:0px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:475.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:820.81px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1314.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1544.83px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2038.65px;letter-spacing:-0.46px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2672.23px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2972.9px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3126.19px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3554.05px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:4687.14px;letter-spacing:-0.48px;white-space:nowrap">account, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:5492.7px;letter-spacing:-1.3px;white-space:nowrap">except </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:6122.94px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:0px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:164.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:509.07px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1002.89px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1475.44px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1826.49px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">offer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:2295.28px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:2914.36px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3215.03px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3672px;white-space:nowrap">purpose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:4448.98px;letter-spacing:-0.27px;white-space:nowrap">because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5224.79px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5395.37px;letter-spacing:-0.21px;white-space:nowrap">concludes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:903.2px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:1242.76px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2301.3px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2894.48px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3167.23px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3971.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4352.95px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4809.92px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5868.46px;letter-spacing:-0.31px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:272.74px;text-rendering:optimizeLegibility;white-space:nowrap">timely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:869.9px;text-rendering:optimizeLegibility;letter-spacing:-1.19px;white-space:nowrap">effected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1641.41px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1881.71px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:2065.08px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:2416.13px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3348.88px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3502.17px;text-rendering:optimizeLegibility;letter-spacing:-1.54px;white-space:nowrap">cost-effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:4723.66px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">alternative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5718.39px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:6019.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:0px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:547.64px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1006.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1352.01px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2109.23px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2677.6px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3127.37px;letter-spacing:-0.92px;white-space:nowrap">follow </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3716.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:4061.73px;letter-spacing:-0.75px;white-space:nowrap">procedure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:5024.23px;white-space:nowrap">described </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:5937.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:6149.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:0px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:434.95px;letter-spacing:-0.78px;white-space:nowrap">paragraph. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:1438.27px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:1817.36px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:2568.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:2798.77px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:3729.47px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4348.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4583.15px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4855.9px;letter-spacing:-0.6px;white-space:nowrap">credited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:5636.53px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:5871.14px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:6024.43px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:1133.09px;letter-spacing:-0.54px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:1884.82px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:2334.6px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:2607.34px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:3693.59px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:3953.55px;white-space:nowrap">dividing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:4691.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:5036.8px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:5592.06px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:6332.84px;white-space:nowrap">of</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:14.42px;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>
		</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">35 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1413.46px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2145.64px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2380.25px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2533.54px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2961.41px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3960.97px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4220.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4565.97px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4909.93px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5413.31px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5931.73px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:533.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:763.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1108.92px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1727.57px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2560.41px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3067.88px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3346.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3691.46px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4550.63px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5048.64px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5288.84px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5452.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5797.7px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:6141.56px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:518.42px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:867px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1401px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1584.37px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1961.52px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2415.7px;white-space:nowrap">95% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2843.99px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3074.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3419.24px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4091.81px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4582.51px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4931.09px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5465.09px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5743.85px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:498.12px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:957.45px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1217.41px;white-space:nowrap">95% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1645.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1875.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2220.95px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2893.52px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3384.22px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3732.8px;letter-spacing:-0.46px;white-space:nowrap">share. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4320.62px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4699.71px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5558.97px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:6003.27px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:6352.39px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:345.04px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1077.23px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1521.52px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1822.2px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2279.17px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3088.7px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3329px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Whenever </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:967.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1312.7px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1806.51px;letter-spacing:-0.36px;white-space:nowrap">declares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2591.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2744.63px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3373.37px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3873.42px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distribution, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4995.65px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:5263.24px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:809.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1049.83px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1203.13px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1809.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2040.05px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2668.79px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3737.21px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4469.39px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4893.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5106.3px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5550.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:345.04px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:689px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1192.38px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1710.8px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2059.38px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2593.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2823.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3168.62px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3787.37px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4620.32px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5127.89px;letter-spacing:-1.01px;white-space:nowrap">exceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5880.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:672.57px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1163.27px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1511.86px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2045.85px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2324.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2669.65px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3528.92px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3973.21px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4383.99px;letter-spacing:-1.07px;white-space:nowrap">&#8220;Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5158.4px;letter-spacing:0.36px;white-space:nowrap">Discount&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;font-weight:300;position:absolute;top:2185.2px;left:345.04px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:772.9px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1341.27px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1791.04px;white-space:nowrap">apply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2318.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2663.53px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3404.31px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3634.51px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4091.48px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4901.02px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5141.32px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:732.19px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:966.8px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1120.09px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1547.95px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2547.51px;white-space:nowrap">(less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2990.41px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3143.7px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3571.56px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4704.65px;letter-spacing:-1.07px;white-space:nowrap">pro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5054.95px;letter-spacing:-1.93px;white-space:nowrap">rata </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5450.26px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5984.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:933.82px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2119.11px;letter-spacing:-0.36px;white-space:nowrap">incurred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2911.03px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3349.63px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4054.64px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4289.25px;letter-spacing:-0.72px;white-space:nowrap">open-market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5481.2px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:212.59px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">connection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1247.49px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1686.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2031.13px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3246.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3476.71px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3933.68px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4743.21px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4983.52px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distribution) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:6117.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:345.04px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1201.19px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1479.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1824.99px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2326.76px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2999.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3229.53px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3723.35px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4342.42px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4643.1px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4796.39px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5224.25px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;letter-spacing:-0.48px;white-space:nowrap">account. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:805.56px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1184.65px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2043.92px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2488.21px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2837.33px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3110.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3455.12px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4187.3px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4631.6px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4932.28px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5389.25px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:6198.78px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distribution. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1122.24px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1593.71px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2534.94px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2884.06px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3156.81px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3707.13px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3985.89px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4226.19px;white-space:nowrap">shortly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4883.72px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5351.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5696.37px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:0px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:444.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:826.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1038.77px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1317.53px;letter-spacing:-0.9px;white-space:nowrap">event </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1862.7px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2382.51px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2836.69px;white-space:nowrap">30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3109.43px;letter-spacing:-1.4px;white-space:nowrap">days </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3552.12px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4019.73px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4476.7px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4921px;letter-spacing:-1.3px;white-space:nowrap">except </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5551.24px;letter-spacing:-0.54px;white-space:nowrap">where </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">temporary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:980.65px;letter-spacing:-0.45px;white-space:nowrap">curtailment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2051.01px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2291.31px;white-space:nowrap">suspension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3325.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3555.66px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4411.82px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4595.19px;letter-spacing:0.11px;white-space:nowrap">necessary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5517.83px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5752.44px;letter-spacing:-0.31px;white-space:nowrap">comply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:438.6px;letter-spacing:-0.2px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1384.13px;letter-spacing:-0.49px;white-space:nowrap">provisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:2326.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:2556.64px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3221.04px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:4109.75px;letter-spacing:-0.64px;white-space:nowrap">laws.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:379.09px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1136.31px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1704.68px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1944.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2290.02px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2717.88px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3286.25px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3706.27px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4628.38px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4781.67px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5209.53px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:0px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:941.23px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1379.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1724.87px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2666.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2896.31px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3431.91px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3859.78px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">Participants, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4998.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5380.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5725.16px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:490.7px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1405.72px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2339.54px;letter-spacing:-0.17px;white-space:nowrap">commissions) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3590.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3820.78px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4071.18px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4690.25px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5660.7px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5920.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:427.86px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:996.23px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1446.01px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1718.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2063.79px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2554.49px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2903.08px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3437.07px;letter-spacing:-0.21px;white-space:nowrap">allocable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4268.73px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4503.34px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4973.2px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5401.06px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:0px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:338.27px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:588.67px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1450.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1680.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2025.98px;white-space:nowrap">Plan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2507.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2852.7px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3525.26px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4015.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4246.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4591.21px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5209.96px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:0px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:507.57px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:786.33px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:939.62px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1671.81px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2116.1px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2565.88px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2838.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3183.66px;letter-spacing:-0.54px;white-space:nowrap">last </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3540.2px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4020.91px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4511.61px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4790.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5135.41px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5586.9px;letter-spacing:-3.12px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:524.76px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1405.19px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1683.95px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2093.97px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2592.09px;letter-spacing:-5.1px;white-space:nowrap">or, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2865.8px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3029.83px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3556.2px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3739.57px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4018.33px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4413.96px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4692.72px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5149.7px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:6030.13px;letter-spacing:-4.08px;white-space:nowrap">(or, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:164.03px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">different, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1024.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1369.74px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2180.99px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3059.38px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3360.05px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3853.87px;letter-spacing:-0.4px;white-space:nowrap">shares) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4538.68px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4817.44px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5227.47px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5725.59px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:345.04px;white-space:nowrap">mean </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:895.36px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1722.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2067.66px;white-space:nowrap">closing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2725.29px;white-space:nowrap">bid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3052.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3434.06px;letter-spacing:-1.25px;white-space:nowrap">asked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3984.92px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">quotations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4981.69px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5282.36px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5739.34px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:6246.9px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:456.97px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1337.4px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1616.16px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2073.13px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2571.25px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2950.34px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3294.31px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3797.69px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4316.1px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4664.69px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5198.68px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5428.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5773.93px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:832.95px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1340.52px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1619.28px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1772.57px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2631.84px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3076.13px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3525.91px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3798.65px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4037.02px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5123.27px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5383.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5623.54px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5902.29px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:575.24px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:379.09px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1136.31px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1704.68px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2124.7px;white-space:nowrap">hold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2566.31px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2719.6px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:3147.46px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:4280.55px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:4899.62px;letter-spacing:-0.36px;white-space:nowrap">acquired </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5719.25px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:579.65px;white-space:nowrap">Plan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1061.33px;letter-spacing:-0.54px;white-space:nowrap">together </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1876.23px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2314.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2659.87px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3278.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3509.15px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:4044.76px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:4472.62px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:5557.26px;letter-spacing:-0.36px;white-space:nowrap">acquired </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:0px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:837.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:1071.86px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:1441.82px;white-space:nowrap">Plan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:1923.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:2136.08px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">non-certificated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:3593.26px;letter-spacing:-1.07px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:4067.96px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:4280.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:4625.59px;white-space:nowrap">name </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:5175.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:5406.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:5751.15px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:0px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:568.37px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:808.67px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1218.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1448.91px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1602.2px;white-space:nowrap">nominee. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:2489.07px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:2868.16px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:3625.38px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:4193.75px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:4542.87px;letter-spacing:-1.28px;white-space:nowrap">forward </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5286.12px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5520.73px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5990.6px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:999.56px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:1359.85px;letter-spacing:-1.43px;white-space:nowrap">proxy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:1894.92px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">solicitation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:2902.32px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:3682.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4064.74px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4413.86px;letter-spacing:-0.86px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4851.82px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:5212.11px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:5831.18px;white-space:nowrap">so </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:6080.72px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:300.67px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:453.96px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:881.83px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:1881.39px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:2305.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:2518.29px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:3578.33px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:4016.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:4361.97px;letter-spacing:-1.43px;white-space:nowrap">proxy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:4897.04px;letter-spacing:-0.48px;white-space:nowrap">returned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:5726.77px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:5986.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:0px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:427.86px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:1427.42px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:1662.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:2007.07px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:2554.71px;white-space:nowrap">Upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:3087.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:3240.92px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:3668.78px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:4801.87px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:5487.43px;letter-spacing:-0.66px;white-space:nowrap">request, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:345.04px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:1102.26px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:1670.63px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2019.75px;letter-spacing:-0.27px;white-space:nowrap">deliver </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2668.79px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2903.4px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:3056.69px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:3484.55px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participant, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:4537.93px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:5277.85px;letter-spacing:-0.6px;white-space:nowrap">charge, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:5975.66px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">certificate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:932.21px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:1172.51px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">certificates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:2189.79px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:2490.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:2835.51px;white-space:nowrap">full </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:3162.39px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:3781.46px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:4217.06px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:4477.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:4822.06px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:5579.28px;letter-spacing:-0.63px;white-space:nowrap">Agent.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9783.5px;left:0px;letter-spacing:-1.28px;white-space:nowrap">Voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9783.5px;left:899.27px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9783.5px;left:1358.03px;letter-spacing:-0.3px;white-space:nowrap">Purchases.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2337.49px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2765.35px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3849.99px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4317.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4662.2px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">option </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:5288.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:5518.25px;white-space:nowrap">making </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1119.12px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1331.71px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1825.53px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2444.6px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3198.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3543.96px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4301.17px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4869.54px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5107.91px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">often </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5626.22px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5864.59px;white-space:nowrap">once </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:6345.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:0px;letter-spacing:-0.31px;white-space:nowrap">month. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:691.04px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1118.91px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:2203.54px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:2623.56px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3190.43px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3428.8px;text-rendering:optimizeLegibility;white-space:nowrap">little </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3869.77px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:4108.13px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:4603.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:4816.47px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5176.77px;letter-spacing:-0.36px;white-space:nowrap">month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5813.99px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:6195.88px;letter-spacing:-1.07px;white-space:nowrap">may </div></div>
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		<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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">36 </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:14.42px;left:0px;position:absolute;top:0px;transform:translate(48.850px,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:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:275.7px;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:929.3px;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:1366.02px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:1764.3px;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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:566.87px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:845.2px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1079.8px;white-space:nowrap">$36,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1852.38px;white-space:nowrap">annually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2646.23px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3400.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3745.59px;letter-spacing:-0.64px;white-space:nowrap">voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4626.23px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5070.31px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5926.46px;letter-spacing:-1.48px;white-space:nowrap">feature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:575.24px;white-space:nowrap">Plan.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:379.09px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:806.95px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1375.32px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1825.1px;white-space:nowrap">apply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2352.54px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2809.51px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3352.96px;white-space:nowrap">(less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3795.86px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3949.15px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4377.01px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5510.1px;letter-spacing:-1.07px;white-space:nowrap">pro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5860.4px;letter-spacing:-1.93px;white-space:nowrap">rata </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:533.99px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:764.2px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1698.02px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2883.31px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3123.61px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3659.22px;letter-spacing:-0.69px;white-space:nowrap">costs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4208.68px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4372.71px;letter-spacing:-0.86px;white-space:nowrap">any) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4798.75px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5033.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5378.4px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:6234.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:345.04px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:796.53px;letter-spacing:-3.12px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1221.49px;letter-spacing:-0.36px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1746.25px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2626.68px;letter-spacing:-4.08px;white-space:nowrap">(or, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2966.13px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3130.17px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">different, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3990.83px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4269.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4614.63px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5425.88px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:300.67px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:794.49px;letter-spacing:-0.4px;white-space:nowrap">shares) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1479.31px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1719.61px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2652.35px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2931.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3276.15px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3777.92px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4450.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4680.69px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:5174.51px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:5793.58px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:6094.26px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:427.86px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1560.95px;letter-spacing:-0.48px;white-space:nowrap">account, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2366.5px;letter-spacing:-0.98px;white-space:nowrap">regardless </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3314.29px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3544.49px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4341.03px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4867.39px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5050.76px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5204.05px;letter-spacing:-1.23px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5888.44px;letter-spacing:-0.69px;white-space:nowrap">Parity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:240.3px;letter-spacing:-0.67px;white-space:nowrap">Premium </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1091.84px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1332.14px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1485.43px;letter-spacing:-1.23px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2169.81px;letter-spacing:-0.43px;white-space:nowrap">Discount. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3045.41px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3424.5px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3852.36px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4420.73px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4769.85px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5626.01px;letter-spacing:-0.29px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:300.67px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:728.54px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1813.17px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2091.93px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2332.24px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2901.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3246.18px;white-space:nowrap">15th </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3705.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3935.72px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4405.59px;letter-spacing:-0.31px;white-space:nowrap">month. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5096.63px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5567.03px;letter-spacing:-0.72px;white-space:nowrap">payments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:799.54px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1059.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1404.54px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2161.76px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2730.13px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3107.29px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3561.46px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3928.1px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4733.22px;letter-spacing:-1.4px;white-space:nowrap">days </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5175.91px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5654.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5889.51px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:6042.8px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:856.15px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1890.2px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2334.49px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2683.61px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2956.36px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3391.95px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3651.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3996.95px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4754.17px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5322.54px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">until </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5766.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:6111.45px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-2.01px;white-space:nowrap">month&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:762.16px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1796.2px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2294.32px;letter-spacing:-0.98px;white-space:nowrap">Uninvested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3336.2px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3879.65px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4228.77px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4579.82px;white-space:nowrap">bear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5031.96px;letter-spacing:-1.02px;white-space:nowrap">interest. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5811.09px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1084.64px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1504.66px;letter-spacing:-0.6px;white-space:nowrap">withdraw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2385.3px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2745.6px;letter-spacing:-0.64px;white-space:nowrap">voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3626.24px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4070.32px;letter-spacing:-0.81px;white-space:nowrap">payment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4897.79px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5157.75px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5843.32px;text-rendering:optimizeLegibility;white-space:nowrap">notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:799.42px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1059.26px;letter-spacing:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1404.17px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2161.27px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2729.51px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3080.45px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3457.48px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3911.54px;white-space:nowrap">48 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4184.16px;letter-spacing:-0.72px;white-space:nowrap">hours </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4733.72px;letter-spacing:-1.53px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5360.62px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5817.47px;letter-spacing:-0.81px;white-space:nowrap">payment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:183.37px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:417.98px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:690.72px;letter-spacing:-1.19px;white-space:nowrap">invested.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3687.9px;left:0px;letter-spacing:-0.41px;white-space:nowrap">Enrollment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3687.9px;left:1010.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3687.9px;left:1387.35px;letter-spacing:-0.77px;white-space:nowrap">Withdrawal.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2514.78px;white-space:nowrap">Both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2983.56px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3682.77px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4873.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5255.86px;text-rendering:optimizeLegibility;letter-spacing:-1.32px;white-space:nowrap">first-time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:836.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1048.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1393.69px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1887.51px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2222.13px;white-space:nowrap">eligible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2900.93px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3135.54px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4134.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4347.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4692.4px;white-space:nowrap">Plan. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5174.08px;letter-spacing:-0.67px;white-space:nowrap">Current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1191.2px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1611.22px;white-space:nowrap">join </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1989.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2334.17px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2762.03px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3021.99px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3600.14px;letter-spacing:-0.43px;white-space:nowrap">enrolling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4422.24px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4891.67px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5510.74px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5949.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:0px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:757.22px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1325.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1565.89px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1825.85px;white-space:nowrap">making </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2516.14px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2783.73px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3316.11px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3760.2px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4467.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4698.1px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4921.53px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5386.78px;white-space:nowrap">$250 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5882.53px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:345.04px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1102.26px;letter-spacing:-0.54px;white-space:nowrap">Agent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1724.44px;text-rendering:optimizeLegibility;letter-spacing:-1.32px;white-space:nowrap">First-time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2611.86px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3447.92px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3660.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4005.55px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4499.37px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4919.38px;white-space:nowrap">join </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5297.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5642.33px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:6070.2px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:0px;white-space:nowrap">making </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:690.29px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:957.88px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1490.26px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1934.35px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2642.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2872.25px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3095.68px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3560.93px;white-space:nowrap">$250 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4056.68px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4495.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4840.32px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5597.54px;letter-spacing:-0.54px;white-space:nowrap">Agent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:6219.73px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">order </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:535.93px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:770.54px;letter-spacing:-0.31px;white-space:nowrap">become </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1532.16px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1685.45px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2113.31px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participant, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3166.69px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4357.89px;letter-spacing:-0.54px;white-space:nowrap">must </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4850.63px;letter-spacing:-0.6px;white-space:nowrap">complete </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5729.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:6111.77px;white-space:nowrap">sign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:345.04px;letter-spacing:-0.59px;white-space:nowrap">enrollment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1368.34px;letter-spacing:-1.07px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1843.04px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2649.35px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2861.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3206.97px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3634.83px;letter-spacing:-0.84px;white-space:nowrap">brochure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4488.62px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4870.51px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5477.23px;white-space:nowrap">it, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5701.63px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:6137.33px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:0px;letter-spacing:-0.18px;white-space:nowrap">applicable, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:999.35px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1266.93px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1799.32px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2243.4px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2951.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3181.3px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3404.74px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3869.98px;white-space:nowrap">$250 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4365.73px;letter-spacing:-0.36px;white-space:nowrap">directly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5071.06px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5305.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5650.71px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:0px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:568.37px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:732.4px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1351.47px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1686.09px;letter-spacing:-1.03px;white-space:nowrap">registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2625.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2838.3px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3307.73px;white-space:nowrap">name. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3911.88px;letter-spacing:-0.58px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5117.58px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5550.06px;white-space:nowrap">hold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5991.67px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:0px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:619.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:831.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1176.7px;white-space:nowrap">name </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1727.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1957.23px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2110.52px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3044.34px;text-rendering:optimizeLegibility;white-space:nowrap">firm, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3511.3px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3990.19px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:4230.49px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:4766.09px;white-space:nowrap">nominee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:5599.15px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:0px;letter-spacing:-0.94px;white-space:nowrap">contact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:706.51px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:1163.49px;white-space:nowrap">nominee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:1996.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2231.15px;letter-spacing:-0.74px;white-space:nowrap">arrange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2959.9px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:3260.58px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:3431.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:3665.77px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4665.01px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4877.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:5222.64px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:5650.5px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:5929.26px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:0px;letter-spacing:-0.46px;white-space:nowrap">shareholder&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:1246.09px;letter-spacing:-2.3px;white-space:nowrap">behalf.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:169.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:514.23px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:942.09px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1941.65px;white-space:nowrap">elects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2508.3px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2742.91px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3742.15px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3954.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4299.78px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4727.64px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4987.6px;letter-spacing:-0.43px;white-space:nowrap">enrolling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:699.21px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1318.28px;letter-spacing:-0.18px;white-space:nowrap">owned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1972.7px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2232.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2577.7px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3005.56px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4005.12px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4443.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4788.76px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5545.98px;letter-spacing:-0.54px;white-space:nowrap">Agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">participation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1168.54px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1381.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1726.16px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2535.69px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3751.06px;letter-spacing:-1.48px;white-space:nowrap">feature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4438.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4668.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5013.38px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5441.24px;white-space:nowrap">begins </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:6065.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:345.04px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:779.99px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1589.52px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1829.82px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2458.56px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2958.61px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4027.03px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4759.22px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:5226.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:5571.87px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:0px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:568.37px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1338.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1683.73px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2111.59px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3244.68px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3930.24px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">authorization, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:5209.21px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:456.97px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1682.12px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1865.49px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:2665.03px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:2924.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3270.03px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:4027.25px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:4595.62px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5074.61px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5309.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5654.26px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:0px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:444.3px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:744.97px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:1201.94px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2011.47px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2251.78px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distribution. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3374.01px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3543.2px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4000.18px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5225.32px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5408.69px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:467.61px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:924.58px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1548.7px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:2046.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:2391.86px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:2819.72px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3952.8px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">participation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5121.34px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5333.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5678.96px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1215.37px;letter-spacing:-1.48px;white-space:nowrap">feature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1902.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2132.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2477.69px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2905.55px;white-space:nowrap">begins </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3529.35px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3967.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:4312.99px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:5168.28px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:5977.81px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:0px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:169.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:514.23px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:942.09px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:1941.65px;white-space:nowrap">elects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2508.3px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2742.91px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:3742.15px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:3954.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:4299.78px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:4727.64px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:4987.6px;white-space:nowrap">making </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:5677.89px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:5945.48px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:0px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:444.08px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:1151.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:1381.98px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:1605.42px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:2070.66px;white-space:nowrap">$250 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:2566.42px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:3005.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:3350.06px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:4107.28px;letter-spacing:-0.54px;white-space:nowrap">Agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:4729.46px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">participation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:5898px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:6110.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:809.53px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:2024.9px;letter-spacing:-1.48px;white-space:nowrap">feature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:2711.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:2942.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:3287.22px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:3715.08px;white-space:nowrap">begins </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:4338.88px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:4777.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:5122.52px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:5557.47px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:6367px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:0px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:628.74px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:1128.79px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:2197.21px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:2929.39px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:3397px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:3742.04px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:4499.26px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:5067.63px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:5837.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:6182.99px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:1133.09px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:2358.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:2740.12px;white-space:nowrap">deposit, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:3501.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:3883.52px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:4351.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:4696.16px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10120.8px;left:5124.02px;letter-spacing:-0.75px;white-space:nowrap">Agent</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:14.42px;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-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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">37 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:941.23px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1560.3px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1860.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2206.02px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2633.88px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3633.44px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3912.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4257.24px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4708.73px;letter-spacing:-3.12px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5133.69px;letter-spacing:-0.36px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5658.45px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-4.08px;white-space:nowrap">(or, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:339.45px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:503.49px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">different, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1364.15px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1642.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1987.95px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2799.2px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3677.59px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3978.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4472.08px;letter-spacing:-0.4px;white-space:nowrap">shares) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5156.89px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5397.2px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:278.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:623.8px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1125.57px;letter-spacing:-1.07px;white-space:nowrap">market, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1851.95px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2683.83px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3093.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3438.9px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4664.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5045.93px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5753.62px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.54px;white-space:nowrap">received, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:853.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1235.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1580.28px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2521.51px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2856.13px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3406.46px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3666.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4011.46px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4439.32px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5007.69px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5486.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5721.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:624.12px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1122.24px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1291.43px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1748.4px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2973.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3355.43px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4063.13px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4397.74px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5197.29px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5664.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:624.12px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1122.24px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1362.54px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1526.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1871.61px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2299.47px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2867.84px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3809.07px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4428.14px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4728.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5073.86px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5501.72px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:467.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:812.65px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1436.77px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1934.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2279.92px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2707.78px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">Participant&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3840.87px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">participation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5009.4px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5221.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5567.03px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1215.37px;letter-spacing:-1.48px;white-space:nowrap">feature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1902.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2132.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2477.69px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2905.55px;white-space:nowrap">begins </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3529.35px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3967.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4312.99px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5168.28px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5977.81px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:173.7px;letter-spacing:-0.46px;white-space:nowrap">shareholder&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1419.79px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2105.36px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3330.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3712.39px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4156.47px;letter-spacing:-0.81px;white-space:nowrap">payment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4983.95px;letter-spacing:-0.54px;white-space:nowrap">must </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5476.69px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5749.43px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:605px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1362.22px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1930.59px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2154.02px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2619.27px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2985.9px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3791.03px;letter-spacing:-1.4px;white-space:nowrap">days </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4233.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4446.3px;letter-spacing:-0.4px;white-space:nowrap">advance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5227.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5457.78px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5802.82px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:444.08px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1300.23px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2334.28px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2778.57px;white-space:nowrap">(normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3670.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4015.64px;white-space:nowrap">15th </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4474.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4705.19px;letter-spacing:-0.36px;white-space:nowrap">every </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5239.82px;letter-spacing:-0.31px;white-space:nowrap">month) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5942.79px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">order </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:535.93px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:836.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1181.64px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1609.5px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2609.06px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2843.67px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3842.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4055.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4400.54px;letter-spacing:-0.64px;white-space:nowrap">voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5281.18px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5725.26px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;letter-spacing:-1.48px;white-space:nowrap">feature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:687.07px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:917.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1262.31px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1690.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1902.76px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2312.79px;letter-spacing:-0.36px;white-space:nowrap">month.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:427.86px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1512.5px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1932.52px;letter-spacing:-0.6px;white-space:nowrap">withdraw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2813.16px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3288.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3633.97px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4061.84px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4801.76px;letter-spacing:-0.69px;white-space:nowrap">charge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5445.75px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5705.71px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:600.17px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:834.78px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1179.81px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1937.03px;letter-spacing:-0.54px;white-space:nowrap">Agent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2559.22px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2987.08px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4071.72px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4504.2px;white-space:nowrap">choose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5185.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5419.65px;letter-spacing:-0.6px;white-space:nowrap">withdraw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:420.02px;white-space:nowrap">elect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:901.59px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1136.2px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1821.45px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2329.01px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">certificates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3346.3px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">representing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4515.48px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4765.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4996.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5341.12px;white-space:nowrap">full </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5668.01px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:435.6px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:695.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1040.6px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1797.81px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2366.18px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2644.94px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3114.38px;letter-spacing:-1.88px;white-space:nowrap">behalf, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3758.05px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3998.35px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4232.96px;letter-spacing:-0.3px;white-space:nowrap">instruct </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4956.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5301.27px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:0px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:568.37px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:802.98px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1143.61px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1600.59px;white-space:nowrap">full </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1927.47px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2546.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2928.43px;letter-spacing:-0.44px;white-space:nowrap">distribute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3827.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4172.59px;letter-spacing:-0.43px;white-space:nowrap">proceeds, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5087.07px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5431.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5661.24px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;letter-spacing:-0.17px;white-space:nowrap">commissions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1239.11px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1473.72px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1930.69px;letter-spacing:-0.45px;white-space:nowrap">withdrawing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3077.31px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3505.18px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participant. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4558.55px;letter-spacing:-0.45px;white-space:nowrap">Withdrawing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5745.24px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1084.64px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1433.76px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2119px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2272.29px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2716.38px;letter-spacing:-0.44px;white-space:nowrap">adjustment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3770.72px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4071.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4416.44px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5089px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5607.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:360.29px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">fractional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1244.7px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1863.77px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2299.37px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2578.13px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3047.56px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3652.45px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3875.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4220.93px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4672.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4902.73px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">termination. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;letter-spacing:-0.73px;white-space:nowrap">Withdrawal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1070.14px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1419.26px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1692px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2492.83px;letter-spacing:-0.36px;white-space:nowrap">immediately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3636.55px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4075.16px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4780.17px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5014.78px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:438.6px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:591.89px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1216.02px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1660.31px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2011.37px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2388.53px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2842.71px;white-space:nowrap">10 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3115.45px;letter-spacing:-1.4px;white-space:nowrap">days </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3558.13px;letter-spacing:-0.72px;white-space:nowrap">later </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4012.53px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4466.71px;letter-spacing:-0.54px;white-space:nowrap">receipt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5134.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5364.33px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5821.3px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:600.17px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:860.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1205.17px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1962.38px;letter-spacing:-0.63px;white-space:nowrap">Agent.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6103.1px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Amendment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6103.1px;left:1136.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6103.1px;left:1513.27px;text-rendering:optimizeLegibility;letter-spacing:-1.67px;white-space:nowrap">Termination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6103.1px;left:2612.29px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6103.1px;left:2839.1px;white-space:nowrap">Plan.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3324.63px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3703.72px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4131.58px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4551.6px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4975.92px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5248.66px;white-space:nowrap">amended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:6136.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;letter-spacing:-0.33px;white-space:nowrap">supplemented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1323.01px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1582.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1928.01px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2421.83px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2662.13px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2922.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3267.13px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4024.35px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4592.71px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4852.68px;white-space:nowrap">giving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5416.86px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5886.72px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:999.56px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1685.13px;text-rendering:optimizeLegibility;white-space:nowrap">notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2285.29px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2508.73px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2973.97px;white-space:nowrap">90 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3246.72px;letter-spacing:-1.4px;white-space:nowrap">days </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3689.4px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4168.4px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4403.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4748.05px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5548.88px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5993.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:456.97px;letter-spacing:-0.21px;white-space:nowrap">amendment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1588.77px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1829.07px;letter-spacing:-0.18px;white-space:nowrap">supplement, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2985.04px;letter-spacing:-1.3px;white-space:nowrap">except </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3615.28px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4025.31px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4482.29px;text-rendering:optimizeLegibility;white-space:nowrap">notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5082.45px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5708.61px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:272.74px;letter-spacing:-0.21px;white-space:nowrap">shortened </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1228.58px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1769.35px;letter-spacing:0.11px;white-space:nowrap">necessary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2691.99px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2932.29px;letter-spacing:-0.72px;white-space:nowrap">appropriate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4019.4px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4231.99px;letter-spacing:-0.54px;white-space:nowrap">order </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4767.92px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5002.53px;letter-spacing:-0.31px;white-space:nowrap">comply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5692.29px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;letter-spacing:-0.2px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:945.53px;letter-spacing:-0.27px;white-space:nowrap">law </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1300.02px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1540.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1885.36px;white-space:nowrap">rules </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2367.58px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2607.88px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3319.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3549.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3894.9px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4798.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5179.99px;letter-spacing:-0.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:0px;white-space:nowrap">Commission </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1126.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1366.84px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1727.13px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2262.73px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3219.97px;letter-spacing:-3.01px;white-space:nowrap">body.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:379.09px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:806.95px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1226.97px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1499.72px;letter-spacing:-0.59px;white-space:nowrap">terminated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2535.59px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2795.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3140.59px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3634.4px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3874.71px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:4134.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:4479.71px;letter-spacing:-3.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:5236.92px;letter-spacing:-0.63px;white-space:nowrap">Agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:5805.29px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:685.57px;text-rendering:optimizeLegibility;white-space:nowrap">notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:1285.73px;white-space:nowrap">mailed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:1933.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:2167.77px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:2637.64px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:3065.5px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participant. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:4118.88px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:4590.35px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">termination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:5681.22px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:6030.34px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:800.64px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1239.06px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1943.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:2178.3px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:2428.52px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:3581.82px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:4020.24px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:4173.34px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:4797.28px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5241.39px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5464.64px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5929.69px;white-space:nowrap">90 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:6202.25px;letter-spacing:-1.4px;white-space:nowrap">days </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:467.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:812.65px;white-space:nowrap">mailing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:1503.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:1733.25px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:2190.22px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:2875.79px;text-rendering:optimizeLegibility;white-space:nowrap">notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:3475.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:3710.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4055.61px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4483.47px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:0px;letter-spacing:-0.96px;white-space:nowrap">Federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:690.19px;letter-spacing:-0.15px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:1382.64px;letter-spacing:-4.46px;white-space:nowrap">Tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:1716.4px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">Implications </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:2827.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:3054.02px;letter-spacing:-0.95px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:4301.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:4527.92px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.5px;left:5009.85px;letter-spacing:-0.34px;white-space:nowrap">Shares.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:0px;letter-spacing:-1.16px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:1255.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:1485.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:1979.57px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:2598.64px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:3071.19px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:3422.25px;letter-spacing:-0.81px;white-space:nowrap">relieve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:4061.41px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:4489.27px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:5573.91px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:6049.68px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:701.46px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:1013.74px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:1587.91px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:2007.93px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:2280.67px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:3012.86px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:3291.62px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:4186.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:4426.53px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">distributions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:5633.85px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:5972.12px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:0px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:664.4px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:1365.87px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:1678.14px;white-space:nowrap">purposes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:2594.02px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3134.79px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3479.82px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3973.64px;white-space:nowrap">issues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:4550.18px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:5169.25px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">representing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:267.59px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:969.05px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:1778.58px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2018.89px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2172.18px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2800.92px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3300.97px;white-space:nowrap">dividend, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4164.32px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4317.61px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:5317.17px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:5666.29px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:212.59px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:914.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1259.09px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1597.69px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2270.25px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2788.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3018.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3363.92px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3982.99px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4782.53px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5020.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5251.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5596.14px;letter-spacing:-0.81px;white-space:nowrap">payment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:0px;letter-spacing:-0.72px;white-space:nowrap">date, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:498.12px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1072.29px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1421.41px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1694.15px;letter-spacing:-0.24px;white-space:nowrap">ordinary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:2485.85px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3295.38px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3996.85px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:4237.15px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:4865.89px;letter-spacing:-0.61px;white-space:nowrap">gains, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5419.76px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5658.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:6003.16px;letter-spacing:-0.43px;white-space:nowrap">case </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">38 </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:14.42px;left:0px;position:absolute;top:0px;transform:translate(48.850px,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:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:275.7px;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:929.3px;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:1366.02px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:1764.3px;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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:420.02px;white-space:nowrap">be. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:746.58px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1125.67px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1744.75px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2093.87px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2561.04px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2714.34px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3026.61px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3512.91px;white-space:nowrap">equal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4052.06px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4286.67px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4743.64px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5082.24px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5754.8px;letter-spacing:-0.46px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:381.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:726.92px;white-space:nowrap">holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1434.51px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2060.67px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2361.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2706.39px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3325.46px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3674.58px;white-space:nowrap">begin </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4213.3px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4492.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4837.1px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5197.39px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5665px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:6010.04px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:230.21px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distribution. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1352.44px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1521.63px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2140.7px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2475.32px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3445.77px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3724.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4069.57px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4571.34px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5243.91px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5503.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5848.91px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:622.19px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:775.48px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1203.34px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Participant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2202.9px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2552.02px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3244.03px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3456.62px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4158.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4503.13px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5243.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5474.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5819.15px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.81px;white-space:nowrap">payment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:827.47px;white-space:nowrap">made. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1431.61px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1810.7px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2297px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2527.21px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2984.18px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3603.25px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3952.37px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4225.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4570.16px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5426.31px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5917.01px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:345.04px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1017.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1399.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1744.85px;white-space:nowrap">holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2452.44px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3078.6px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3379.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3724.32px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4343.39px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4692.51px;white-space:nowrap">begin </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5231.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5509.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5855.03px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:855.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1200.33px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1644.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1874.83px;letter-spacing:-0.32px;white-space:nowrap">purchase. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2784.8px;letter-spacing:-1.07px;white-space:nowrap">State, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3337.28px;letter-spacing:-0.36px;white-space:nowrap">local </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3793.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4175.7px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4847.84px;letter-spacing:-1.88px;white-space:nowrap">taxes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5348px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5768.02px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:6169.67px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-0.2px;white-space:nowrap">applicable.</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">39 </div></div>
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		<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:-1.13px;white-space:nowrap">Approval </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1353.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1720.75px;text-rendering:optimizeLegibility;letter-spacing:-0.26px;white-space:nowrap">Continuance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3567.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:0px;letter-spacing:-1.36px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:1668.62px;letter-spacing:0.17px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:2980.15px;letter-spacing:-0.77px;white-space:nowrap">Agreement</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: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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:379.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:997.84px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1826.82px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2711.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3056.58px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">continuance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4192.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4422.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4767.71px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5801.75px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1013.63px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1840.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2185.93px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2679.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3061.63px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3536.11px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4722.37px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5334.68px;letter-spacing:-0.24px;white-space:nowrap">(&#8220;DWSI&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:410.78px;letter-spacing:-0.12px;white-space:nowrap">&#8220;agreement&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1673.96px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1897.39px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2050.68px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2827.34px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3262.94px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3541.7px;letter-spacing:-0.36px;white-space:nowrap">November </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4521.71px;white-space:nowrap">12, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4848.27px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5397.84px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5776.93px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:828.97px;letter-spacing:-0.21px;white-space:nowrap">simultaneously </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2204.51px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3089.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3434.28px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">continuance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4570.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4800.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5145.4px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1013.63px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1424.41px;text-rendering:optimizeLegibility;letter-spacing:-0.87px;white-space:nowrap">&#8220;administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2838.41px;letter-spacing:0.27px;white-space:nowrap">agreement&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4016.4px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4843.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5188.69px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5682.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:6064.39px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1039.2px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2273.58px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3188.28px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3553.41px;letter-spacing:-0.75px;white-space:nowrap">(&#8220;DIMA&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4458.01px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4725.6px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">affiliate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5429.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5659.41px;letter-spacing:-0.43px;white-space:nowrap">DWSI.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:217.74px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">preparation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1302.06px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1602.73px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1947.77px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2780.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3125.44px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3954.41px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4336.3px;letter-spacing:-0.73px;white-space:nowrap">requested, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5334.03px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;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:194px;font-weight:300;position:absolute;top:1725.2px;left:381.88px;letter-spacing:-0.86px;white-space:nowrap">evaluated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1293.79px;letter-spacing:-0.64px;white-space:nowrap">extensive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2172.29px;letter-spacing:-0.43px;white-space:nowrap">materials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3037.89px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3513.66px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4041.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4423.74px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5025.41px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1193.67px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1575.56px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2353.94px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3439.97px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3740.64px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4276.25px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5310.29px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:438.6px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1072.5px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2106.54px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">objectives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3045.73px;letter-spacing:-0.27px;white-space:nowrap">derived </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3760.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4236.29px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4674.36px;letter-spacing:-0.24px;white-space:nowrap">compiled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5538.67px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1020.51px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1846.37px;text-rendering:optimizeLegibility;white-space:nowrap">Solutions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2760.31px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3125.44px;letter-spacing:-0.37px;white-space:nowrap">(&#8220;Broadridge&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4511.29px;letter-spacing:-0.36px;white-space:nowrap">Prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4985.56px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5220.17px;text-rendering:optimizeLegibility;white-space:nowrap">voting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5871.79px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:828.97px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1686.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2031.56px;letter-spacing:-0.48px;white-space:nowrap">proposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2918.97px;letter-spacing:-0.95px;white-space:nowrap">approval </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3731.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3961.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4306.97px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">continuance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5442.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5673.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1013.63px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1452.24px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2674.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3056.69px;letter-spacing:-0.27px;white-space:nowrap">experienced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4190.96px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4684.78px;letter-spacing:-0.27px;white-space:nowrap">counsel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5411.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5793.48px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:153.29px;letter-spacing:-0.39px;white-space:nowrap">memorandum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1466.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1942.29px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2399.27px;letter-spacing:-0.27px;white-space:nowrap">counsel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3126.08px;white-space:nowrap">discussing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4067.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4412.78px;letter-spacing:-0.72px;white-space:nowrap">legal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4870.72px;letter-spacing:-0.91px;white-space:nowrap">standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5779.62px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:6080.29px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">consideration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1247.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1478.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1823.16px;letter-spacing:-0.48px;white-space:nowrap">proposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2710.58px;letter-spacing:-0.95px;white-space:nowrap">approval </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3523.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3753.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4098.57px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">continuance. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5288.27px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5667.36px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:401.65px;white-space:nowrap">discussed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1300.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1645.38px;letter-spacing:-0.48px;white-space:nowrap">proposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2532.79px;letter-spacing:-0.95px;white-space:nowrap">approval </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3345.55px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3558.13px;letter-spacing:-0.94px;white-space:nowrap">private </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4220.39px;white-space:nowrap">sessions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4996.73px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5435.33px;letter-spacing:-0.27px;white-space:nowrap">counsel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:223.44px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:797.61px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1076.37px;text-rendering:optimizeLegibility;letter-spacing:-1.01px;white-space:nowrap">representatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2487.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2717.24px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3245.43px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3485.73px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4032.51px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4523.86px;letter-spacing:-0.6px;white-space:nowrap">present. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5301.27px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5519.01px;letter-spacing:-0.36px;white-space:nowrap">reaching </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:469.43px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">determination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1782.24px;text-rendering:optimizeLegibility;letter-spacing:-0.6px;white-space:nowrap">relating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2499.81px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2734.42px;letter-spacing:-0.95px;white-space:nowrap">approval </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3547.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3777.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4122.42px;letter-spacing:-0.49px;white-space:nowrap">agreement, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5189.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5534.91px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:0px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1022.44px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1272.84px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1922.1px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:2363.07px;letter-spacing:-0.36px;white-space:nowrap">believed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3158.2px;letter-spacing:-0.97px;white-space:nowrap">relevant, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3980.84px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:4830.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:5175.16px;letter-spacing:-0.64px;white-space:nowrap">following:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;white-space:nowrap">1.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1402.84px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2392.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2737.44px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3356.19px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4549.87px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4784.48px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5320.08px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:316.8px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1321.19px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1759.8px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2393.69px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3427.74px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">objectives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4366.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4748.81px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4983.42px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5251.01px;letter-spacing:-0.54px;white-space:nowrap">index;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;white-space:nowrap">2.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:316.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:661.84px;letter-spacing:-0.67px;white-space:nowrap">nature, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1349.02px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1960.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2342.56px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2990.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3221.06px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4255.1px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5041.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5423.64px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:316.8px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1071.01px;letter-spacing:-0.72px;white-space:nowrap">rendered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1935px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2194.96px;letter-spacing:-0.43px;white-space:nowrap">DWSI;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:0px;white-space:nowrap">3.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:316.8px;letter-spacing:-0.72px;white-space:nowrap">payments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:1229.35px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:2028.89px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:2288.85px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:2817.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:3198.93px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:3454.59px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:4243.28px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:5158.3px;white-space:nowrap">DIMA) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:5770.82px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:6246.59px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:316.8px;letter-spacing:-0.4px;white-space:nowrap">sources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:1040.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:1253.2px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:1958.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:2192.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.8px;left:2537.85px;white-space:nowrap">Fund;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:0px;white-space:nowrap">4.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:316.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:661.84px;letter-spacing:-0.81px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:1157.48px;letter-spacing:0px;white-space:nowrap">borne </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:1735.09px;letter-spacing:-4.57px;white-space:nowrap">by, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:2031.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:2413.57px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:3479.3px;letter-spacing:-3.76px;white-space:nowrap">of, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:3748.28px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:4276.48px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:4658.36px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:5205.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:5417.73px;letter-spacing:-0.54px;white-space:nowrap">providing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:316.8px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:1071.01px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:1305.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:1650.66px;white-space:nowrap">Fund;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:0px;white-space:nowrap">5.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.9px;white-space:nowrap">comparative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:1459.98px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:1786.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:2168.32px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:2946.7px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:3384.77px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:3685.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:4030.48px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:4524.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:4906.18px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:5441.79px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:316.8px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:1321.19px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:1759.8px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:2393.69px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:3427.74px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">objectives;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:0px;white-space:nowrap">6.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:316.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:661.84px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:1273.5px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:1508.11px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:2082.28px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:3092.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:3322.46px;letter-spacing:-0.36px;white-space:nowrap">scale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:3809.51px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:4402.7px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:4675.44px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:5411.39px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:5649.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7476.4px;left:5994.8px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:316.8px;letter-spacing:-1.25px;white-space:nowrap">grows </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:891.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:1273.39px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:2069.93px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:2396.38px;letter-spacing:-0.46px;white-space:nowrap">levels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:2939.29px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:3556.32px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:4095.15px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:5105.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:5335.34px;letter-spacing:-0.36px;white-space:nowrap">scale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:5822.39px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7706.4px;left:6123.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936.4px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">benefit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936.4px;left:996.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7936.4px;left:1226.45px;letter-spacing:-1.5px;white-space:nowrap">investors;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:0px;white-space:nowrap">7.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:316.8px;letter-spacing:-2.3px;white-space:nowrap">DWSI&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:969.93px;letter-spacing:0px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:1681.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:2063.59px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">practices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:2902.77px;letter-spacing:-1.07px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:3789.1px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:4695.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:4925.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.6px;left:5270.45px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:1124.83px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">transactions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:2305.5px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:3154.78px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:3499.82px;letter-spacing:-0.97px;white-space:nowrap">fact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:3879.88px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:4289.91px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:4818.1px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:5290.65px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.6px;left:5641.7px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">benefit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.6px;left:316.8px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.6px;left:792.57px;text-rendering:optimizeLegibility;white-space:nowrap">soft </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.6px;left:1175.1px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.6px;left:1730.36px;letter-spacing:-0.62px;white-space:nowrap">arrangements;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:0px;white-space:nowrap">8.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:316.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:661.84px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:1280.59px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:2088.62px;letter-spacing:-0.36px;white-space:nowrap">turnover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:2907.92px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:3394.54px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:4337.92px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:4572.53px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:5117.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:5347.58px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.8px;left:5883.19px;white-space:nowrap">closed-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.8px;left:316.8px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.8px;left:703.84px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.8px;left:1737.88px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.8px;left:2742.28px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.8px;left:3573.4px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.8px;left:3785.99px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">international </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.8px;left:4967.09px;text-rendering:optimizeLegibility;white-space:nowrap">equities;</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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">40 </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:533.01px;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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">9.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:316.8px;letter-spacing:-0.54px;white-space:nowrap">fall-out </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:996.78px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">benefits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1761.3px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2335.47px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2863.67px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3245.55px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3501.21px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4289.91px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4975.15px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5450.92px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">relationships </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1492.21px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1930.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2275.85px;white-space:nowrap">Fund;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:0px;white-space:nowrap">10.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1402.84px;letter-spacing:-0.2px;white-space:nowrap">concerning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2431.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2776.44px;letter-spacing:-0.95px;white-space:nowrap">programs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3664.07px;letter-spacing:-0.49px;white-space:nowrap">established </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4711.32px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4971.28px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5499.48px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5938.08px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:316.8px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:551.41px;letter-spacing:-0.18px;white-space:nowrap">compliance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1666.66px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2022.87px;letter-spacing:-0.31px;white-space:nowrap">management, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3299.26px;letter-spacing:-1.43px;white-space:nowrap">cybersecurity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4566.09px;letter-spacing:-0.29px;white-space:nowrap">disclosure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5501.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5883.19px;letter-spacing:-0.15px;white-space:nowrap">ethics;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:0px;white-space:nowrap">11.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:316.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:661.84px;letter-spacing:-0.83px;white-space:nowrap">professional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:1779.99px;letter-spacing:-0.29px;white-space:nowrap">experience </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:2799.96px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:3181.85px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">qualifications </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:4400.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:4630.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:4975.69px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150.4px;left:5594.44px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:316.8px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:1539.37px;letter-spacing:-0.43px;white-space:nowrap">team </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:2045.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:2427.43px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:2963.03px;white-space:nowrap">senior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:3559.97px;letter-spacing:-0.43px;white-space:nowrap">personnel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:4489.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380.4px;left:4720.13px;letter-spacing:-0.43px;white-space:nowrap">DWSI;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:0px;white-space:nowrap">12.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:1402.84px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:1971.74px;letter-spacing:-0.4px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:2657.09px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:3614.33px;letter-spacing:-0.98px;white-space:nowrap">enforcement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:4803.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.6px;left:5185.05px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">litigation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:1042.01px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">affecting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:1852.83px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:2327.31px;letter-spacing:-0.72px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:2929.94px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:3542.25px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:3739.37px;white-space:nowrap">Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:4075.38px;letter-spacing:-1.72px;white-space:nowrap">KGaA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:4593.05px;letter-spacing:-0.36px;white-space:nowrap">(&#8220;DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.6px;left:5223.29px;letter-spacing:-0.48px;white-space:nowrap">Group&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:316.8px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:980.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:1210.34px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:1466px;letter-spacing:-0.08px;white-space:nowrap">subsidiaries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:2600.37px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:3449.65px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:4051.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:4433.21px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:4907.69px;letter-spacing:-2.28px;white-space:nowrap">Group&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.6px;left:5635.26px;letter-spacing:-0.72px;white-space:nowrap">controlling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:316.8px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:1427.22px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:2307.43px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:2789.76px;letter-spacing:-0.36px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:3100.42px;white-space:nowrap">(&#8220;Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:4136.4px;white-space:nowrap">Bank&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:4774.49px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.6px;left:5156.37px;letter-spacing:-0.7px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:316.8px;text-rendering:optimizeLegibility;letter-spacing:-0.87px;white-space:nowrap">representations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:1753.14px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:2163.17px;white-space:nowrap">none </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:2664.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:2895.14px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:3352.11px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:4077.32px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:4466.72px;letter-spacing:-0.6px;white-space:nowrap">expected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:5323.73px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:5558.34px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.6px;left:6025.52px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:316.8px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:1053.07px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:1603.71px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:1882.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:2227.51px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:3450.08px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:3690.38px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:4684.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:4914.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:5259.28px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:5753.1px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.6px;left:5993.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:316.8px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:965.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:1195.3px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:1949.51px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:2781.38px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:3041.34px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:3569.53px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:3951.42px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:4498.2px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:4732.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:5077.84px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:5625.48px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.6px;left:5865.78px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:316.8px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:529.39px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:889.68px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:1670.21px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:2440.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:2675.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:3020.61px;letter-spacing:-0.54px;white-space:nowrap">persons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:3764.08px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:3987.51px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:4515.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:4897.59px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.6px;left:5444.37px;letter-spacing:-0.54px;white-space:nowrap">providing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:316.8px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:1071.01px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:1305.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:1650.66px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:2198.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:2580.18px;letter-spacing:-0.36px;white-space:nowrap">that, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:3044.03px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:3278.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:3623.68px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:4235.34px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:4692.31px;letter-spacing:-0.54px;white-space:nowrap">persons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:5435.77px;letter-spacing:-0.98px;white-space:nowrap">leave </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.6px;left:5945.92px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:316.8px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:557.1px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:1158.77px;white-space:nowrap">high </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:1588.78px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:2237.07px;letter-spacing:-0.41px;white-space:nowrap">replacements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:3489.08px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:4082.26px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:4355px;white-space:nowrap">put </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:4705.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:4918.22px;white-space:nowrap">place </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:5436.63px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:5675px;letter-spacing:-0.6px;white-space:nowrap">promptly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:316.8px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:555.17px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:738.54px;letter-spacing:-0.29px;white-space:nowrap">reasonably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:1750.67px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">practicable;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:0px;white-space:nowrap">13.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:316.8px;letter-spacing:-2.3px;white-space:nowrap">DWSI&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:969.93px;letter-spacing:-0.49px;white-space:nowrap">agreement, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:2037.38px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:2249.96px;letter-spacing:-0.36px;white-space:nowrap">response </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:3103.22px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:3337.83px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:3491.12px;letter-spacing:-0.74px;white-space:nowrap">request </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:4214.17px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:4689.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:5034.98px;letter-spacing:-0.88px;white-space:nowrap">directors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.8px;left:5917.78px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:316.8px;letter-spacing:-0.21px;white-space:nowrap">implement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:1327.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:1481.15px;letter-spacing:-0.54px;white-space:nowrap">temporary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:2461.8px;text-rendering:optimizeLegibility;white-space:nowrap">partial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:3076.47px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:3402.92px;letter-spacing:-3.16px;white-space:nowrap">waiver, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:4068.4px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:4869.23px;letter-spacing:0.13px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:5597.34px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.8px;left:5812.4px;white-space:nowrap">2022, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:316.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:547.01px;white-space:nowrap">10 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:819.75px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:1306.05px;letter-spacing:-0.31px;white-space:nowrap">points </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:1902.88px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:2203.56px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:2356.85px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:2744.32px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:3176.48px;white-space:nowrap">period; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:3860.43px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:4242.32px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:4476.93px;letter-spacing:-0.61px;white-space:nowrap">extend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:5132.74px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:5589.71px;letter-spacing:-0.54px;white-space:nowrap">temporary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:316.8px;text-rendering:optimizeLegibility;white-space:nowrap">partial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:931.47px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:1257.92px;letter-spacing:-0.69px;white-space:nowrap">waiver </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:1889.99px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:2190.67px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:2343.96px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:3020.72px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:3408.19px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:3840.34px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:4466.51px;white-space:nowrap">ending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:5119.52px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:316.8px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:643.36px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:1192.93px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:1405.52px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:1875.38px;letter-spacing:-0.43px;white-space:nowrap">case </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:2313.88px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:2752.48px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:3031.24px;text-rendering:optimizeLegibility;white-space:nowrap">diminution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:4043.16px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:4255.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:4600.78px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:5249.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:5479.28px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:316.8px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1148.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1383.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1728.32px;white-space:nowrap">Fund; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:2279.93px;white-space:nowrap">and</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:0px;white-space:nowrap">14.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:316.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:661.84px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:1225.37px;letter-spacing:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:1455.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5866px;left:1800.62px;letter-spacing:-0.54px;white-space:nowrap">agreement.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:379.09px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:1208.07px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:1609.72px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:2632.16px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:3101.59px;letter-spacing:-0.27px;white-space:nowrap">knowledge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:4111.79px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:4341.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:4687.03px;letter-spacing:-0.77px;white-space:nowrap">nature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:5320.39px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6211.2px;left:5702.28px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:575.24px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:1329.45px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:2161.33px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:2421.29px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:2968.07px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:3349.95px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:3878.14px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:4112.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:4457.79px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:4951.61px;letter-spacing:-0.61px;white-space:nowrap">gained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6441.2px;left:5589.59px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:469.43px;letter-spacing:-0.29px;white-space:nowrap">experience </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:1489.4px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:1727.77px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:2556.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:2786.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:3131.99px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:3583.49px;letter-spacing:-0.54px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:4440.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:4934.21px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:5316.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6671.2px;left:5661.13px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:381.88px;letter-spacing:-1.14px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:1089.79px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:1770.63px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:2264.45px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:2646.34px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:3115.77px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">confidence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:4138px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:4350.59px;letter-spacing:-2.3px;white-space:nowrap">DWSI&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:5003.71px;letter-spacing:-0.43px;white-space:nowrap">integrity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6901.2px;left:5789.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:0px;letter-spacing:-0.49px;white-space:nowrap">competence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:1147.27px;letter-spacing:-0.61px;white-space:nowrap">gained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:1785.24px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:2261.02px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:2671.04px;letter-spacing:-0.29px;white-space:nowrap">experience </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:3691.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:4072.9px;letter-spacing:-2.3px;white-space:nowrap">DWSI&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:4726.03px;letter-spacing:-0.36px;white-space:nowrap">responsiveness </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:234.61px;letter-spacing:-0.24px;white-space:nowrap">concerns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:1082.28px;letter-spacing:-0.61px;white-space:nowrap">raised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:1663.75px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:1923.71px;white-space:nowrap">them </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:2442.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:2655.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:3000.4px;letter-spacing:-0.45px;white-space:nowrap">past, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:3476.49px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:4325.77px;letter-spacing:-2.3px;white-space:nowrap">DWSI&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:4978.9px;white-space:nowrap">willingness </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:5987.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:0px;letter-spacing:-0.24px;white-space:nowrap">consider </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:802.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:1184.54px;letter-spacing:-0.21px;white-space:nowrap">implement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:2195.6px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">organizational </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:3481.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:3863.75px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">operational </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:4924.43px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:5695.19px;white-space:nowrap">designed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:234.61px;letter-spacing:-0.94px;white-space:nowrap">improve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1009.77px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:2043.81px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:2680.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:3062.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:3407.1px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:4161.31px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:4993.18px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:5227.79px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:5572.83px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:217.74px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:687.18px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">deliberations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:1940.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:2285.08px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:3114.05px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:3440.94px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:3791.99px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">identify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:4508.39px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8166.4px;left:4868.68px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:1086.04px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:1496.06px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:1885.47px;letter-spacing:-0.38px;white-space:nowrap">all-important </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:3087.73px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:3328.04px;letter-spacing:-0.5px;white-space:nowrap">controlling, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:4373.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:4755.57px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:5225.43px;letter-spacing:-0.6px;white-space:nowrap">director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:5973.62px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:0px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:467.18px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">attributed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:1401.32px;text-rendering:optimizeLegibility;letter-spacing:-1.18px;white-space:nowrap">different </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:2208.16px;letter-spacing:-0.54px;white-space:nowrap">weights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:2939.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:3173.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:3519.03px;letter-spacing:-0.4px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:4204.38px;letter-spacing:-1.41px;white-space:nowrap">factors.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:379.09px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:1208.07px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:2294.32px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:2704.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:3049.38px;letter-spacing:-0.94px;white-space:nowrap">overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:3688.33px;letter-spacing:-0.62px;white-space:nowrap">arrangements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:4969.34px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8971.6px;left:5796.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:493.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:875.7px;letter-spacing:-0.36px;white-space:nowrap">DWSI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:1457.71px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:1696.08px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:2527.96px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:2740.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:3085.59px;letter-spacing:-0.49px;white-space:nowrap">agreement, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:4153.04px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:4644.38px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:4982.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:5364.86px;letter-spacing:-0.29px;white-space:nowrap">reasonable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9201.6px;left:6388.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">light </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:434.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:664.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:1009.66px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:1763.87px;letter-spacing:-0.49px;white-space:nowrap">performed, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:2814.24px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:3677.7px;letter-spacing:-0.36px;white-space:nowrap">incurred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:4469.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:4851.49px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:5308.47px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:5844.07px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:238.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:583.41px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:1412.38px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:2434.82px;letter-spacing:-1.07px;white-space:nowrap">relevant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:3203.64px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:3416.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:3761.27px;letter-spacing:-1.37px;white-space:nowrap">exercise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:4519.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:4750.09px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:5219.52px;letter-spacing:-0.29px;white-space:nowrap">reasonable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:0px;letter-spacing:-0.21px;white-space:nowrap">judgment. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:953.05px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:1332.14px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:2161.11px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:2837.87px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:3924.12px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:4334.15px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:4775.12px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:5266.46px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">satisfied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9891.6px;left:6041.3px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:345.04px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:1099.25px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:1931.12px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:2191.08px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:2719.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:2953.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:3298.93px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:3792.74px;letter-spacing:-0.9px;white-space:nowrap">represented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:4918.53px;letter-spacing:-0.21px;white-space:nowrap">good </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:5414.06px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:5932.48px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10121.6px;left:6233.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10351.6px;left:0px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10351.6px;left:657.42px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10351.6px;left:1389.61px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10351.6px;left:1624.22px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10351.6px;left:1794.8px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10351.6px;left:2054.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10351.6px;left:2399.8px;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: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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">41 </div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:379.09px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1159.62px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1808.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2190.76px;letter-spacing:-0.18px;white-space:nowrap">conclusions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3265.09px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3675.12px;letter-spacing:-0.77px;white-space:nowrap">formed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4372.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4717.86px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5204.16px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5504.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.88px;white-space:nowrap">directors&#8217; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:882.79px;letter-spacing:-0.36px;white-space:nowrap">reaching </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1691.25px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2160.68px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">determination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3473.49px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3708.1px;letter-spacing:-0.94px;white-space:nowrap">approve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4478.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4823.56px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">continuance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5959.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:6189.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1013.63px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1928.65px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2398.09px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">determinations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3795.97px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4206px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4734.19px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5375.18px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:212.59px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:468.25px;letter-spacing:-0.86px;white-space:nowrap">role </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:861.52px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1099.89px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2133.94px;white-space:nowrap">advisor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2822.51px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3123.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3468.22px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4015.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4397.74px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4807.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5152.81px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5564.35px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:234.61px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:762.8px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1600.05px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1834.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2179.7px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3193.33px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3527.95px;letter-spacing:-0.66px;white-space:nowrap">appropriate) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4680.8px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5172.15px;letter-spacing:-0.78px;white-space:nowrap">separately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">discussed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:898.69px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1158.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1503.69px;letter-spacing:-0.97px;white-space:nowrap">directors.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Nature, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:705.16px;letter-spacing:-0.64px;white-space:nowrap">Extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:1311.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:1687.59px;white-space:nowrap">Quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:2370.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:2597.72px;letter-spacing:0.21px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:3354.98px;letter-spacing:-0.35px;white-space:nowrap">Provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:4180.62px;letter-spacing:-0.38px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:4439.12px;letter-spacing:-0.62px;white-space:nowrap">DWSI.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5019.8px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5398.9px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:571.91px;letter-spacing:-0.36px;white-space:nowrap">that, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1035.76px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1612.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1957.98px;letter-spacing:-0.49px;white-space:nowrap">agreement, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3025.43px;letter-spacing:-0.36px;white-space:nowrap">DWSI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3607.44px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3820.03px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4880.07px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5318.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5663.71px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1034.04px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">objectives, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2027.05px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2738.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3120.71px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">limitations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4147.67px;letter-spacing:-1.25px;white-space:nowrap">makes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4758.25px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5008.65px;white-space:nowrap">decisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5871.25px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:705.01px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:939.62px;letter-spacing:-0.36px;white-space:nowrap">suitable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1681.47px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2570.18px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2870.85px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3904.89px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4164.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4509.89px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5003.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5385.6px;letter-spacing:-0.43px;white-space:nowrap">transmits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:856.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1238.04px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1633.67px;letter-spacing:-1.07px;white-space:nowrap">orders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2250.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2632.27px;white-space:nowrap">selects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3283.99px;letter-spacing:-2.01px;white-space:nowrap">brokers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3989.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4371px;letter-spacing:-0.54px;white-space:nowrap">dealers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5061.18px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5295.79px;letter-spacing:-1.41px;white-space:nowrap">execute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:808.03px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1934.88px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2213.64px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2818.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3048.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3393.78px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3941.42px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4469.61px;letter-spacing:-1.4px;white-space:nowrap">pays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4912.29px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5162.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5392.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">compensation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1301.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1532.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1877.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2495.84px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3324.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3706.7px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">officers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4404.08px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4836.56px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5171.18px;letter-spacing:-1.12px;white-space:nowrap">interested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">persons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:743.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:973.67px;letter-spacing:-0.43px;white-space:nowrap">DWSI.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:379.09px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1208.07px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2230.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2575.55px;letter-spacing:-0.36px;white-space:nowrap">scope </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3139.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3521.4px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4169.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4399.89px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5154.1px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5985.98px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:528.19px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1105.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1450.41px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2464.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2845.93px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3417.84px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3827.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4172.91px;letter-spacing:-0.36px;white-space:nowrap">scope </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4736.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4967.08px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5721.29px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:381.88px;letter-spacing:-0.36px;white-space:nowrap">expanded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1298.62px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1741.2px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2192.8px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2431.17px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2584.46px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3135.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3365.96px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4323.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4705.08px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5240.68px;letter-spacing:-0.38px;white-space:nowrap">developments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:379.09px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1208.07px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1609.72px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2632.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2977.2px;letter-spacing:-0.39px;white-space:nowrap">commitment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4169.15px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4399.36px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4927.55px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5211.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5593.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:0px;letter-spacing:-0.95px;white-space:nowrap">programs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:887.63px;letter-spacing:-0.49px;white-space:nowrap">established </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1934.88px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2194.84px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2365.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2804.03px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3509.04px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3793.17px;letter-spacing:-0.18px;white-space:nowrap">compliance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4908.43px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5264.64px;letter-spacing:-0.31px;white-space:nowrap">management, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;letter-spacing:-1.43px;white-space:nowrap">cybersecurity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1266.83px;letter-spacing:-0.29px;white-space:nowrap">disclosure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2202.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2583.93px;letter-spacing:-0.13px;white-space:nowrap">ethics. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3208.91px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3588px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4416.97px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5439.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5784.45px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:575.24px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1609.29px;letter-spacing:-0.72px;white-space:nowrap">research </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2418.17px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">capabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3453.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3683.82px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4212.01px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4593.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4938.94px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5474.54px;letter-spacing:-0.64px;white-space:nowrap">resources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:0px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:170.59px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:523.25px;letter-spacing:-0.64px;white-space:nowrap">dedicated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1444.82px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1679.43px;letter-spacing:-0.49px;white-space:nowrap">performing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2718.96px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3473.16px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3773.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4118.88px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4666.51px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5045.61px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5693.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5924.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:786.65px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1540.86px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2372.73px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2774.38px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3265.73px;letter-spacing:-0.45px;white-space:nowrap">considered. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4341.99px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4721.08px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5550.06px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:0px;letter-spacing:-0.7px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1356.09px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">representation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2707.35px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3117.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3462.42px;letter-spacing:-0.4px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4147.77px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5105.01px;letter-spacing:-0.98px;white-space:nowrap">enforcement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:381.88px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">litigation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1196.25px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1921.46px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">affecting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2732.28px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3206.76px;letter-spacing:-0.72px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3809.39px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4724.41px;white-space:nowrap">DIMA) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5336.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5718.82px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:0px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:482.32px;letter-spacing:-0.78px;white-space:nowrap">enumerated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1618.2px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1830.79px;white-space:nowrap">No. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2189.47px;white-space:nowrap">12 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2462.22px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3046.81px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3538.15px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3889.21px;letter-spacing:-0.6px;white-space:nowrap">expected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:4746.22px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:4980.83px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:5448.01px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:5808.3px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:550.64px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:829.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:1174.44px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2397.01px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2637.31px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:3630.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:3861.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4206.21px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4700.03px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4940.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:5285.37px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:230.21px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:984.41px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:1816.29px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:2076.25px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:2604.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:2986.33px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:3533.11px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:3767.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:4112.75px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:4660.39px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:4900.69px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:5451.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:5664.57px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:0px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:780.53px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:1551.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:1785.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:2130.93px;letter-spacing:-0.54px;white-space:nowrap">persons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:2874.39px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:3097.83px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:3626.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:4007.91px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:4554.69px;letter-spacing:-0.54px;white-space:nowrap">providing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:5429.53px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:6183.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:838.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:1220.74px;letter-spacing:-0.36px;white-space:nowrap">that, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:1684.59px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:1919.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:2264.24px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:2875.9px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:3332.87px;letter-spacing:-0.54px;white-space:nowrap">persons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:4076.34px;letter-spacing:-0.98px;white-space:nowrap">leave </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:4586.48px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:5114.68px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:5354.98px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:5956.65px;white-space:nowrap">high </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:0px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:648.29px;letter-spacing:-0.41px;white-space:nowrap">replacements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:1900.29px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:2493.48px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:2766.22px;white-space:nowrap">put </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:3116.85px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:3329.43px;white-space:nowrap">place </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:3847.85px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:4086.22px;letter-spacing:-0.6px;white-space:nowrap">promptly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:4941.62px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:5179.99px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:5363.36px;letter-spacing:-0.29px;white-space:nowrap">reasonably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">practicable. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:1072.18px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:1451.27px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:2280.24px;letter-spacing:-0.46px;white-space:nowrap">agreed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:2941px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:3351.03px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:3791.99px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:4385.18px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:5209.64px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:5444.25px;letter-spacing:-0.27px;white-space:nowrap">monitor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:1070.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:1282.83px;white-space:nowrap">No. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:1641.51px;white-space:nowrap">12 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:1914.26px;letter-spacing:-0.46px;white-space:nowrap">above, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:2552.67px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:3401.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:3746.98px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">dedication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:4723.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:4953.76px;letter-spacing:-0.64px;white-space:nowrap">resources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:5858.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:6093.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:493.82px;letter-spacing:-0.18px;white-space:nowrap">going </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:1026.31px;letter-spacing:-1.13px;white-space:nowrap">forward, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:1823.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:2205.26px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:3427.83px;letter-spacing:-0.46px;white-space:nowrap">agreed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:4088.58px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:4323.19px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:5147.66px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:5382.27px;letter-spacing:-0.67px;white-space:nowrap">provide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:1086.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:1320.64px;letter-spacing:-1.12px;white-space:nowrap">facilitate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:2123.41px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:2580.38px;letter-spacing:-2.48px;white-space:nowrap">review. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:3256.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:3635.48px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:4464.45px;letter-spacing:-0.21px;white-space:nowrap">concluded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:5428.35px;letter-spacing:-0.36px;white-space:nowrap">that, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:5892.2px;letter-spacing:-0.84px;white-space:nowrap">overall, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:0px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:440.97px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:932.31px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">satisfied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:1707.15px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:2145.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:2490.79px;letter-spacing:-0.67px;white-space:nowrap">nature, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:3177.97px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:3789.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:4171.51px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:4819.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:5050.01px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:5804.22px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:0px;white-space:nowrap">(and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:447.63px;letter-spacing:-0.6px;white-space:nowrap">expected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:1304.64px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:1539.25px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:1811.99px;letter-spacing:-0.54px;white-space:nowrap">provided) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:2709.61px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:2944.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:3289.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:3783.08px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:4360.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:4705.29px;letter-spacing:-0.54px;white-space:nowrap">agreement.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.1px;left:0px;letter-spacing:-0.39px;white-space:nowrap">Costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.1px;left:509.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.1px;left:736.33px;letter-spacing:0.21px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.1px;left:1493.58px;letter-spacing:-0.35px;white-space:nowrap">Provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.1px;left:2319.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.1px;left:2695.75px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">Profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8863.1px;left:3770.46px;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:8863.1px;left:4001.59px;letter-spacing:-0.62px;white-space:nowrap">DWSI.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4582.27px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4823.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:5168.47px;letter-spacing:-0.74px;white-space:nowrap">request </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:5891.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:6121.73px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:0px;letter-spacing:-0.88px;white-space:nowrap">directors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:882.79px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:1410.99px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:2242.86px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:3328.9px;letter-spacing:-0.2px;white-space:nowrap">concerning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:4357.46px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:4613.13px;letter-spacing:-0.64px;white-space:nowrap">revenues, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:5522.67px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:381.88px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:725.85px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:1427.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:1809.2px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:2598.86px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">condition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:3480.04px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:3780.71px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:4276.46px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:4514.83px;letter-spacing:-0.43px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:4921.96px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:5160.33px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:0px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:568.91px;letter-spacing:-0.72px;white-space:nowrap">revenues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:1424.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:1806.51px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:2669.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:3051.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:3396.89px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:4462.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:4692.83px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:4948.5px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">relationship </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:783.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:1277.46px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:1490.05px;white-space:nowrap">2023. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2039.62px;white-space:nowrap">Similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2688.02px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:3774.05px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:4163.46px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:4995.33px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:5296.01px;letter-spacing:0.18px;white-space:nowrap">DIMA. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:5897.68px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:828.97px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1686.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:2031.56px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">assumptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:3189.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:3571.67px;letter-spacing:-0.13px;white-space:nowrap">methods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:4403.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:4633.96px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5540.07px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:259.96px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:788.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1170.04px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1716.82px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1929.4px;letter-spacing:-0.32px;white-space:nowrap">preparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:2834.43px;text-rendering:optimizeLegibility;white-space:nowrap">Fund-specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:4052.92px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:5118.65px;letter-spacing:-0.9px;white-space:nowrap">data. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:5610.54px;letter-spacing:-0.43px;white-space:nowrap">DWSI </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">42 </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>
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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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:381.88px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:928.66px;letter-spacing:-1.46px;white-space:nowrap">stated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1524.42px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1993.86px;letter-spacing:-0.31px;white-space:nowrap">belief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2536.02px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2946.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3291.08px;letter-spacing:-0.13px;white-space:nowrap">methods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4123.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4353.38px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5259.48px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5731.6px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.27px;white-space:nowrap">reasonable, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1077.31px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1427.58px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1999.14px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2408.82px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2934.84px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3269.1px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">limitations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4241.89px;letter-spacing:-0.6px;white-space:nowrap">inherent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5042.9px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5255.14px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:6149.29px;letter-spacing:-0.81px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:234.61px;text-rendering:optimizeLegibility;white-space:nowrap">multiple </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1011.91px;white-space:nowrap">individual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1913.4px;letter-spacing:-0.27px;white-space:nowrap">clients </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2532.04px;white-space:nowrap">served </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3171.2px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3431.16px;text-rendering:optimizeLegibility;letter-spacing:-1px;white-space:nowrap">organizations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4650.4px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5107.37px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5345.74px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5873.94px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:546.78px;letter-spacing:-0.54px;white-space:nowrap">where </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1154.57px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1624.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1854.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2199.68px;letter-spacing:-0.27px;white-space:nowrap">clients </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2818.32px;letter-spacing:-1.25px;white-space:nowrap">draws </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3393.03px;white-space:nowrap">on, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3725.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4107.49px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">benefits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4872.01px;letter-spacing:-0.72px;white-space:nowrap">from, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5401.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5746.64px;letter-spacing:-0.72px;white-space:nowrap">research </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:381.88px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:917.49px;letter-spacing:-0.64px;white-space:nowrap">resources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1822.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2052.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2397.87px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2872.35px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">organization.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:379.09px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1208.07px;letter-spacing:-0.98px;white-space:nowrap">recognized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2215.47px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2625.5px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2796.08px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2979.45px;text-rendering:optimizeLegibility;white-space:nowrap">difficult </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3694.78px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3929.38px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4454.89px;letter-spacing:-0.18px;white-space:nowrap">comparisons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:230.21px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1295.94px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1771.71px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2230.08px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3016.73px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3883.09px;letter-spacing:-0.27px;white-space:nowrap">because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4658.89px;text-rendering:optimizeLegibility;letter-spacing:-0.9px;white-space:nowrap">comparative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1086.04px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1269.4px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1620.46px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2472.64px;white-space:nowrap">publicly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3201.49px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4020.37px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4402.26px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4585.63px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5353.05px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5613.01px;letter-spacing:-0.48px;white-space:nowrap">numerous </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-1.25px;white-space:nowrap">factors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:703.08px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1552.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1897.39px;letter-spacing:-0.59px;white-space:nowrap">structure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2753.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2983.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3328.68px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4227.05px;letter-spacing:-2.27px;white-space:nowrap">advisor, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4949.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5294.07px;white-space:nowrap">types </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5821.19px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:6051.4px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:170.59px;letter-spacing:-0.18px;white-space:nowrap">manages, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1064.87px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1320.54px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2125.66px;white-space:nowrap">mix, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2543.86px;letter-spacing:-0.48px;white-space:nowrap">numerous </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3490.57px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">assumptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4648.79px;letter-spacing:-1.07px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5535.13px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">allocations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:381.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:726.92px;letter-spacing:-0.32px;white-space:nowrap">advisor&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1551.17px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2179.91px;letter-spacing:-0.59px;white-space:nowrap">structure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3035.96px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3417.84px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3828.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4058.61px;letter-spacing:-0.6px;white-space:nowrap">capital. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4741.17px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4958.92px;letter-spacing:-0.18px;white-space:nowrap">considering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1065.73px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">information, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2205.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2550.63px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3379.6px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4402.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4747.08px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5297.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5527.93px;white-space:nowrap">possible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">fall-out </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:679.98px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">benefits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1444.5px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1723.26px;letter-spacing:-2.3px;white-space:nowrap">DWSI&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2376.39px;letter-spacing:-0.32px;white-space:nowrap">expenses, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3293.66px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4142.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4487.98px;letter-spacing:-0.97px;white-space:nowrap">fact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4868.04px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5278.07px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5804.43px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:6295.78px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:817.91px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1751.73px;letter-spacing:-0.18px;white-space:nowrap">commissions.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:379.09px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1208.07px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1779.98px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2190.01px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2413.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2758.49px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3677.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3907.69px;white-space:nowrap">2018 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4403.44px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4931.63px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5313.52px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">discontinued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:255.66px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:734.66px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">practice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1488.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1718.96px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2613.47px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2766.76px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3469.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3699.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4044.76px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4663.51px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5597.32px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5831.93px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">research </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:808.89px;letter-spacing:-1.02px;white-space:nowrap">generated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1757.96px;letter-spacing:-4.57px;white-space:nowrap">by, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2054.55px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2294.85px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2725.29px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3025.97px;letter-spacing:-4.57px;white-space:nowrap">by, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3322.56px;text-rendering:optimizeLegibility;letter-spacing:-0.91px;white-space:nowrap">executing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4217.06px;letter-spacing:-1.79px;white-space:nowrap">brokers. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4976px;letter-spacing:-0.21px;white-space:nowrap">They </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5451.02px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5852.67px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:410.03px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:938.22px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1290.89px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2002.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2237.28px;letter-spacing:-0.48px;white-space:nowrap">prohibit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2985.58px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">consideration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4233.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4463.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4808.74px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5204.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5434.58px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:6053.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:474.48px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1017.93px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1558.69px;text-rendering:optimizeLegibility;white-space:nowrap">selecting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2389.6px;letter-spacing:-1.69px;white-space:nowrap">broker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3013.94px;letter-spacing:-0.54px;white-space:nowrap">dealers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3704.12px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3938.73px;letter-spacing:-1.41px;white-space:nowrap">execute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4675.54px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5483.56px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:300.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:645.71px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1139.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1379.83px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1915.44px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2389.92px;white-space:nowrap">funds.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:579.11px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:857.87px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1327.3px;letter-spacing:-3.22px;white-space:nowrap">review, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1997.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2342.44px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3171.42px;letter-spacing:-0.21px;white-space:nowrap">concluded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4135.31px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4545.34px;letter-spacing:-2.3px;white-space:nowrap">DWSI&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5198.47px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5656.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1065.73px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1541.5px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1797.17px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">relationships </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2972.58px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3411.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3756.22px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4250.04px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4639.44px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4990.5px;letter-spacing:-0.93px;white-space:nowrap">excessive. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5911.1px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:828.97px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1230.63px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2253.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2598.11px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3520.21px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4585.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4816.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5161.19px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">relationships </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:783.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1277.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1507.67px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2035.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2417.74px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2964.52px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3177.11px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3672.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4054.75px;letter-spacing:-0.21px;white-space:nowrap">concluded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5018.64px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5428.67px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5599.26px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5988.66px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:0px;letter-spacing:-1.02px;white-space:nowrap">excessive.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6218.3px;left:0px;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:6218.3px;left:1030.62px;letter-spacing:-0.38px;white-space:nowrap">Results.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:1761.93px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:1979.68px;text-rendering:optimizeLegibility;white-space:nowrap">addition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:2758.27px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:2992.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:3337.92px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:4423.96px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:5223.5px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:5483.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:828.97px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:1129.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:1474.69px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:2307.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:2652.35px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:3481.33px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:4166.57px;letter-spacing:-0.48px;white-space:nowrap">detailed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:4930.99px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:1086.04px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:1386.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:1731.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:2225.57px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:2449px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:2918.87px;letter-spacing:-0.4px;white-space:nowrap">regular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:3595.3px;letter-spacing:-0.54px;white-space:nowrap">board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:4164.53px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:4941.19px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:5561.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:5906.38px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:381.88px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:783.54px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:1468.78px;letter-spacing:-0.27px;white-space:nowrap">monthly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:2251.56px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:3445.23px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">information. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:4585.09px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:4843.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:5188.91px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:5682.72px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:5866.09px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:0px;letter-spacing:-1.16px;white-space:nowrap">aware </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:588.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:818.34px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:1178.63px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:2197.96px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:2656.33px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:3094.93px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:3362.52px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">objective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:4216.63px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:4850.53px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:5085.14px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:5495.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:5725.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:6070.41px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:381.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:726.92px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:1345.67px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:2018.24px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:2695.64px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:3498.19px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:3681.56px;letter-spacing:-0.54px;white-space:nowrap">beyond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:4390.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:4735.91px;letter-spacing:-1.07px;white-space:nowrap">control </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:5411.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:5641.26px;letter-spacing:-0.36px;white-space:nowrap">DWSI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:6223.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:828.97px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1681.15px;letter-spacing:-0.9px;white-space:nowrap">focus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2198.93px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2477.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:2822.72px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:3441.47px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:4635.15px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5210.82px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5489.58px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5833.54px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:518.42px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1461.8px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1696.41px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1952.07px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2997.39px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3538.15px;white-space:nowrap">assessing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:4406.45px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:5440.49px;letter-spacing:-0.36px;white-space:nowrap">results. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:379.09px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:1208.07px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:1609.72px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:2467.27px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:3553.3px;letter-spacing:-0.13px;white-space:nowrap">showing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:4335.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:4680.8px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:5299.55px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:0px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:943.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1177.99px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1588.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1818.22px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:2353.83px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:3387.87px;letter-spacing:-0.24px;white-space:nowrap">vehicles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:4139.72px;letter-spacing:-0.24px;white-space:nowrap">compiled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5004.03px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5263.99px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:575.67px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:854.43px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:1940.47px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:2772.34px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:3032.3px;letter-spacing:-0.54px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4052.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4434.7px;letter-spacing:-2.27px;white-space:nowrap">Morningstar. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:5602.16px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:828.97px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:1230.63px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:2088.17px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:3174.21px;letter-spacing:-0.13px;white-space:nowrap">showing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:3956.67px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:5150.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:5380.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:5725.59px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:0px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:1045.32px;letter-spacing:-0.46px;white-space:nowrap">index, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:1623.57px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:2123.52px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:2501.86px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:2716.91px;white-space:nowrap">2014, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:3266.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:3611.52px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:4118.13px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:4798.96px;letter-spacing:-0.54px;white-space:nowrap">Index.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:379.09px;text-rendering:optimizeLegibility;letter-spacing:-0.9px;white-space:nowrap">comparative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:1522.28px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:2608.31px;letter-spacing:-0.46px;white-space:nowrap">showed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:3345.65px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:3755.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:4100.72px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:4594.54px;letter-spacing:-0.36px;white-space:nowrap">underperformed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:6118.54px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:0px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:1045.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:1257.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:1602.95px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:1992.46px;letter-spacing:-0.54px;white-space:nowrap">ten </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:2335.35px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3057.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3287.86px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3837.43px;letter-spacing:-0.41px;white-space:nowrap">outperformed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:5135.3px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:5390.97px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:212.59px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:762.16px;letter-spacing:-0.36px;white-space:nowrap">underperformed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2286.15px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2541.82px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3587.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3799.73px;white-space:nowrap">2022 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4295.48px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4677.36px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4889.95px;white-space:nowrap">2021, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:5439.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:0px;letter-spacing:-0.41px;white-space:nowrap">outperformed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1297.87px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1553.54px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2598.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2811.45px;white-space:nowrap">2020 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3307.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3689.08px;white-space:nowrap">2019. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4238.65px;letter-spacing:-2.46px;white-space:nowrap">Taking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4844.08px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5239.39px;letter-spacing:-0.54px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5991.13px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:0px;letter-spacing:-0.18px;white-space:nowrap">comparisons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1171.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1553.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1898.25px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:2433.86px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3083.12px;letter-spacing:-0.45px;white-space:nowrap">considered, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:4159.38px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5008.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5353.69px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:6367.32px;white-space:nowrap">of </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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">43 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.27px;white-space:nowrap">DSWI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:582.55px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:795.14px;letter-spacing:-0.36px;white-space:nowrap">response </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1648.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1883px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2036.29px;letter-spacing:-0.74px;white-space:nowrap">request </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2759.35px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3235.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3580.16px;letter-spacing:-0.88px;white-space:nowrap">directors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4462.95px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4697.56px;letter-spacing:-0.21px;white-space:nowrap">implement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5708.61px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5861.9px;white-space:nowrap">10 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:6134.65px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.36px;white-space:nowrap">point </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:511.76px;text-rendering:optimizeLegibility;white-space:nowrap">partial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1126.43px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1452.88px;letter-spacing:-0.69px;white-space:nowrap">waiver </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2084.95px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2385.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2538.92px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2926.39px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3358.54px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3984.71px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4785.54px;letter-spacing:0.13px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5513.64px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5728.7px;white-space:nowrap">2022 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:6224.45px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:234.61px;letter-spacing:-0.61px;white-space:nowrap">extend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:890.42px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1347.39px;text-rendering:optimizeLegibility;white-space:nowrap">partial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1962.06px;letter-spacing:-0.69px;white-space:nowrap">waiver </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2594.13px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3348.45px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4315.57px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4642.13px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5191.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5404.29px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5874.15px;letter-spacing:-0.43px;white-space:nowrap">case </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:438.6px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:717.36px;text-rendering:optimizeLegibility;white-space:nowrap">diminution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1729.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1941.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2286.9px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2935.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3165.4px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3919.61px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4751.48px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4986.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5331.13px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5878.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:828.97px;letter-spacing:-0.21px;white-space:nowrap">concluded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1792.87px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1963.46px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2352.86px;letter-spacing:-0.29px;white-space:nowrap">reasonable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3376.7px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3611.31px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4435.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4780.81px;letter-spacing:-0.54px;white-space:nowrap">agreement.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1272.7px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1272.7px;left:1214.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1272.7px;left:1590.69px;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:1272.7px;left:2621.31px;letter-spacing:0.1px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1272.7px;left:3431.37px;letter-spacing:-0.62px;white-space:nowrap">Fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1272.7px;left:3867.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1272.7px;left:4243.89px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1272.7px;left:4799.24px;white-space:nowrap">Expenses.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:5708.35px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:828.97px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1851.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2196.46px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3230.5px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4017.15px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4343.6px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4830.22px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5562.41px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5822.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:493.82px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:728.43px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1256.62px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1833.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2178.84px;letter-spacing:-0.49px;white-space:nowrap">agreement. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3246.29px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3625.38px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4454.36px;letter-spacing:-0.98px;white-space:nowrap">recognized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5461.76px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5871.79px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:6042.37px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">difficult </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:715.32px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:949.93px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1475.44px;letter-spacing:-0.18px;white-space:nowrap">comparisons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2646.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2876.97px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3663.62px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4075.16px;letter-spacing:-0.27px;white-space:nowrap">because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4850.96px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5377.32px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5711.94px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">variations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:212.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:557.63px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1311.84px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1721.87px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2056.48px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2862.79px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3075.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3420.42px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3831.95px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4262.39px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4522.35px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5057.96px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5601.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:571.91px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:981.94px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1260.7px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2280.03px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2672.55px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3130.92px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3483.58px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3636.88px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4270.77px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5304.81px;letter-spacing:-1.25px;white-space:nowrap">strategy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:6061.17px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:345.04px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:892.68px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1271.77px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2100.74px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2502.39px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3524.83px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4610.87px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5442.74px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5702.71px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.2px;white-space:nowrap">concerning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1028.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1373.6px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1700.06px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2186.68px;letter-spacing:-0.6px;white-space:nowrap">charged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2944.97px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3204.93px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3375.52px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3610.13px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4145.73px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5179.78px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">having </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:626.59px;letter-spacing:-0.36px;white-space:nowrap">somewhat </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1599.51px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2233.41px;letter-spacing:-0.48px;white-space:nowrap">mandates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3154.66px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3393.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3738.07px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4285.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4667.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5012.63px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">representation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:259.96px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:788.15px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1198.18px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1368.77px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1841.32px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2192.37px;letter-spacing:-0.23px;white-space:nowrap">manage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2947.76px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3308.06px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3843.66px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4944.63px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5781.45px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:0px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:467.18px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1101.07px;letter-spacing:-0.48px;white-space:nowrap">mandates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2022.32px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2260.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2605.73px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3153.37px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3532.46px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4361.44px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4933.35px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5343.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5688.42px;letter-spacing:-1.07px;white-space:nowrap">retail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:0px;white-space:nowrap">classes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:659.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:889.56px;letter-spacing:-0.48px;white-space:nowrap">non-U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1692.75px;white-space:nowrap">open-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2599.18px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3142.63px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3863.64px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4123.6px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4651.8px;letter-spacing:-1.07px;white-space:nowrap">pay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5012.09px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:0px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:411.53px;letter-spacing:-0.36px;white-space:nowrap">that, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:875.38px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1398.96px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1750.01px;text-rendering:optimizeLegibility;letter-spacing:-0.6px;white-space:nowrap">entirely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2466.62px;letter-spacing:-0.59px;white-space:nowrap">comparable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3561.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3795.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4140.68px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4552.22px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5284.4px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5544.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5889.4px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:234.61px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:762.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1144.69px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1746.36px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:2080.98px;text-rendering:optimizeLegibility;letter-spacing:-0.65px;white-space:nowrap">substantially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3227.28px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3841.84px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:4296.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:4641.05px;letter-spacing:-0.24px;white-space:nowrap">combined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:5571.11px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:381.88px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:1710.69px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:2037.15px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:2438.69px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:2869.13px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:3129.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:3474.13px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:4021.77px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:4400.86px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:5229.83px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:5631.48px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:6203.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">temporary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:980.65px;letter-spacing:-0.64px;white-space:nowrap">voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:1861.3px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:2187.75px;letter-spacing:-1.14px;white-space:nowrap">waivers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:2900.61px;letter-spacing:-0.36px;white-space:nowrap">implemented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:4132.52px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:4392.48px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:4920.67px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:5133.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:5478.3px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.2px;left:6096.08px;letter-spacing:-0.54px;white-space:nowrap">past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.2px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.2px;left:238.37px;white-space:nowrap">discussed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.2px;left:1137.06px;letter-spacing:-0.54px;white-space:nowrap">above.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:379.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:997.84px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2220.41px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2998.79px;letter-spacing:-0.2px;white-space:nowrap">comparison </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4085.04px;letter-spacing:-0.72px;white-space:nowrap">group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4652.76px;letter-spacing:-0.7px;white-space:nowrap">consisted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5532.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5762.32px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:0px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1019.33px;letter-spacing:-0.32px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1994.93px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2667.5px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2907.8px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3490.35px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4033.8px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4948.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5293.86px;white-space:nowrap">Fund) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5853.42px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">seven </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:560.1px;white-space:nowrap">open-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1466.52px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2365.21px;letter-spacing:-0.46px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2976.98px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3520.43px;white-space:nowrap">(plus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3998.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4343.17px;white-space:nowrap">Fund) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4902.73px;letter-spacing:-0.24px;white-space:nowrap">selected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5690.24px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Broadridge. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1074.33px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1453.42px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2282.39px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3139.94px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:4225.98px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:5215.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:5560.59px;letter-spacing:-0.24px;white-space:nowrap">combined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:0px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:786.65px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:1168.54px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">administrative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2471.67px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2883.2px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:3615.39px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4192.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4537.61px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:5551.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:5933.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:1328.81px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:2342.44px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:2643.12px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:3013.08px;white-space:nowrap">purpose, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:3843.88px;text-rendering:optimizeLegibility;white-space:nowrap">noting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:4459.19px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:4869.22px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:5397.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:5779.3px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:334.62px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:1152.53px;letter-spacing:-0.2px;white-space:nowrap">companies. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:2210.74px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:2589.83px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:3418.81px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:3990.72px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:4400.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:4745.79px;letter-spacing:-0.24px;white-space:nowrap">combined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:5675.85px;white-space:nowrap">actual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:0px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:786.65px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:1168.54px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">administrative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:2471.67px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:2798.13px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:3199.67px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:3630.11px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:3890.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:4235.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:4728.93px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:4941.51px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:5437.27px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:5826.67px;white-space:nowrap">0.75% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:0px;letter-spacing:-0.21px;white-space:nowrap">(net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:409.71px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:639.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:984.95px;letter-spacing:-0.54px;white-space:nowrap">temporary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:1965.61px;letter-spacing:-0.64px;white-space:nowrap">voluntary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:2846.25px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:3172.71px;letter-spacing:-0.69px;white-space:nowrap">waiver </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:3804.78px;letter-spacing:-1.67px;white-space:nowrap">referred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:4573.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:4807.77px;letter-spacing:-0.46px;white-space:nowrap">above) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:5458.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:5839.99px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:6250.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:1086.04px;letter-spacing:-0.72px;white-space:nowrap">prepared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:1944.87px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:2204.83px;letter-spacing:-0.54px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:3225.34px;letter-spacing:-0.64px;white-space:nowrap">indicated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:4086.76px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:4496.79px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:4841.83px;letter-spacing:-0.24px;white-space:nowrap">combined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:5771.88px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:6098.34px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:389.4px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:978.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:1323.12px;white-space:nowrap">median </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:2036.29px;letter-spacing:-0.72px;white-space:nowrap">contractual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:3083.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:3465.86px;white-space:nowrap">actual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:4051.42px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:4377.87px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:4864.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:5094.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:5439.74px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:0px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:458.37px;letter-spacing:-0.2px;white-space:nowrap">comparison </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:1544.62px;letter-spacing:-0.61px;white-space:nowrap">group, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:2166.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:2548.05px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:3136.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:3481.76px;white-space:nowrap">median </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:4194.93px;letter-spacing:-0.72px;white-space:nowrap">contractual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:5242.62px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.4px;left:5624.5px;white-space:nowrap">actual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:0px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:326.46px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:866.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:1097.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:1442.14px;white-space:nowrap">open-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:2348.56px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:2806.93px;letter-spacing:-0.2px;white-space:nowrap">comparison </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:3893.18px;letter-spacing:-0.61px;white-space:nowrap">group. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:4514.73px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:4893.82px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.4px;left:5722.79px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:0px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:1022.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:1367.48px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:1986.23px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:2330.2px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:3108.57px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">ratio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:3565.12px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:3777.71px;letter-spacing:-0.2px;white-space:nowrap">comparison </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:4863.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:5098.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:5443.6px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.4px;left:5855.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:0px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:863.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:1093.66px;white-space:nowrap">31 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:1366.41px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:1902.01px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:2921.34px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">international </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:4102.44px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:4707.33px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:5250.78px;letter-spacing:-0.24px;white-space:nowrap">compiled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.4px;left:6115.1px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:0px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:1222.57px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:1798.24px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:2077px;letter-spacing:-0.49px;white-space:nowrap">Morningstar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:3214.28px;letter-spacing:-0.9px;white-space:nowrap">data. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:3706.16px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:4085.25px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:4914.23px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:5315.88px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.4px;left:5887.79px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:345.04px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:963.79px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:1307.75px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:2086.13px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">ratio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:2542.68px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:2932.08px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:3520.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:3865.79px;white-space:nowrap">median </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:4578.96px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:4960.85px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:5699.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:6080.94px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.4px;left:6293.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:0px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:678.26px;text-rendering:optimizeLegibility;white-space:nowrap">quartile </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:1412.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:1642.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:1987.63px;letter-spacing:-0.2px;white-space:nowrap">comparison </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:3073.88px;letter-spacing:-0.61px;white-space:nowrap">group. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:3695.42px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:4074.51px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:4903.49px;letter-spacing:-0.21px;white-space:nowrap">concluded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:5867.38px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.4px;left:6277.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.4px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.4px;left:618.75px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.4px;left:1397.13px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">ratio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.4px;left:1853.67px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.4px;left:2243.08px;text-rendering:optimizeLegibility;letter-spacing:-1.94px;white-space:nowrap">satisfactory.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9783.1px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9783.1px;left:984.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9783.1px;left:1211.4px;letter-spacing:-0.21px;white-space:nowrap">Scale.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:1764.09px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2143.18px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2972.15px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:3544.07px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:3954.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:4299.14px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:5333.18px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:0px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:326.46px;white-space:nowrap">schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1163.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1376.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1721.33px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:2734.96px;letter-spacing:-0.84px;white-space:nowrap">contains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:3523.54px;letter-spacing:-0.45px;white-space:nowrap">breakpoints </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:4616.56px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5026.59px;letter-spacing:-0.46px;white-space:nowrap">reduce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5688.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:0px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:326.46px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:728px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1006.76px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1595.21px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:2179.8px;text-rendering:optimizeLegibility;white-space:nowrap">specified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:3016.3px;letter-spacing:-0.4px;white-space:nowrap">levels. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:3613.03px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:3992.12px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:4821.09px;letter-spacing:-0.98px;white-space:nowrap">recognized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:5828.5px;letter-spacing:-0.43px;white-space:nowrap">that </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">44 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.45px;white-space:nowrap">breakpoints </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1093.02px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1513.04px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1785.78px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2053.37px;letter-spacing:-0.72px;white-space:nowrap">appropriate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3140.48px;letter-spacing:-1.75px;white-space:nowrap">way </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3537.51px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3838.18px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4366.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4600.99px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5134.98px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5390.64px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:230.21px;letter-spacing:-0.36px;white-space:nowrap">scale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:717.26px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1155.86px;white-space:nowrap">some </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1688.13px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2231.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2641.61px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3108.79px;text-rendering:optimizeLegibility;letter-spacing:-0.76px;white-space:nowrap">substantial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4109.53px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4697.99px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4938.29px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5348.32px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5768.34px;letter-spacing:-1.07px;white-space:nowrap">grow </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.39px;white-space:nowrap">materially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:926.08px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1368.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1713.7px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2148.65px;letter-spacing:-4.39px;white-space:nowrap">year. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2611px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3482.4px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3923.37px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4325.02px;letter-spacing:-0.98px;white-space:nowrap">recognized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5332.42px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5742.45px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:6268.82px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:278.76px;letter-spacing:-0.46px;white-space:nowrap">direct </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:838.54px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">relationship </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1929.94px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2757.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3102.24px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4112.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4342.42px;letter-spacing:-0.36px;white-space:nowrap">scale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4829.47px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5565.42px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5825.38px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:381.88px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:926.73px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1662.68px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1922.64px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2450.83px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2689.2px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3277.66px;letter-spacing:-0.32px;white-space:nowrap">increase, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4116.3px;letter-spacing:-0.6px;white-space:nowrap">largely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4746.54px;letter-spacing:-0.27px;white-space:nowrap">because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5522.34px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:230.21px;letter-spacing:-0.36px;white-space:nowrap">scale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:717.26px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1051.88px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1787.82px;white-space:nowrap">(if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2017.6px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2241.04px;white-space:nowrap">all) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2557.18px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2817.14px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3345.33px;letter-spacing:-0.61px;white-space:nowrap">across </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3948.61px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4101.9px;letter-spacing:-0.54px;white-space:nowrap">variety </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4750.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4980.29px;letter-spacing:-0.48px;white-space:nowrap">products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5810.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:0.21px;white-space:nowrap">services, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:808.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1189.91px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1540.97px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1965.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2177.87px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:2882.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3113.09px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3266.38px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:3824.43px;white-space:nowrap">fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4336.62px;letter-spacing:-0.21px;white-space:nowrap">They </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:4811.64px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5213.29px;letter-spacing:-0.36px;white-space:nowrap">noted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:5785.21px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:6195.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:618.75px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1207.21px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:1674.38px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:2526.56px;white-space:nowrap">diminished </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3546.96px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:3989.54px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:4607.32px;letter-spacing:-1px;white-space:nowrap">years. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5174.08px;letter-spacing:-0.54px;white-space:nowrap">Having </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1610px;left:5822.59px;letter-spacing:-1.79px;white-space:nowrap">taken </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:0px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:538.83px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:1188.09px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:1583.4px;letter-spacing:-0.48px;white-space:nowrap">account, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2388.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:2733.99px;letter-spacing:-0.97px;white-space:nowrap">directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:3562.97px;letter-spacing:-0.21px;white-space:nowrap">concluded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4526.87px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:4936.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840px;left:5281.93px;letter-spacing:-0.49px;white-space:nowrap">breakpoint </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:0px;letter-spacing:-0.62px;white-space:nowrap">arrangements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1281.01px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1493.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:1838.63px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:2852.27px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:3343.61px;letter-spacing:-0.39px;white-space:nowrap">acceptable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:4350.16px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:4927.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070px;left:5272.37px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300px;left:0px;letter-spacing:-0.65px;white-space:nowrap">circumstances.</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">45 </div></div>
		</div>
		<div style="height:534.64px;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:10554.56px;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:-1.36px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1668.62px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">Objective, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3173.72px;letter-spacing:-1.36px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:4842.34px;letter-spacing:-0.61px;white-space:nowrap">Policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:5977.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:0px;white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:1304.22px;letter-spacing:-0.56px;white-space:nowrap">Risks</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1009.1px;left:0px;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:1009.1px;left:1030.62px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">Objective.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1001.6px;left:1964.45px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1001.6px;left:2343.54px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1001.6px;left:3377.58px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">objective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1001.6px;left:4231.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1001.6px;left:4461.9px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1001.6px;left:4840.99px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1001.6px;left:5739.68px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:0px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:547.64px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:912.76px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:1096.13px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:1330.74px;white-space:nowrap">seek </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:1779.98px;letter-spacing:-0.21px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:2706.49px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:3335.23px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:4490.13px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1231.6px;left:5244.44px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:0px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:835.96px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:1048.54px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:1653.44px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:1893.74px;letter-spacing:-0.92px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:3084.51px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:3973.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:4203.42px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:4851.49px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1461.6px;left:5766.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1691.6px;left:0px;letter-spacing:-0.61px;white-space:nowrap">Europe.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2044.3px;left:0px;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:2044.3px;left:1030.62px;letter-spacing:-0.38px;white-space:nowrap">Policies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:1789.82px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:2392.57px;white-space:nowrap">normal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:3073.3px;letter-spacing:-0.61px;white-space:nowrap">circumstances, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:4430.15px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:4653.58px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:5118.83px;white-space:nowrap">80% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:5547.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2036.8px;left:5777.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:618.75px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:962.71px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:1551.17px;white-space:nowrap">(plus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:2028.88px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:2389.17px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:2977.63px;white-space:nowrap">funded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:3659px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:4097.61px;letter-spacing:-0.91px;white-space:nowrap">leverage) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:4957.95px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:5307.07px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:5579.81px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2266.8px;left:6367.54px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:0px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:604.89px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:845.2px;letter-spacing:-0.92px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:2035.97px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:2924.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:3154.87px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:3802.95px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:4717.97px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:4930.56px;letter-spacing:-0.54px;white-space:nowrap">Europe. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:5665.21px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2496.8px;left:6044.31px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:0px;letter-spacing:-2.04px;white-space:nowrap">&#8220;Europe,&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:898.58px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:1199.26px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:1569.22px;white-space:nowrap">purpose, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:2400.02px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:3177.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:3522.15px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:4377.44px;white-space:nowrap">49 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:4650.19px;letter-spacing:-0.39px;white-space:nowrap">countries: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2726.8px;left:5580.78px;white-space:nowrap">Albania, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:0px;letter-spacing:-0.48px;white-space:nowrap">Andorra, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:821.78px;letter-spacing:-0.3px;white-space:nowrap">Austria, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:1546.23px;letter-spacing:-0.45px;white-space:nowrap">Azerbaijan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:2574.37px;white-space:nowrap">Belarus, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:3331.69px;white-space:nowrap">Belgium, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:4150.24px;white-space:nowrap">Bosnia </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:4783.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2956.8px;left:5165.81px;letter-spacing:-0.58px;white-space:nowrap">Herzegovina, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:0px;letter-spacing:-0.43px;white-space:nowrap">Bulgaria, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:814.47px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">Croatia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:1546.12px;white-space:nowrap">Cyprus, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:2253.93px;letter-spacing:-0.9px;white-space:nowrap">Czech </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:2819.18px;letter-spacing:-0.43px;white-space:nowrap">Republic, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:3677.8px;white-space:nowrap">Denmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:4588.31px;letter-spacing:-0.54px;white-space:nowrap">Estonia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3186.8px;left:5333.07px;white-space:nowrap">Finland, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">France, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:696.42px;letter-spacing:-0.36px;white-space:nowrap">Georgia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:1489.3px;letter-spacing:-0.4px;white-space:nowrap">Greece, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:2223.2px;letter-spacing:-2.39px;white-space:nowrap">Germany, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:3116.74px;letter-spacing:-2.27px;white-space:nowrap">Hungary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:3944.21px;letter-spacing:-0.36px;white-space:nowrap">Ireland, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:4663.51px;letter-spacing:-2.92px;white-space:nowrap">Italy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3416.8px;left:5121.77px;letter-spacing:-1.21px;white-space:nowrap">Kazakhstan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3646.8px;left:0px;letter-spacing:-1.48px;white-space:nowrap">Kosovo, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3646.8px;left:728.75px;letter-spacing:-0.27px;white-space:nowrap">Latvia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3646.8px;left:1347.07px;letter-spacing:-0.61px;white-space:nowrap">Liechtenstein, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3646.8px;left:2623.03px;white-space:nowrap">Lithuania, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3646.8px;left:3538.15px;letter-spacing:-0.58px;white-space:nowrap">Luxembourg, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3646.8px;left:4738.27px;white-space:nowrap">North </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3646.8px;left:5305.57px;white-space:nowrap">Macedonia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3876.8px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Malta, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3876.8px;left:614.13px;letter-spacing:-0.48px;white-space:nowrap">Moldova, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3876.8px;left:1491.88px;letter-spacing:-0.81px;white-space:nowrap">Monaco, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3876.8px;left:2315.69px;letter-spacing:-1.07px;white-space:nowrap">Montenegro, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3876.8px;left:3518.93px;letter-spacing:-0.08px;white-space:nowrap">Netherlands, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3876.8px;left:4707.44px;letter-spacing:-2.89px;white-space:nowrap">Norway, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3876.8px;left:5473.14px;letter-spacing:-0.6px;white-space:nowrap">Poland, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:0px;letter-spacing:-0.91px;white-space:nowrap">Portugal, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:838.54px;letter-spacing:-0.54px;white-space:nowrap">Romania, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:1713.06px;white-space:nowrap">Russia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:2370.26px;white-space:nowrap">San </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:2737.43px;letter-spacing:-0.54px;white-space:nowrap">Marino, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:3479.5px;white-space:nowrap">Serbia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:4133.59px;letter-spacing:-0.43px;white-space:nowrap">Slovakia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:4945.17px;letter-spacing:-0.32px;white-space:nowrap">Slovenia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4106.8px;left:5780.26px;white-space:nowrap">Spain, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:0px;letter-spacing:-0.47px;white-space:nowrap">Sweden, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:799.11px;letter-spacing:-0.54px;white-space:nowrap">Switzerland, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:1921.67px;letter-spacing:-5.1px;white-space:nowrap">Turkey, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:2583.6px;letter-spacing:-0.48px;white-space:nowrap">Ukraine, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:3370.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:3715.72px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:4361.33px;letter-spacing:-0.2px;white-space:nowrap">Kingdom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:5189.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4336.8px;left:5571.33px;text-rendering:optimizeLegibility;letter-spacing:-2.08px;white-space:nowrap">Vatican </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:0px;letter-spacing:-2.51px;white-space:nowrap">City. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:424.1px;white-space:nowrap">(The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:868.94px;letter-spacing:-0.54px;white-space:nowrap">list </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:1170.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:1400.67px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:2273.48px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:2486.06px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:3166.9px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:3943.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:4289.03px;white-space:nowrap">27 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:4561.78px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:5434.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4566.8px;left:5844.61px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:0px;letter-spacing:-0.54px;white-space:nowrap">members </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:886.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:1116.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:1461.37px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:2360.06px;white-space:nowrap">Union, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:2995.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:3340.39px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:3986px;letter-spacing:-0.2px;white-space:nowrap">Kingdom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:4814.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:5196px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4796.8px;left:5731.6px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:212.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:557.63px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">continent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:1452.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:1682.44px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:2363.28px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:2745.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:3090.21px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:3945.5px;text-rendering:optimizeLegibility;letter-spacing:-0.82px;white-space:nowrap">transcontinental </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5026.8px;left:5435.76px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:0px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:410.03px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:744.65px;letter-spacing:-0.54px;white-space:nowrap">geographically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:2063.79px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:2276.38px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:2741.73px;white-space:nowrap">Asia </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:3152.62px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:3534.5px;letter-spacing:-0.54px;white-space:nowrap">Europe: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:4273.13px;letter-spacing:-0.45px;white-space:nowrap">Azerbaijan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5256.8px;left:5301.27px;letter-spacing:-0.36px;white-space:nowrap">Georgia, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:0px;letter-spacing:-1.21px;white-space:nowrap">Kazakhstan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:1080.23px;white-space:nowrap">Russia </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:1683.62px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:2065.51px;letter-spacing:-4.3px;white-space:nowrap">Turkey.) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:2795.33px;letter-spacing:-1.07px;white-space:nowrap">Any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:3176.04px;letter-spacing:-0.46px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:3773.73px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:4502.27px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:4742.57px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:5615.37px;white-space:nowrap">(or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5486.8px;left:5921.42px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:738.53px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">entities) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:1506.91px;letter-spacing:-0.77px;white-space:nowrap">formed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:2204.62px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:2464.58px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">combination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:3621.19px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:3861.49px;white-space:nowrap">division </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:4582.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:4812.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5716.8px;left:5157.32px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:0px;letter-spacing:-0.2px;white-space:nowrap">comprising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:1019.65px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:1700.49px;white-space:nowrap">shall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:2150.26px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:2551.91px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:2824.66px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:3603.14px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:3837.75px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:4110.5px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:4916.81px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:5518.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5946.8px;left:5863.3px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6176.8px;left:0px;letter-spacing:-2.27px;white-space:nowrap">&#8220;Europe.&#8221;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:872.91px;letter-spacing:-0.4px;white-space:nowrap">expects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:1594.14px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:2004.17px;letter-spacing:-0.29px;white-space:nowrap">ordinarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:2891.9px;text-rendering:optimizeLegibility;letter-spacing:-0.65px;white-space:nowrap">substantially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:4038.2px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:4288.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:4518.81px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:4774.47px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:5362.93px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6522px;left:5712.05px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:0px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:787.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:1000.31px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:1889.01px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:2119.22px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:2767.29px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:3682.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6752px;left:3894.9px;letter-spacing:-0.61px;white-space:nowrap">Europe.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:0px;white-space:nowrap">An </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:288px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:855.29px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:1038.66px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:1817.15px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:2051.76px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:2324.5px;letter-spacing:-0.9px;white-space:nowrap">&#8220;domiciled&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:3408.82px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:3621.41px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:3774.7px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:4503.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:4743.54px;letter-spacing:-0.46px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:5355.3px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:5519.34px;white-space:nowrap">(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:5804.11px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7097.2px;left:5974.7px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:0px;letter-spacing:-1.29px;white-space:nowrap">organized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:906.53px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:1483.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:1828.75px;letter-spacing:-0.64px;white-space:nowrap">laws </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:2266.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:2496.38px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:2906.41px;letter-spacing:-2.27px;white-space:nowrap">country, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:3671.57px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:3911.88px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:4065.17px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:4793.7px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:5395.16px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7327.2px;left:5805.19px;letter-spacing:-0.4px;white-space:nowrap">region, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:240.3px;letter-spacing:-0.54px;white-space:nowrap">maintains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:1148.88px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:1404.54px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:2215.79px;white-space:nowrap">place </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:2734.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:2964.41px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:3769.54px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:3982.13px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:4392.16px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:5120.69px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7557.2px;left:5361px;letter-spacing:-0.4px;white-space:nowrap">region, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:0px;white-space:nowrap">(b) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:295.52px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:466.1px;letter-spacing:-0.27px;white-space:nowrap">derives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:1151.67px;white-space:nowrap">50% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:1579.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:1820.26px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:2340.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:2570.28px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:2825.95px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:3474.24px;letter-spacing:-0.72px;white-space:nowrap">revenues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:4329.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:4570.26px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:5191.48px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7787.2px;left:5667.26px;letter-spacing:-0.18px;white-space:nowrap">goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:0px;letter-spacing:-0.48px;white-space:nowrap">produced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:895.47px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:1135.77px;white-space:nowrap">sold, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:1601.98px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:2721.1px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:3271.43px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:3511.73px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:4265.94px;letter-spacing:-0.54px;white-space:nowrap">performed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:5262.49px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:5475.08px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8017.2px;left:5885.11px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:240.3px;letter-spacing:-0.4px;white-space:nowrap">region, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:905.89px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:1146.19px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:1498.86px;white-space:nowrap">50% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:1927.15px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:2167.45px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:2687.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:2917.47px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:3173.13px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:3761.59px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:3974.18px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:4384.21px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:5112.74px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:5353.05px;letter-spacing:-0.4px;white-space:nowrap">region, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8247.2px;left:6018.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:0px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:469.86px;letter-spacing:-0.43px;white-space:nowrap">case </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:908.36px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:1146.73px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:2232.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:2445.57px;letter-spacing:-0.21px;white-space:nowrap">good </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:2941.1px;letter-spacing:-0.81px;white-space:nowrap">faith </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:3390.45px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:3650.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:3995.45px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:4614.2px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:5648.24px;white-space:nowrap">adviser; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8477.2px;left:6388.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:0px;white-space:nowrap">(c) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:274.79px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:530.45px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:1135.34px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:2024.04px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:2358.66px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:2993.1px;white-space:nowrap">principally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:3949.9px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:4162.49px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:4572.52px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:5301.05px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8707.2px;left:5541.36px;letter-spacing:-0.29px;white-space:nowrap">region.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9059.9px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9059.9px;left:802.06px;letter-spacing:-0.24px;white-space:nowrap">Structure.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:1718.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:2097.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:2591.57px;letter-spacing:-0.36px;white-space:nowrap">seeks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:3123.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:3358.35px;letter-spacing:-0.4px;white-space:nowrap">achieve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:4079.04px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:4334.71px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:5368.75px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">objective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9052.4px;left:6222.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:0px;letter-spacing:-0.21px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:926.51px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:1555.25px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:2710.15px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:3546.1px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:3806.06px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:4637.19px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:4849.78px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:5454.67px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9282.4px;left:5694.97px;letter-spacing:-0.67px;white-space:nowrap">equity- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:573.63px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:1462.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:1692.54px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:2696.93px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:2909.52px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:3062.81px;white-space:nowrap">spectrum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:3950.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:4180.86px;letter-spacing:-0.22px;white-space:nowrap">industries. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:5148.73px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9512.4px;left:5749.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:0px;letter-spacing:-0.92px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:1190.77px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:2079.47px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:2771.48px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:3604.43px;letter-spacing:-0.69px;white-space:nowrap">stock, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:4165.82px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">convertible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:5202.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9742.4px;left:5584px;white-space:nowrap">non-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">convertible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:1036.3px;letter-spacing:-1.5px;white-space:nowrap">preferred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:1918.98px;letter-spacing:-0.69px;white-space:nowrap">stock, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:2480.37px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:3276.9px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:3872.56px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:4112.86px;text-rendering:optimizeLegibility;white-space:nowrap">non-voting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9972.4px;left:5173.01px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">convertible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:0px;white-space:nowrap">bonds, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:646.25px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:1238.68px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:1677.29px;letter-spacing:-1.01px;white-space:nowrap">warrants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:2502.07px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:2883.96px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">unattached </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:3931.75px;letter-spacing:-0.91px;white-space:nowrap">warrants. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10202.4px;left:4810.35px;letter-spacing:-1.15px;white-space:nowrap">Equity-linked </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">46 </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>
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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:194px;font-weight:300;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:888.7px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1290.35px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1982.36px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">options, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2747.1px;letter-spacing:-0.36px;white-space:nowrap">futures, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3483.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3865.58px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">options </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4576.49px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4855.25px;letter-spacing:-0.4px;white-space:nowrap">futures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5538.03px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5816.79px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:240.3px;white-space:nowrap">indices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:903.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1133.3px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1738.19px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2680.71px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3059.8px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3553.62px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3973.64px;white-space:nowrap">seek </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4422.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4657.49px;white-space:nowrap">earn </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5109.63px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:701.46px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:961.43px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1663px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1918.66px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2726.69px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:872.91px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1222.03px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1573.09px;letter-spacing:-1.07px;white-space:nowrap">concentrate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2681.79px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3800.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4013.5px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4373.79px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4761.26px;letter-spacing:-1.88px;white-space:nowrap">industry, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5567.68px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:0px;white-space:nowrap">means </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:635.4px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1045.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1390.47px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1884.29px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2233.41px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2584.46px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3151.33px;white-space:nowrap">25% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3579.62px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3819.92px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4339.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4569.94px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4825.61px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5281.4px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5869.85px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:345.04px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1233.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1463.95px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2112.02px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2324.61px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2684.9px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3072.37px;letter-spacing:-1.67px;white-space:nowrap">industry. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3880.94px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4284.95px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4468.32px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4621.61px;letter-spacing:-0.45px;white-space:nowrap">fundamental </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:5799.6px;letter-spacing:-2.15px;white-space:nowrap">policy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:574.17px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:994.19px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1266.93px;letter-spacing:-0.2px;white-space:nowrap">changed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2066.9px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2491.22px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2751.18px;letter-spacing:-0.95px;white-space:nowrap">approval </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3563.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3794.14px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3947.43px;white-space:nowrap">majority </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4733.76px;letter-spacing:-0.86px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5171.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5401.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5746.96px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;letter-spacing:-0.65px;white-space:nowrap">stockholders. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1218.59px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1556.87px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2418.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2649.13px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2904.79px;text-rendering:optimizeLegibility;letter-spacing:-0.77px;white-space:nowrap">concentration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4182.79px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4749.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5094.27px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5588.09px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">classifies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:821.46px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1469.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1699.74px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2507.76px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3396.46px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3619.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3964.94px;letter-spacing:-0.18px;white-space:nowrap">industry </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4734.73px;letter-spacing:-0.43px;white-space:nowrap">sub-group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5683.48px;letter-spacing:-0.54px;white-space:nowrap">level.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:217.74px;text-rendering:optimizeLegibility;white-space:nowrap">selecting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:1048.65px;letter-spacing:-0.24px;white-space:nowrap">industries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:1962.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:2344.59px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:3348.98px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:3649.66px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4683.7px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4943.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:5288.7px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:5836.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:618.75px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:1652.79px;white-space:nowrap">adviser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:2335.35px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:3187.53px;letter-spacing:-0.64px;white-space:nowrap">considers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:4070.97px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:4720.22px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:5177.2px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:5415.57px;letter-spacing:-0.94px;white-space:nowrap">overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:0px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:678.37px;letter-spacing:-0.39px;white-space:nowrap">prospects, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:1641.51px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">competitive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:2734.96px;text-rendering:optimizeLegibility;white-space:nowrap">position </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:3495.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:3708.1px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4177.53px;letter-spacing:-0.54px;white-space:nowrap">product </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4922.29px;letter-spacing:-0.95px;white-space:nowrap">markets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:0px;letter-spacing:-0.23px;white-space:nowrap">management, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1276.39px;letter-spacing:-1.21px;white-space:nowrap">technology, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2341.9px;letter-spacing:-0.5px;white-space:nowrap">research </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3150.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3532.68px;letter-spacing:-0.32px;white-space:nowrap">development, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4806.27px;text-rendering:optimizeLegibility;letter-spacing:-1.19px;white-space:nowrap">productivity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:0px;white-space:nowrap">labor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:506.71px;letter-spacing:-0.69px;white-space:nowrap">costs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1056.17px;letter-spacing:-1.34px;white-space:nowrap">raw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1433.65px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2214.18px;letter-spacing:-0.81px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2709.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3091.71px;letter-spacing:-0.36px;white-space:nowrap">sources, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3869.34px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">profit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4405.48px;letter-spacing:-0.36px;white-space:nowrap">margins, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5210.28px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5817px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1087.86px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1716.6px;letter-spacing:-0.64px;white-space:nowrap">resources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2621.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3003.62px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4129.73px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">regulation. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5130.15px;text-rendering:optimizeLegibility;letter-spacing:-1.02px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1222.57px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2074.75px;letter-spacing:-0.64px;white-space:nowrap">considers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2958.18px;letter-spacing:-0.9px;white-space:nowrap">environmental, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4342.96px;white-space:nowrap">social </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4886.73px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5268.61px;letter-spacing:-0.39px;white-space:nowrap">governance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-0.36px;white-space:nowrap">(ESG) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:524.22px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1173.48px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1583.51px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1754.09px;letter-spacing:-0.36px;white-space:nowrap">believes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2520.01px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2754.62px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3027.36px;text-rendering:optimizeLegibility;white-space:nowrap">financially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3962.58px;letter-spacing:-0.48px;white-space:nowrap">material.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:872.91px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:1225.58px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:1504.34px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:2203.54px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">intention </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:3053.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:3283.35px;letter-spacing:-0.6px;white-space:nowrap">focusing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:4067.1px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:4322.76px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:5441.88px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:5654.47px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:898.37px;letter-spacing:-0.39px;white-space:nowrap">countries; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:1828.96px;letter-spacing:-2.98px;white-space:nowrap">however, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2678.46px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3204.82px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3539.44px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3818.2px;letter-spacing:-0.29px;white-space:nowrap">prescribed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4803.91px;white-space:nowrap">limits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5330.7px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5609.46px;letter-spacing:-0.54px;white-space:nowrap">geographic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:503.38px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1571.8px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2173.25px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3046.05px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3258.64px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3939.48px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4375.19px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4850.96px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5302.56px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5537.17px;text-rendering:optimizeLegibility;white-space:nowrap">time, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:6042.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:942.3px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1645.06px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1875.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2220.3px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2839.05px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3427.51px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3847.53px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4120.27px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4908px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5120.59px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;white-space:nowrap">domiciled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:915.02px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1127.61px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1365.98px;letter-spacing:-1.88px;white-space:nowrap">few </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1736.37px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1974.74px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2501.1px;letter-spacing:-0.43px;white-space:nowrap">countries.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:872.91px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1292.93px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1643.98px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:2210.85px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:2730.66px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3184.84px;white-space:nowrap">15% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3613.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3843.34px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:4099px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:4554.79px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:5143.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:5355.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:5700.88px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:230.21px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:590.5px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:1148.55px;letter-spacing:-3.38px;white-space:nowrap">issuer.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:0px;white-space:nowrap">Although </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:855.29px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:1025.88px;letter-spacing:-0.54px;white-space:nowrap">intends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:1728.85px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:1963.46px;letter-spacing:-0.9px;white-space:nowrap">focus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:2481.23px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:2736.89px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:3856.02px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:4068.6px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:4673.5px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:4913.8px;letter-spacing:-0.92px;white-space:nowrap">equity-linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:888.7px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:1298.73px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:1633.35px;letter-spacing:-0.69px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:2155.74px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:2434.5px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:2587.79px;letter-spacing:-0.98px;white-space:nowrap">recognized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:3595.2px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:4483.9px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:5362.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:5602.59px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:0px;white-space:nowrap">publicly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:728.86px;letter-spacing:-0.54px;white-space:nowrap">traded, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:1417.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:1762.15px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:2255.97px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:2675.99px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:3077.64px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:3644.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:3857.09px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:4745.79px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:5155.82px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:5490.44px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:5841.49px;letter-spacing:-0.4px;white-space:nowrap">readily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:0px;letter-spacing:-1.07px;white-space:nowrap">marketable.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:872.91px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:1292.93px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:1694.58px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:2261.45px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:2474.03px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:3009.64px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:4043.68px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:5101.89px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7131.2px;left:5790.47px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:0px;letter-spacing:-0.2px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:945.53px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">limitations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:1918.66px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:2495.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:2840.88px;white-space:nowrap">1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:3336.63px;white-space:nowrap">Act. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:3730.01px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:3947.75px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:5076.97px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7361.2px;left:5873.51px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:0px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:566.87px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:1155.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:1385.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:1730.57px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:2224.38px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:2436.97px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:2972.58px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:4006.62px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:5064.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:5409.87px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:0px;white-space:nowrap">adviser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:682.56px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1031.68px;letter-spacing:-2.15px;white-space:nowrap">take </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1452.24px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1847.55px;text-rendering:optimizeLegibility;letter-spacing:-0.57px;white-space:nowrap">consideration, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:3149.29px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:3808.75px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:4344.36px;letter-spacing:-1.25px;white-space:nowrap">factors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:5047.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:5392.47px;letter-spacing:0.12px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:6179.12px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:381.88px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:917.49px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:1780.95px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:2513.13px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:2773.1px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:3230.07px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:3765.67px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:4799.72px;letter-spacing:-0.21px;white-space:nowrap">companies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:0px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:338.27px;letter-spacing:-0.54px;white-space:nowrap">temporary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:1318.93px;letter-spacing:-1.07px;white-space:nowrap">defensive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:2208.81px;white-space:nowrap">purposes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:3124.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:3469.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:3963.54px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:4365.2px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:4785.21px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:5352.08px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396.4px;left:5564.67px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:672.57px;letter-spacing:-0.4px;white-space:nowrap">instruments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:1782.24px;letter-spacing:-0.36px;white-space:nowrap">denominated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:3015.44px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:3228.03px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:3620.55px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:4256.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:4496.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:4709.48px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:4862.77px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626.4px;left:5761.46px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:240.3px;letter-spacing:-0.43px;white-space:nowrap">composite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:1211.72px;letter-spacing:-2.04px;white-space:nowrap">currency, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:2067.98px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:2917.26px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:3396.14px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:3847.74px;white-space:nowrap">deposits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:4640.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:5022.4px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">certificates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856.4px;left:6039.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:0px;white-space:nowrap">deposit.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:872.91px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:1292.93px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:1859.79px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:2220.09px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:2664.17px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:3521.07px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:4320.62px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:4599.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:4944.41px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:5563.16px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9431.6px;left:6264.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:888.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:1101.29px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:1720.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:1950.57px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:2218.15px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:3036.06px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:3693.49px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9661.6px;left:4366.05px;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: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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">47 </div></div>
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		<div style="height:534.44px;left:0px;position:absolute;top:0px;transform:translate(28.800px,24.475px) 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,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;white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:0px;left:882.27px;letter-spacing:-0.38px;white-space:nowrap">Risks</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:360.2px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:360.2px;left:519.05px;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:360.2px;left:1187.81px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:1604.43px;white-space:nowrap">When </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:2185.26px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:2692.83px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:3268.61px;letter-spacing:-0.81px;white-space:nowrap">fall, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:3633.74px;letter-spacing:-0.67px;white-space:nowrap">you </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:4006.82px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:4647.8px;letter-spacing:-0.46px;white-space:nowrap">expect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:5283.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:352.7px;left:5628.99px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:230.21px;letter-spacing:-0.54px;white-space:nowrap">your </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:679.12px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:1713.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:1947.77px;letter-spacing:-0.97px;white-space:nowrap">fall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:2259.08px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:2497.45px;letter-spacing:-0.36px;white-space:nowrap">well. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:2958.4px;letter-spacing:-0.36px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:3483.15px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:4058.94px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:4417.94px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:4690.68px;white-space:nowrap">hurt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:5117.15px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:582.7px;left:5377.11px;white-space:nowrap">poor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:0px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:1222.57px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:1501.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:1846.37px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:2262.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:2492.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:2837.33px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:3404.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:3634.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:3979.87px;letter-spacing:-0.69px;white-space:nowrap">stock, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:4541.26px;white-space:nowrap">shrinking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:812.7px;left:5392.04px;letter-spacing:-0.54px;white-space:nowrap">product </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:0px;white-space:nowrap">demand </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:778.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:1160.8px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:1696.41px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:2501.53px;letter-spacing:-0.31px;white-space:nowrap">risks. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:2994.49px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:3567.37px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:3987.39px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:4533.96px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:5092.01px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1042.7px;left:6096.41px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:0px;letter-spacing:-0.43px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:407.13px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:645.5px;letter-spacing:-0.77px;white-space:nowrap">groups </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:1297.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:1527.43px;letter-spacing:-0.2px;white-space:nowrap">companies. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:2585.64px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:2964.74px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:3637.3px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:3875.67px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:4028.96px;white-space:nowrap">whole </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:4618.71px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:5038.73px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:5389.79px;letter-spacing:-1.79px;white-space:nowrap">favor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1272.7px;left:5885.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:0px;white-space:nowrap">types </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:527.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:757.32px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:1876.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:2221.48px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:2715.3px;letter-spacing:-1.07px;white-space:nowrap">makes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:3379.71px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:3953.88px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:4486.9px;letter-spacing:-0.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:5368.73px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1502.7px;left:5915.29px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:0px;letter-spacing:-2.35px;white-space:nowrap">stock&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:632.5px;white-space:nowrap">price, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:1177.02px;letter-spacing:-0.98px;white-space:nowrap">regardless </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:2124.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:2355.01px;letter-spacing:-0.27px;white-space:nowrap">how </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:2786.42px;letter-spacing:-0.43px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:3193.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:3538.58px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:4393.34px;letter-spacing:-0.54px;white-space:nowrap">performs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:5305.78px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:5546.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1732.7px;left:5891.12px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:0px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:582.55px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:817.16px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:1157.79px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:1311.08px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:1818.65px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:2042.09px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:2309.68px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">attractive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:3188.82px;white-space:nowrap">price. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:3733.34px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:4293.76px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:4477.13px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:4630.42px;white-space:nowrap">chance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:5308.14px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1962.7px;left:5718.17px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:0px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:575.78px;letter-spacing:-0.94px;white-space:nowrap">overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:1214.73px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:1563.85px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:2250.27px;letter-spacing:-0.27px;white-space:nowrap">because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:3026.07px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:3533.64px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:4291.29px;letter-spacing:-0.43px;white-space:nowrap">tend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:4748.48px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:4983.09px;letter-spacing:-0.64px;white-space:nowrap">move </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:5523.85px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2192.7px;left:5736.44px;letter-spacing:-0.34px;white-space:nowrap">cycles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:438.6px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:1149.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:1380.05px;white-space:nowrap">rising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:1905.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:2287.12px;letter-spacing:-0.6px;white-space:nowrap">falling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:2864.4px;white-space:nowrap">prices. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:3494px;letter-spacing:-1.14px;white-space:nowrap">Events, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:4173.13px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:5022.4px;text-rendering:optimizeLegibility;white-space:nowrap">actions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2422.7px;left:5702.49px;letter-spacing:-1.79px;white-space:nowrap">taken </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:259.96px;letter-spacing:-0.81px;white-space:nowrap">central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:920.07px;letter-spacing:-0.36px;white-space:nowrap">banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:1481.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:1863.77px;letter-spacing:-0.54px;white-space:nowrap">governments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:3074.95px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:3309.56px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">stimulate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:4177.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:4418.26px;letter-spacing:-1.13px;white-space:nowrap">stabilize </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2652.7px;left:5172.9px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:0px;letter-spacing:-0.67px;white-space:nowrap">growth, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:732.19px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:1152.21px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:1375.64px;text-rendering:optimizeLegibility;white-space:nowrap">times </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:1912.32px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:2463.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:2676.2px;white-space:nowrap">unusually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:3565.87px;white-space:nowrap">high </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:3995.88px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:4668.45px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2882.7px;left:5463.05px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:0px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:533.03px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">negatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:1474.04px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:2020.61px;letter-spacing:-0.41px;white-space:nowrap">performance. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:3268.1px;white-space:nowrap">High </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:3720.02px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:4392.59px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:5187.19px;letter-spacing:-0.54px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3112.7px;left:5607.21px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:0px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:551.29px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:1027.06px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:1969.37px;text-rendering:optimizeLegibility;white-space:nowrap">shifts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:2485.1px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:2697.69px;letter-spacing:-0.24px;white-space:nowrap">momentum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:3791.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:4021.88px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:4409.35px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:4649.65px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:5169.46px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3342.7px;left:5876.51px;letter-spacing:-1px;white-space:nowrap">stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:0px;white-space:nowrap">due </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:387.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:621.65px;letter-spacing:-0.32px;white-space:nowrap">increases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:1491.55px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:1731.86px;letter-spacing:-0.32px;white-space:nowrap">decreases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:2661.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:2874.5px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:3551.9px;text-rendering:optimizeLegibility;letter-spacing:-1.5px;white-space:nowrap">activity. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:4271.31px;letter-spacing:-0.24px;white-space:nowrap">Momentum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:5377.11px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3572.7px;left:5736.11px;letter-spacing:-0.23px;white-space:nowrap">change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:0px;letter-spacing:-1.91px;white-space:nowrap">quickly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:699.64px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:1081.52px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:1970.22px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:2658.8px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:2893.41px;text-rendering:optimizeLegibility;white-space:nowrap">shifts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:3409.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:3621.73px;letter-spacing:-0.24px;white-space:nowrap">momentum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:4715.71px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:5135.73px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:5408.48px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3802.7px;left:5928.29px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">volatile </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:454.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:799.22px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:1471.79px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:1710.16px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:1863.45px;white-space:nowrap">whole </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:2453.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:2835.08px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:3526.88px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:3805.63px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:4262.61px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:5151.31px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4032.7px;left:5571.33px;letter-spacing:-0.86px;white-space:nowrap">drop </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:0px;letter-spacing:-1.36px;white-space:nowrap">precipitously. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:1218.92px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:1598.01px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:2091.83px;letter-spacing:-0.67px;white-space:nowrap">focuses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:2803.39px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:3059.05px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:4178.17px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:4390.76px;letter-spacing:-0.54px;white-space:nowrap">Europe, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:5125.42px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4262.7px;left:5507.3px;letter-spacing:-0.45px;white-space:nowrap">accordingly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:345.04px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:963.79px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:2157.46px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:2577.48px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:2850.22px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:3617.65px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:3877.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:4222.65px;letter-spacing:-0.74px;white-space:nowrap">general </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:4929.27px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4492.7px;left:6122.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4722.7px;left:0px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4722.7px;left:410.03px;letter-spacing:-0.46px;white-space:nowrap">region.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5075.4px;left:0px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5075.4px;left:751.51px;text-rendering:optimizeLegibility;white-space:nowrap">selection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5075.4px;left:1582.18px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:1998.8px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:2377.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:3266.59px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:3479.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:3824.22px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:4442.97px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:5251px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:5671.02px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5067.9px;left:6357.44px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:0px;letter-spacing:-0.46px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:572.24px;text-rendering:optimizeLegibility;letter-spacing:-1.02px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:1372.85px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:2595.42px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:3128.45px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:3401.19px;letter-spacing:-0.54px;white-space:nowrap">incorrect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:4242.95px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:4455.54px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:4711.2px;letter-spacing:-0.3px;white-space:nowrap">analysis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:5443.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5297.9px;left:5674.13px;letter-spacing:-0.22px;white-space:nowrap">industries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:0px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:1058.21px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:1967.97px;letter-spacing:-0.4px;white-space:nowrap">trends, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:2638.82px;letter-spacing:-0.54px;white-space:nowrap">ESG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:3031.55px;letter-spacing:-1.25px;white-space:nowrap">factors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:3734.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:4079.67px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:4783.17px;text-rendering:optimizeLegibility;letter-spacing:-0.57px;white-space:nowrap">attractiveness </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5527.9px;left:6055.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5757.9px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.18px;white-space:nowrap">different </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5757.9px;left:806.85px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5757.9px;left:1695.55px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5757.9px;left:1935.85px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5757.9px;left:2471.46px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6110.6px;left:0px;letter-spacing:-0.43px;white-space:nowrap">Focus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6110.6px;left:538.54px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:955.16px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:1206.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:1551.13px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:2162.79px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:2572.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:2917.86px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:3411.68px;letter-spacing:-0.67px;white-space:nowrap">focuses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:4123.24px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:4378.91px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:5498.03px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6103.1px;left:5710.62px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:0px;letter-spacing:-0.22px;white-space:nowrap">industries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:967.87px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:1471.25px;white-space:nowrap">classes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:2130.61px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:2370.91px;letter-spacing:-0.81px;white-space:nowrap">sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:3049.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:3279.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:3624.74px;letter-spacing:-2.63px;white-space:nowrap">economy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:4521.71px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:4882px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6333.1px;left:5554.57px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:0px;letter-spacing:-0.49px;white-space:nowrap">movements, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:1146.84px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:2104.07px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:2344.38px;letter-spacing:-0.31px;white-space:nowrap">technological </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:3568.34px;letter-spacing:-0.18px;white-space:nowrap">changes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:4392.91px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:4633.21px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6563.1px;left:5542.97px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">affecting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:810.82px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:1815.21px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:2027.8px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:2572.65px;letter-spacing:-0.22px;white-space:nowrap">industries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:3540.52px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:4043.9px;white-space:nowrap">classes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:4703.25px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:4943.55px;letter-spacing:-0.81px;white-space:nowrap">sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:5622.14px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6793.1px;left:6042.16px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:153.29px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:1095.6px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:1751.62px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:2030.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:2375.42px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:2994.17px;letter-spacing:-0.41px;white-space:nowrap">performance. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:4241.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:4620.75px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:5114.57px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7023.1px;left:5534.59px;letter-spacing:-0.31px;white-space:nowrap">become </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:0px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:519.81px;letter-spacing:-0.67px;white-space:nowrap">focused </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:1260.6px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:1473.18px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:2371.55px;letter-spacing:-0.22px;white-space:nowrap">industries, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:3339.42px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:3842.8px;white-space:nowrap">classes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:4502.16px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:4742.46px;letter-spacing:-0.81px;white-space:nowrap">sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:5421.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7253.1px;left:5651.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:0px;letter-spacing:-0.81px;white-space:nowrap">economy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:860.34px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:1098.71px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:1252px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:1803.29px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:2033.5px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:2804.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:3016.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:3361.88px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:4221.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:4451.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:4796.39px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7483.1px;left:5415.14px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:240.3px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">fluctuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:1332.68px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:1545.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:1890.3px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:2509.05px;letter-spacing:-0.13px;white-space:nowrap">assets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:3151.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:3533.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:3878.25px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:4372.07px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:4555.44px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:4906.49px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:5710.33px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7713.1px;left:5944.94px;letter-spacing:-0.46px;white-space:nowrap">reduce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:456.97px;letter-spacing:-0.64px;white-space:nowrap">exposures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:1399.06px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:1976.24px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7943.1px;left:2515.07px;letter-spacing:-0.65px;white-space:nowrap">circumstances.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8295.8px;left:0px;letter-spacing:-0.79px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8295.8px;left:861.53px;letter-spacing:-1.83px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8295.8px;left:1256.72px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">fluctuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8295.8px;left:2340.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8295.8px;left:2717.18px;letter-spacing:-0.69px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8295.8px;left:3382.66px;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:8295.8px;left:4183.39px;text-rendering:optimizeLegibility;letter-spacing:-0.51px;white-space:nowrap">considerations.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288.3px;left:5559.47px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8288.3px;left:5938.56px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:230.21px;letter-spacing:-0.29px;white-space:nowrap">currencies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:1195.18px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:1529.79px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">influenced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:2508.73px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:2768.69px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:2921.98px;letter-spacing:-0.54px;white-space:nowrap">variety </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:3570.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:3800.37px;letter-spacing:-1.25px;white-space:nowrap">factors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:4503.45px;white-space:nowrap">including: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8518.3px;left:5410.52px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:0px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:540.44px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">national </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:1306.14px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:1764.4px;letter-spacing:-0.46px;white-space:nowrap">levels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:2307.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:2689.2px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:3209.34px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">deficits, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:3946.79px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:4717.54px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:4930.13px;white-space:nowrap">balances </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8748.3px;left:5751.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:0px;letter-spacing:-0.72px;white-space:nowrap">payments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:912.55px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:1294.43px;letter-spacing:-0.61px;white-space:nowrap">trade, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:1868.39px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">domestic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:2724.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:3106.86px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:3778.99px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:4504.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:4886.19px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8978.3px;left:5660.81px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:0px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:582.55px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:822.85px;letter-spacing:-0.36px;white-space:nowrap">regional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:1586.73px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">political, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:2379.07px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:3288.83px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:3529.13px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:4318.79px;letter-spacing:-0.67px;white-space:nowrap">events, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:5002.85px;letter-spacing:-0.36px;white-space:nowrap">monetary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9208.3px;left:5909.81px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:230.21px;letter-spacing:-0.5px;white-space:nowrap">governments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:1495.21px;white-space:nowrap">actual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:2080.76px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:2321.06px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">potential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:3162.07px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:4288.17px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">intervention, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9438.3px;left:5472.93px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:0px;letter-spacing:-0.46px;white-space:nowrap">energy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:654.2px;white-space:nowrap">prices, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:1283.8px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:2022.32px;letter-spacing:-0.49px;white-space:nowrap">instability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:2919.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:3301.07px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:4427.18px;letter-spacing:-0.36px;white-space:nowrap">monetary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:5334.14px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9668.3px;left:6045.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:345.04px;white-space:nowrap">buying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:986.35px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:1226.65px;white-space:nowrap">selling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:1833.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:2063.47px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:2883.1px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:3143.06px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:3296.35px;letter-spacing:-1.07px;white-space:nowrap">country&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:4156.26px;letter-spacing:-0.54px;white-space:nowrap">government. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:5336.18px;white-space:nowrap">Since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:5850.63px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9898.3px;left:6160.64px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:0px;letter-spacing:-0.54px;white-space:nowrap">compute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:837.35px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:1219.24px;letter-spacing:-0.44px;white-space:nowrap">distribute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:2118.36px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:2819.82px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:3032.41px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:3424.93px;letter-spacing:-0.48px;white-space:nowrap">dollars, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:4114.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:4496.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:4841.72px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">computation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10128.3px;left:6018.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:701.43px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:1050.51px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:1323.22px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:1873.51px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:2152.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:2497.24px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:2857.49px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:3167.48px;white-space:nowrap">earn </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:3619.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:3964.58px;letter-spacing:-0.27px;white-space:nowrap">income, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:4719.83px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:5080.09px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">fluctuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:6087.35px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10358.3px;left:6299.9px;white-space:nowrap">the </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">48 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:518.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:748.62px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1420.76px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2240.39px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2943.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3178.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3523.54px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3916.06px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4471.33px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5298.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5643.62px;white-space:nowrap">earning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:575.24px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1276.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1658.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2003.63px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2455.23px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2678.67px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3252.84px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3562.86px;letter-spacing:-1.01px;white-space:nowrap">convert </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4280.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4625.8px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5297.94px;letter-spacing:-0.29px;white-space:nowrap">currencies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:234.61px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:627.13px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1263.17px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1683.19px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2150.37px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2417.96px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3154.23px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3810.25px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4089.01px;white-space:nowrap">us. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4391.94px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4609.69px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5442.1px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5942.04px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:349.12px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:915.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1128.57px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2017.28px;letter-spacing:-0.36px;white-space:nowrap">denominated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3250.48px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3490.78px;letter-spacing:-0.31px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4176.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4389.58px;letter-spacing:-0.29px;white-space:nowrap">currencies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5354.55px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5890.16px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:345.04px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:737.56px;letter-spacing:-2.55px;white-space:nowrap">dollar, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1326.23px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2096.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2309.57px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2981.71px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3801.34px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4679.73px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5166.35px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5515.47px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:6062.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:518.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:748.62px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1103.22px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1991.92px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2204.51px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:2559.11px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3367.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:3749.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:4094.06px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:5058.6px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:6213.5px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">depreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1160.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1390.25px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1380px;left:1744.85px;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:1732.7px;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:1732.7px;left:696.04px;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:1732.7px;left:1722.25px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2138.87px;letter-spacing:-0.81px;white-space:nowrap">Adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2895.55px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">political, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3687.89px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4597.65px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4837.95px;white-space:nowrap">social </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-0.38px;white-space:nowrap">developments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1358.67px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1597.04px;letter-spacing:-0.43px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2004.17px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2242.54px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2531.72px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2913.6px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3585.74px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4711.85px;text-rendering:optimizeLegibility;white-space:nowrap">actions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5391.93px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5848.91px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:6087.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">imposition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:983.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1213.33px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">tariffs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1821.98px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2731.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3113.62px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3633.76px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4513.22px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4753.53px;letter-spacing:-0.39px;white-space:nowrap">embargoes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5840.85px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">undermine </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1022.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1367.8px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1886.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2116.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2461.46px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3080.21px;letter-spacing:-0.83px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4253.15px;letter-spacing:-1.07px;white-space:nowrap">prevent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4985.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5330.27px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5824.09px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-0.32px;white-space:nowrap">realizing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:784.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1129.33px;white-space:nowrap">full </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1456.21px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1974.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2204.83px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2460.5px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3579.62px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3819.92px;letter-spacing:-1.07px;white-space:nowrap">prevent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4552px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4897.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5390.86px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5866.63px;white-space:nowrap">selling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:888.7px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1059.29px;white-space:nowrap">holds.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:825.86px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1698.34px;letter-spacing:-0.91px;white-space:nowrap">standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2607.24px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2907.91px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3912.3px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4487.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4700.57px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5372.71px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:516.91px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:992.69px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1537.53px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1750.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2095.16px;white-space:nowrap">US. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2438.15px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2689.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3034.13px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3645.79px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4055.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4400.86px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4894.68px;letter-spacing:-1.07px;white-space:nowrap">invests </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5546.62px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5759.21px;white-space:nowrap">non-US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:555.26px;letter-spacing:-0.36px;white-space:nowrap">denominated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1788.47px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2460.61px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3403.13px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4173.88px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4386.46px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5206.09px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:6084.48px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:420.02px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:966.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1311.62px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1600.8px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2156.06px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2674.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2904.69px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3576.83px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4465.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4705.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5050.87px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5752.33px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5992.64px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:799.54px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1078.3px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1617.13px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-0.81px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:709.74px;letter-spacing:-0.54px;white-space:nowrap">governments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:1920.92px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2340.94px;letter-spacing:-0.66px;white-space:nowrap">restrict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3016.94px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4050.99px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4310.95px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4983.09px;text-rendering:optimizeLegibility;white-space:nowrap">parties, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5693.25px;white-space:nowrap">limit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.73px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1030.07px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1260.27px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1937.68px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">profit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2473.82px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2714.12px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3533.75px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4009.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4354.56px;letter-spacing:-2.27px;white-space:nowrap">country, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5119.73px;letter-spacing:-0.66px;white-space:nowrap">restrict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:819.63px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1698.02px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1938.32px;letter-spacing:-0.9px;white-space:nowrap">seize </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2420.32px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3092.46px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4265.4px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4644.49px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5763.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5993.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:493.82px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:913.84px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1315.49px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1588.23px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2276.81px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2511.42px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3183.55px;white-space:nowrap">withholding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4280.01px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4520.31px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5055.92px;letter-spacing:-1.61px;white-space:nowrap">taxes. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5609.89px;letter-spacing:-0.81px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:0px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:933.82px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2119.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2501px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3036.6px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3448.13px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3782.75px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4634.93px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5249.49px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5703.67px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:6248.52px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:0px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:289.18px;letter-spacing:-0.83px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1462.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1844px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2189.04px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3315.9px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3697.78px;letter-spacing:-0.6px;white-space:nowrap">custody </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4433.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4664.15px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5336.29px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5924.75px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:0px;letter-spacing:-1.01px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:670.1px;letter-spacing:-1px;white-space:nowrap">delays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1270.05px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1482.64px;letter-spacing:-0.72px;white-space:nowrap">payment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2363.93px;letter-spacing:-0.12px;white-space:nowrap">delivery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3111.04px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3351.35px;letter-spacing:-0.84px;white-space:nowrap">recovery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4164.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4394.95px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5052.37px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5292.68px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:0px;letter-spacing:-0.81px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:709.74px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:1467.38px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:1826.39px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:2293.56px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:3049.71px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:3488.85px;letter-spacing:-0.54px;white-space:nowrap">beyond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:4198.15px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:4743px;letter-spacing:-0.27px;white-space:nowrap">typical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:5368.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.8px;left:5598.61px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:0px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:811.46px;letter-spacing:-0.27px;white-space:nowrap">Because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:1590.7px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:2262.84px;letter-spacing:-0.97px;white-space:nowrap">exchanges </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:3226.31px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:4078.49px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:4413.11px;white-space:nowrap">smaller </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:5107.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:5489.04px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.8px;left:5866.2px;white-space:nowrap">liquid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:454.18px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:743.36px;letter-spacing:-0.88px;white-space:nowrap">exchanges, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:1760.64px;white-space:nowrap">buying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:2401.95px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:2783.84px;white-space:nowrap">selling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:3390.45px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:4062.59px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:5181.71px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:5540.71px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.8px;left:5813.46px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">difficult </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:715.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:1097.21px;letter-spacing:-2.48px;white-space:nowrap">costly. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:1692.11px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">Relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:2581.35px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:3090.85px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:4217.71px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:4576.71px;text-rendering:optimizeLegibility;letter-spacing:-0.11px;white-space:nowrap">sometimes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.8px;left:5594.85px;letter-spacing:-0.39px;white-space:nowrap">materially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:546.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:891.6px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:1382.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:1764.19px;letter-spacing:-0.54px;white-space:nowrap">availability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:2740.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:2970.97px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:3643.11px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:4585.63px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:4803.37px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:5466.7px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">situations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.8px;left:6425.12px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:420.02px;letter-spacing:-0.31px;white-space:nowrap">become </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:1181.64px;white-space:nowrap">virtually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:1936.82px;white-space:nowrap">impossible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:2928.43px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:3163.04px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:3503.67px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:4175.81px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:5294.93px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:5507.52px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.8px;left:5775.11px;letter-spacing:-0.4px;white-space:nowrap">orderly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:0px;letter-spacing:-0.6px;white-space:nowrap">fashion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:691.15px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:914.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1067.88px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1558.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:1968.61px;letter-spacing:-0.39px;white-space:nowrap">approaches </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:3041.97px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:3850px;letter-spacing:-0.7px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:5206.09px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">estimate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:6020.35px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.8px;left:6250.56px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:0px;letter-spacing:-0.46px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:572.24px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:910.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1255.55px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:1776.65px;letter-spacing:-0.4px;white-space:nowrap">reason, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2479.19px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:2649.78px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3069.79px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3293.23px;text-rendering:optimizeLegibility;white-space:nowrap">times </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:3829.91px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:4102.66px;text-rendering:optimizeLegibility;white-space:nowrap">difficult </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:4817.98px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:5052.59px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:5571.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7820.8px;left:5916.04px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:0px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8050.8px;left:672.14px;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:8403.5px;left:0px;letter-spacing:-0.28px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8403.5px;left:882.35px;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:8403.5px;left:1908.56px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:2325.18px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:3223.87px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:4013.53px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:4771.18px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8396px;left:5238.35px;letter-spacing:-0.27px;white-space:nowrap">experienced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:794.6px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:1007.19px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:1624.97px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:2137.91px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:2519.79px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:2986.97px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:3482.72px;letter-spacing:-0.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:4364.55px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:5131.97px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8626px;left:5391.93px;letter-spacing:-0.24px;white-space:nowrap">concerns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:0px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:568.91px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:1478.66px;letter-spacing:-0.29px;white-space:nowrap">downturns, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:2537.84px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:3097.62px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">rating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:3656.86px;letter-spacing:-0.45px;white-space:nowrap">downgrades, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:4842.69px;white-space:nowrap">rising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8856px;left:5367.87px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:0px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:458.26px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:916.09px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:1297.98px;white-space:nowrap">possible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:2067.01px;letter-spacing:-0.87px;white-space:nowrap">default </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:2737.22px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:3015.98px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:3256.28px;letter-spacing:-0.42px;white-space:nowrap">restructuring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:4454.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:4684.35px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086px;left:5810.45px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:212.59px;letter-spacing:-0.94px;white-space:nowrap">several </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:882.04px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:1780.73px;letter-spacing:-0.39px;white-space:nowrap">countries. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:2707.35px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:2881.05px;letter-spacing:-0.87px;white-space:nowrap">default </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:3551.26px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:3791.56px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:4249.82px;letter-spacing:-0.42px;white-space:nowrap">restructuring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:5447.69px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316px;left:5707.65px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:0px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:898.69px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:1627.23px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:2220.41px;letter-spacing:-0.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3102.24px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3758.26px;letter-spacing:-0.54px;white-space:nowrap">holders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:4465.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:4695.41px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:5105.44px;letter-spacing:-1.07px;white-space:nowrap">country&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:0px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:458.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:840.15px;letter-spacing:-0.54px;white-space:nowrap">sellers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:1446.11px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:1676.32px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2236.09px;letter-spacing:-0.87px;white-space:nowrap">default </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2906.3px;letter-spacing:-0.81px;white-space:nowrap">swaps </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3492.93px;letter-spacing:-1.07px;white-space:nowrap">linked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4066.56px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4301.17px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4711.2px;letter-spacing:-1.07px;white-space:nowrap">country&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:0px;letter-spacing:-0.3px;white-space:nowrap">creditworthiness. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1584.04px;letter-spacing:-0.54px;white-space:nowrap">Most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2089.03px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2961.84px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3174.42px;letter-spacing:-1.61px;white-space:nowrap">Western </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3969.99px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4650.83px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4985.45px;letter-spacing:-0.54px;white-space:nowrap">members </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5871.57px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:6101.78px;white-space:nowrap">the </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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">49 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:898.69px;white-space:nowrap">Union </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1480.17px;white-space:nowrap">(EU), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1962.6px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2536.77px;letter-spacing:-0.81px;white-space:nowrap">faces </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3038.32px;white-space:nowrap">major </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3606.8px;white-space:nowrap">issues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4183.33px;letter-spacing:-0.59px;white-space:nowrap">involving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5012.84px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5268.51px;letter-spacing:-0.36px;white-space:nowrap">membership, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.54px;white-space:nowrap">structure, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:909.86px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1957.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2339.33px;white-space:nowrap">policies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:0px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:898.69px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:1771.49px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2106.11px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:2507.76px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">significantly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:3595.63px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4363.05px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:4623.01px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5114.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:575.2px;left:5496.78px;letter-spacing:-0.36px;white-space:nowrap">monetary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:0px;letter-spacing:-0.95px;white-space:nowrap">controls </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:760.22px;letter-spacing:-0.36px;white-space:nowrap">implemented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:1992.14px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:2829.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3063.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:3409.03px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:4307.72px;letter-spacing:-0.6px;white-space:nowrap">Economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5213.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:805.2px;left:5594.96px;letter-spacing:-0.36px;white-space:nowrap">Monetary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:0px;white-space:nowrap">Union </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:581.47px;white-space:nowrap">(EMU), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1249.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1631.63px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1802.22px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1985.59px;white-space:nowrap">possible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2754.62px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3164.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3509.69px;text-rendering:optimizeLegibility;white-space:nowrap">timing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4118.55px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4500.44px;letter-spacing:-0.7px;white-space:nowrap">substance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5434.37px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5664.57px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;letter-spacing:-0.95px;white-space:nowrap">controls </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:760.22px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1180.24px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1531.3px;letter-spacing:-0.4px;white-space:nowrap">address </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2264.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2609.71px;white-space:nowrap">needs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3190.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3420.74px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3671.14px;white-space:nowrap">EMU </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4154.11px;white-space:nowrap">member </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4959.45px;letter-spacing:-0.39px;white-space:nowrap">countries. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">Investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:836.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1048.87px;letter-spacing:-0.51px;white-space:nowrap">euro-denominated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2758.7px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3647.4px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4049.05px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4488.19px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5345.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5579.81px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5733.11px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:410.03px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:830.05px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1181.1px;white-space:nowrap">fully </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1604.99px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2222.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2567.06px;letter-spacing:-1.02px;white-space:nowrap">strengths </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3437.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3819.49px;letter-spacing:-0.2px;white-space:nowrap">weaknesses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4917.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5147.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5492.27px;letter-spacing:-0.86px;white-space:nowrap">disparate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1009.98px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1420.01px;letter-spacing:-0.24px;white-space:nowrap">comprise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2282.39px;letter-spacing:-0.54px;white-space:nowrap">Europe. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3017.05px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3577.47px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3760.84px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4699.6px;letter-spacing:-0.27px;white-space:nowrap">concern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5462.19px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">member </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:805.34px;letter-spacing:-1.12px;white-space:nowrap">state-level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1762.26px;white-space:nowrap">support </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2502.82px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2803.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3148.54px;letter-spacing:-1.43px;white-space:nowrap">euro, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3657.07px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4231.24px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4764.27px;white-space:nowrap">lead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5189.12px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5423.73px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:872.8px;letter-spacing:-0.47px;white-space:nowrap">leaving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1542.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1887.4px;letter-spacing:-0.64px;white-space:nowrap">EMU, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2420.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2766.01px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">implementation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4223.4px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4453.6px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5273.23px;letter-spacing:-0.86px;white-space:nowrap">controls, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:6087.28px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">potentially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:986.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1331.6px;text-rendering:optimizeLegibility;white-space:nowrap">dissolution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2340.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2570.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2915.32px;letter-spacing:-0.72px;white-space:nowrap">euro. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3428.15px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3807.25px;text-rendering:optimizeLegibility;white-space:nowrap">dissolution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4815.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5045.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5390.97px;letter-spacing:-0.86px;white-space:nowrap">euro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5849.98px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:467.18px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1409.48px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">negative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2204.94px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2840.66px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3119.42px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4018.12px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4807.77px;letter-spacing:-1.07px;white-space:nowrap">markets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3227.9px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Regional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3227.9px;left:800.32px;letter-spacing:-0.53px;white-space:nowrap">focus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3227.9px;left:1308.3px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1724.92px;letter-spacing:-0.36px;white-space:nowrap">Focusing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2546.26px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3665.39px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3877.97px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4031.26px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4589.32px;letter-spacing:-0.54px;white-space:nowrap">geographic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5612.94px;letter-spacing:-0.4px;white-space:nowrap">region, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:238.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:583.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1077.23px;white-space:nowrap">does, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1603.59px;letter-spacing:-0.9px;white-space:nowrap">involves </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2358.77px;letter-spacing:-0.32px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:3257.89px;letter-spacing:-2.04px;white-space:nowrap">currency, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4114.15px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">political, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:4906.49px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:5863.73px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:535.61px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:974.75px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1918.13px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2152.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2306.03px;letter-spacing:-0.54px;white-space:nowrap">broader </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3058.73px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4092.77px;letter-spacing:-2.63px;white-space:nowrap">strategy. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4887.91px;letter-spacing:-1.23px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5572.29px;letter-spacing:-0.15px;white-space:nowrap">swings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:212.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:365.88px;letter-spacing:-1.25px;white-space:nowrap">targeted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1163.16px;letter-spacing:-0.46px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1774.93px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2109.55px;letter-spacing:-1.07px;white-space:nowrap">likely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2600.15px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2834.76px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3301.93px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3455.22px;letter-spacing:-0.94px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4145.52px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4696.16px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4974.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5319.96px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1193.67px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1647.85px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2088.82px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2682px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2894.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3047.88px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3567.7px;letter-spacing:-0.54px;white-space:nowrap">geographically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:4886.84px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:5844.5px;white-space:nowrap">fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4493.1px;left:0px;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:4493.1px;left:681.47px;text-rendering:optimizeLegibility;letter-spacing:-0.07px;white-space:nowrap">disruption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4493.1px;left:1624.73px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2041.35px;letter-spacing:-0.54px;white-space:nowrap">Economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3046.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3428.81px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4218.47px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4976.12px;letter-spacing:-0.39px;white-space:nowrap">throughout </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:6031.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">world </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:554.73px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1021.9px;letter-spacing:-0.31px;white-space:nowrap">become </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1783.53px;letter-spacing:-0.25px;white-space:nowrap">increasingly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2871.17px;letter-spacing:-0.74px;white-space:nowrap">interconnected, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4317.07px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4891.24px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:5243.91px;letter-spacing:-0.32px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:345.04px;letter-spacing:-0.68px;white-space:nowrap">likelihood </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1245.23px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1655.26px;letter-spacing:-0.77px;white-space:nowrap">events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2285.51px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2525.81px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3492.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3704.66px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4092.13px;letter-spacing:-0.4px;white-space:nowrap">country </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4820.66px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5060.97px;letter-spacing:-0.46px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5672.73px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;letter-spacing:-0.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:881.83px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1537.85px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2295.5px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2535.8px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3183.88px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3396.46px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3932.07px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4804.87px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5045.18px;letter-spacing:-0.36px;white-space:nowrap">regions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:0px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:404.01px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1181.1px;letter-spacing:-0.36px;white-space:nowrap">reliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1929.4px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2208.16px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2790.71px;white-space:nowrap">supply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3413.97px;white-space:nowrap">chains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4023.06px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4433.09px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4767.71px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">susceptible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5808.09px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1034.26px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1849.8px;letter-spacing:-0.72px;white-space:nowrap">from, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2379.39px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3038.86px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3574.46px;white-space:nowrap">things, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4215.66px;letter-spacing:-0.67px;white-space:nowrap">war </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4595.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:4977.71px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:5513.32px;white-space:nowrap">armed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">conflicts, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:835.96px;letter-spacing:-0.67px;white-space:nowrap">extreme </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:1620.67px;letter-spacing:-0.54px;white-space:nowrap">weather </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:2403.24px;letter-spacing:-0.67px;white-space:nowrap">events, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3087.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:3469.19px;letter-spacing:-0.81px;white-space:nowrap">natural </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:4144.87px;letter-spacing:-0.83px;white-space:nowrap">disasters. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5017.78px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5865.6px;left:5489.26px;white-space:nowrap">supply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:0px;white-space:nowrap">chain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:524px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1558.26px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:1917.27px;white-space:nowrap">lead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2342.12px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:2626.25px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3008.13px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3475.31px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:3796.61px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4080.74px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:4990.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6095.6px;left:5372.38px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1034.26px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1444.29px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1911.46px;letter-spacing:-1.2px;white-space:nowrap">far-reaching </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3020.06px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3655.78px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3934.54px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4724.2px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5481.85px;letter-spacing:-0.2px;white-space:nowrap">worldwide. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:379.09px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:897.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1127.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1472.75px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2091.5px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3210.63px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3630.64px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3903.39px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">negatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4844.4px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5611.83px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5871.79px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:770.75px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:983.34px;letter-spacing:-0.94px;white-space:nowrap">overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1622.29px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2532.04px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2772.34px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3444.91px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">conditions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4464.99px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4921.96px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5160.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5505.37px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:230.21px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1139.96px;text-rendering:optimizeLegibility;white-space:nowrap">activity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1820.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2202.47px;text-rendering:optimizeLegibility;letter-spacing:-1.53px;white-space:nowrap">productivity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3345.33px;letter-spacing:-0.25px;white-space:nowrap">unemployment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4747.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5128.96px;white-space:nowrap">labor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5635.67px;letter-spacing:-1.43px;white-space:nowrap">force </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">participation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1168.54px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:1708.97px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2483.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2723.9px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">deflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3557.6px;white-space:nowrap">(and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4005.22px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5172.79px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5473.47px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:240.3px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">deflation), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1193.56px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1918.88px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2459.32px;white-space:nowrap">demand </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3238.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3620.12px;white-space:nowrap">supply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4243.38px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4544.05px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:5442.42px;letter-spacing:-0.48px;white-space:nowrap">products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:240.3px;letter-spacing:-0.64px;white-space:nowrap">resources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1145.44px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1994.72px;letter-spacing:-2.92px;white-space:nowrap">labor, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2534.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2916.72px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3374.98px;letter-spacing:-0.46px;white-space:nowrap">levels </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3917.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:4299.78px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:4859.55px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">ratings, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:5557.69px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:535.61px;letter-spacing:-1.25px;white-space:nowrap">factors. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1238.68px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1710.16px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:2446.43px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3412.69px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3832.71px;letter-spacing:-0.59px;white-space:nowrap">contribute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:4804.87px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5039.48px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5307.07px;letter-spacing:-0.94px;white-space:nowrap">overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:0px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:909.76px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">contraction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:1966.89px;letter-spacing:-0.61px;white-space:nowrap">across </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2570.18px;text-rendering:optimizeLegibility;letter-spacing:-0.77px;white-space:nowrap">entire </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3141.23px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4151.21px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4391.51px;letter-spacing:-0.95px;white-space:nowrap">markets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5202.98px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5777.15px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">negatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:941.02px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1597.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1942.08px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profitability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3007.81px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3238.02px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3886.09px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:4783.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:4995.65px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5540.5px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:240.3px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1101.5px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1319.25px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2151.66px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">geopolitical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3215.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3597.02px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:4132.63px;white-space:nowrap">globally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:4860.73px;letter-spacing:-0.79px;white-space:nowrap">interconnected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:0px;letter-spacing:-0.25px;white-space:nowrap">occurrences, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:1178.53px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:2027.8px;letter-spacing:-4.62px;white-space:nowrap">war, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:2441.38px;letter-spacing:-0.59px;white-space:nowrap">terrorism, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:3369.39px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:4279.15px;letter-spacing:-0.45px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:5338.22px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:5578.53px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:0px;white-space:nowrap">crises, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:600.38px;letter-spacing:-0.68px;white-space:nowrap">contagion, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:1575.56px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:2095.69px;letter-spacing:-0.21px;white-space:nowrap">disputes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:2939.71px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:4065.81px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:4524.07px;white-space:nowrap">crises </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9085.6px;left:5070.63px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:0px;letter-spacing:-0.78px;white-space:nowrap">defaults </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:755.28px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:995.59px;letter-spacing:-0.45px;white-space:nowrap">downgrades) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:2193.34px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:2433.64px;letter-spacing:-0.45px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:3492.71px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:4061.62px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:5187.72px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9315.6px;left:5645.99px;letter-spacing:-0.64px;white-space:nowrap">payments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:0px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:1126.1px;letter-spacing:-0.34px;white-space:nowrap">shutdowns, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:2193.98px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:2777.29px;white-space:nowrap">health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:3388.73px;white-space:nowrap">crises, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:3989.11px;letter-spacing:-0.81px;white-space:nowrap">natural </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:4664.79px;letter-spacing:-0.83px;white-space:nowrap">disasters, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9545.6px;left:5537.71px;white-space:nowrap">supply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:0px;white-space:nowrap">chain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:524px;text-rendering:optimizeLegibility;letter-spacing:-0.08px;white-space:nowrap">disruptions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:1612.08px;letter-spacing:-0.54px;white-space:nowrap">climate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2306.78px;letter-spacing:-0.23px;white-space:nowrap">change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:2992.45px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:3374.34px;letter-spacing:-0.94px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:4048.52px;letter-spacing:-0.77px;white-space:nowrap">events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:4678.76px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9775.6px;left:4919.06px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">conditions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:0px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:467.18px;white-space:nowrap">led, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:842.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1224.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1436.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:1781.81px;letter-spacing:-0.46px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:2379.5px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:2799.52px;white-space:nowrap">lead, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:3278.19px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:3512.8px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:4547.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:4759.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5104.69px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5393.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10005.6px;left:5775.75px;letter-spacing:-0.36px;white-space:nowrap">world </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:0px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1009.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:1391.87px;letter-spacing:-0.95px;white-space:nowrap">markets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:2203.33px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:2777.5px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:3197.52px;letter-spacing:-0.36px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:3982.34px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:4772px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10235.6px;left:5444.57px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">volatility </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">50 </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: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:194px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:381.88px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:849.06px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1791.37px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2527.64px;letter-spacing:-0.46px;white-space:nowrap">direct </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3087.41px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3327.71px;letter-spacing:-0.36px;white-space:nowrap">indirect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4050.34px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4686.06px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4964.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5309.86px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5803.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:255.66px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1428.6px;letter-spacing:-0.81px;white-space:nowrap">Adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2185.28px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2857.85px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3824.11px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4064.41px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5098.67px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5631.7px;letter-spacing:-0.36px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:838.86px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1073.47px;white-space:nowrap">lose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1480.27px;letter-spacing:-2.61px;white-space:nowrap">money, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2174.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2556.21px;letter-spacing:-0.64px;white-space:nowrap">encounter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3516.24px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">operational </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4576.92px;text-rendering:optimizeLegibility;white-space:nowrap">difficulties. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5586.69px;white-space:nowrap">Although </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">multiple </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:777.3px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1280.68px;white-space:nowrap">classes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1940.04px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2360.06px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2632.8px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3400.22px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3660.19px;letter-spacing:-0.81px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4396.46px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5069.02px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:6035.28px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:6275.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:898.27px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1570.75px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruption, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2573.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2918.6px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">duration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3717.94px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4099.73px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4735.35px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5155.28px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5506.24px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5778.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:6123.83px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:300.67px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:551.07px;white-space:nowrap">types </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1078.19px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1308.4px;letter-spacing:-0.15px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;letter-spacing:-0.67px;white-space:nowrap">Current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:723.38px;letter-spacing:-0.24px;white-space:nowrap">military </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1439.35px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1821.23px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2356.84px;white-space:nowrap">armed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2983px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">conflicts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3765.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3977.72px;letter-spacing:-0.4px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4663.08px;letter-spacing:-0.54px;white-space:nowrap">geographic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5686.7px;letter-spacing:-0.36px;white-space:nowrap">regions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:849.28px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1394.12px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1606.71px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2287.55px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2669.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3014.47px;white-space:nowrap">Middle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3684.46px;letter-spacing:-1.16px;white-space:nowrap">East, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4149.49px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4508.5px;white-space:nowrap">lead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4933.35px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5217.48px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5599.37px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:6066.54px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:284.13px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1193.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1575.77px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2248.34px;text-rendering:optimizeLegibility;letter-spacing:-0.08px;white-space:nowrap">disruptions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3336.42px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3910.59px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4330.61px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4681.66px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4954.4px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5616.98px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5851.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">geographic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1023.62px;letter-spacing:-0.46px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1635.39px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1847.98px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2422.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2767.19px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">conflict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3464.25px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3647.62px;white-space:nowrap">occurring. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4584.98px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5056.46px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">conflicts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5838.59px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:401.65px;letter-spacing:-0.4px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1006.76px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1388.64px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1855.82px;letter-spacing:-0.6px;white-space:nowrap">resulted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2627.97px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2840.56px;white-space:nowrap">some </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3372.83px;letter-spacing:-0.31px;white-space:nowrap">cases, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3950.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4162.81px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5042.28px;white-space:nowrap">being </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5581px;letter-spacing:-0.15px;white-space:nowrap">levied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:6155.27px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:345.04px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:990.64px;letter-spacing:-0.94px;white-space:nowrap">States, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1628.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1973.23px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2871.92px;white-space:nowrap">Union </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3453.4px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4102.33px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4637.94px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5510.74px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:872.8px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1113.11px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1648.71px;letter-spacing:-0.92px;white-space:nowrap">actors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2237.06px;letter-spacing:-0.9px;white-space:nowrap">involved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3021.46px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3234.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3579.08px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">conflict. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4329.96px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4547.71px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5380.12px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5837.09px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">conflicts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:381.88px;letter-spacing:-0.94px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1056.06px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1935.53px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2294.53px;letter-spacing:-0.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3176.36px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3722.92px;letter-spacing:-0.36px;white-space:nowrap">regional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4486.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4868.68px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5451.23px;letter-spacing:-2.55px;white-space:nowrap">energy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">commodities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1248.24px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2037.9px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2419.79px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2955.39px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3713.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4094.92px;white-space:nowrap">thus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4530.63px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5063.65px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5610.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:5955.25px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:575.24px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1201.19px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2374.13px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2753.22px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3364.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3746.77px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">duration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4546.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:4776.41px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5136.7px;letter-spacing:-0.24px;white-space:nowrap">military </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5852.67px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">conflict, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:0px;letter-spacing:-0.94px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:674.18px;text-rendering:optimizeLegibility;white-space:nowrap">sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1553.64px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1935.53px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2751.07px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3660.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4042.71px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4715.28px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5749.54px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:0px;white-space:nowrap">impossible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:991.61px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1226.22px;letter-spacing:-0.36px;white-space:nowrap">predict, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1954.11px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2304.74px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2837.76px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3110.51px;text-rendering:optimizeLegibility;letter-spacing:-0.76px;white-space:nowrap">substantial.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:564.82px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:1237.39px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">disruption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2186.57px;letter-spacing:-0.77px;white-space:nowrap">events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:2816.82px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:3508.83px;white-space:nowrap">pandemic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:4429.86px;letter-spacing:-0.46px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5078.15px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4370.4px;left:5308.36px;white-space:nowrap">viruses, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:456.97px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:695.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1040.38px;letter-spacing:-0.54px;white-space:nowrap">novel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:1569.97px;letter-spacing:-0.85px;white-space:nowrap">coronavirus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:2646.77px;letter-spacing:-0.18px;white-space:nowrap">known </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3289.47px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:3527.84px;letter-spacing:-0.43px;white-space:nowrap">COVID-19, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:4488.3px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5062.47px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4600.4px;left:5529.65px;letter-spacing:-0.31px;white-space:nowrap">caused </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:942.3px;letter-spacing:-1.74px;white-space:nowrap">uncertainty, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2038.01px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2710.58px;text-rendering:optimizeLegibility;letter-spacing:-1.79px;white-space:nowrap">volatility, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3541.81px;letter-spacing:-0.32px;white-space:nowrap">decreased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4501.08px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5410.84px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5792.72px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.72px;white-space:nowrap">activity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:717.26px;letter-spacing:-0.32px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1616.38px;letter-spacing:-0.59px;white-space:nowrap">government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2742.48px;text-rendering:optimizeLegibility;letter-spacing:-1.72px;white-space:nowrap">activity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3459.74px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4309.01px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5218.77px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">stimulus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;letter-spacing:-0.32px;white-space:nowrap">measures, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:955.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1337.51px;white-space:nowrap">supply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1960.77px;white-space:nowrap">chain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2484.78px;text-rendering:optimizeLegibility;letter-spacing:-0.08px;white-space:nowrap">disruptions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3572.85px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4136.49px;letter-spacing:-0.48px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5043.13px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5226.5px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5505.26px;letter-spacing:-0.23px;white-space:nowrap">longer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:0px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1022.44px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1257.05px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1529.79px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1683.09px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2266.39px;white-space:nowrap">health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2877.83px;letter-spacing:-2px;white-space:nowrap">emergency, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3943.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4288.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4782.21px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5164.09px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5419.76px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:420.02px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:692.76px;letter-spacing:-0.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1574.59px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2342.01px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2601.97px;letter-spacing:-0.16px;white-space:nowrap">lingering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3415.16px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4050.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4281.08px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4651.04px;white-space:nowrap">virus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5121.34px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5361.64px;letter-spacing:-0.46px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:0px;white-space:nowrap">pandemic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:921.04px;letter-spacing:-0.46px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1569.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1799.53px;white-space:nowrap">viruses.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:217.74px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1050.16px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:1807.8px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:2142.42px;letter-spacing:-0.24px;white-space:nowrap">becoming </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:3061.31px;letter-spacing:-0.25px;white-space:nowrap">increasingly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:4148.96px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">susceptible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5189.34px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6325.6px;left:5423.95px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">disruption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:0px;letter-spacing:-0.77px;white-space:nowrap">events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:630.24px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1445.79px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:1921.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2266.6px;white-space:nowrap">use </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2624.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:2854.63px;letter-spacing:-0.27px;white-space:nowrap">new </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3280.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:3661.9px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:4544.8px;letter-spacing:-0.17px;white-space:nowrap">technologies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5719.03px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6555.6px;left:5953.64px;letter-spacing:-0.84px;white-space:nowrap">engage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:212.59px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">cyber-attacks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1423.66px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1663.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:1898.57px;letter-spacing:-2.15px;white-space:nowrap">take </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2319.13px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:2761.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3106.75px;letter-spacing:-2.01px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3565.22px;letter-spacing:-0.43px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:3927.45px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:4576.39px;white-space:nowrap">social </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5120.16px;white-space:nowrap">media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6785.6px;left:5719.03px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:230.21px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:1288.42px;letter-spacing:-0.74px;white-space:nowrap">governmental </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:2563.41px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">entities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3266.05px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:3506.36px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4089.66px;text-rendering:optimizeLegibility;white-space:nowrap">officials, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:4861.27px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5101.57px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7015.6px;left:5336.18px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:0px;white-space:nowrap">pose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:472.55px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:710.92px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:951.22px;letter-spacing:-0.72px;white-space:nowrap">impersonate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2112.45px;white-space:nowrap">such, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:2623.24px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3197.41px;white-space:nowrap">then </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:3656.75px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4076.77px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4349.51px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:4821.63px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:5056.24px;letter-spacing:-0.36px;white-space:nowrap">disseminate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7245.6px;left:6164.83px;letter-spacing:-0.81px;white-space:nowrap">false </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:240.3px;white-space:nowrap">misleading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:1238.79px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2324.82px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:2734.85px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3093.86px;letter-spacing:-0.36px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:3646.65px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4441.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:4653.84px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:5443.5px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7475.6px;left:6201.14px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:300.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:645.71px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1534.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1764.62px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:1917.91px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:2816.28px;letter-spacing:-2.63px;white-space:nowrap">company, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:3707.67px;letter-spacing:-0.72px;white-space:nowrap">group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:4275.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:4505.6px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:5563.81px;letter-spacing:-0.18px;white-space:nowrap">industry </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7705.6px;left:6333.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:535.61px;white-space:nowrap">class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1001.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1231.38px;letter-spacing:-0.15px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:0px;letter-spacing:-0.81px;white-space:nowrap">Adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:756.68px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:1429.25px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:2395.51px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:2635.81px;text-rendering:optimizeLegibility;white-space:nowrap">particular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:3534.18px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:4206.75px;text-rendering:optimizeLegibility;letter-spacing:-0.08px;white-space:nowrap">disruptions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5294.82px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8280.8px;left:5751.8px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:0px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:544.84px;white-space:nowrap">discussed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:1443.54px;letter-spacing:-0.46px;white-space:nowrap">above, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:2081.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:2501.96px;letter-spacing:0.13px;white-space:nowrap">magnify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:3259.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:3604.11px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4260.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4490.34px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:4960.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:5190.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:5535.45px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8510.8px;left:6071.05px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:0px;white-space:nowrap">described </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:913.09px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:1125.67px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:1495.63px;letter-spacing:-1.56px;white-space:nowrap">&#8220;PRINCIPAL </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:2540.42px;letter-spacing:-0.46px;white-space:nowrap">RISKS&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:3157.88px;text-rendering:optimizeLegibility;white-space:nowrap">section </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:3843.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:4225.01px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:4645.03px;letter-spacing:-0.36px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:5429.85px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8740.8px;left:6224.45px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:0px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:387.47px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:627.77px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:1147.59px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:1905.23px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:2117.82px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:2691.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:3037.03px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:3530.85px;letter-spacing:-1.07px;white-space:nowrap">invests </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:4182.79px;white-space:nowrap">leading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:4873.62px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:5108.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:5453.27px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">potential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8970.8px;left:6294.28px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:0px;letter-spacing:-0.94px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:690.29px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:1267.26px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:1567.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:1912.97px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9553.5px;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:9553.5px;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:9553.5px;left:858.66px;letter-spacing:-0.51px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9553.5px;left:1376.07px;letter-spacing:-0.33px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9553.5px;left:2167.57px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:2584.19px;letter-spacing:-0.46px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3217.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:3447.97px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:4467.3px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546px;left:5501.34px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:456.97px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:695.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:1040.38px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:1588.02px;letter-spacing:-0.49px;white-space:nowrap">frequently </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:2552.13px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3072.27px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3295.7px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:3448.99px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4251.54px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:4727.31px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:5071.28px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:5574.66px;letter-spacing:-0.46px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776px;left:6146.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:345.04px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1147.59px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1567.61px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:1840.35px;text-rendering:optimizeLegibility;letter-spacing:-0.7px;white-space:nowrap">substantial. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:2894.91px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3298.93px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3482.29px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3635.59px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:3991.8px;letter-spacing:-0.95px;white-space:nowrap">separate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:4804.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5186.87px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">distinct </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006px;left:5881.13px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:345.04px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:701.25px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1111.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:1456.32px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:2075.07px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:2419.03px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:2922.41px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3440.83px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:3789.95px;letter-spacing:-0.32px;white-space:nowrap">decrease. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:4688.75px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5067.84px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236px;left:5561.66px;letter-spacing:-0.31px;white-space:nowrap">cannot </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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">51 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.4px;white-space:nowrap">predict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:674.07px;letter-spacing:-0.13px;white-space:nowrap">whether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1470.61px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1726.27px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2559.22px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3066.79px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3415.91px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3936.04px;letter-spacing:-0.54px;white-space:nowrap">at, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4213.3px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4797.89px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5038.19px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5626.87px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5970.83px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.46px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:572.24px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1443.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1788.68px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2407.43px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3026.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3256.71px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4089.66px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4597.23px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5064.4px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5916.58px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:223.44px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:376.73px;letter-spacing:-0.43px;white-space:nowrap">discount, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1233.1px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1614.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1960.02px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2417.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2648.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2993.1px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3795.64px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4148.31px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">fluctuated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5100.61px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">significantly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:6188.47px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">time.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1042.7px;left:0px;white-space:nowrap">Liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1042.7px;left:801.34px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1217.96px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1435.71px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:2099.04px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">situations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3057.46px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3228.04px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3648.06px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3920.81px;text-rendering:optimizeLegibility;white-space:nowrap">difficult </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4636.13px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4876.43px;white-space:nowrap">impossible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:5868.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:6102.65px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:267.59px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1301.63px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1950.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2295.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2789.42px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3209.44px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3676.62px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3911.23px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4251.87px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4915.2px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:6034.32px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:6257.75px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:490.7px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:731.01px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1182.61px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1592.64px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1776.01px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2127.06px;letter-spacing:-0.79px;white-space:nowrap">advantageous </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3400.87px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3613.46px;letter-spacing:-0.54px;white-space:nowrap">order </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4149.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4383.99px;letter-spacing:-0.21px;white-space:nowrap">meet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4896.4px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5340.48px;white-space:nowrap">needs.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:0px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:404.01px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:760.22px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:1119.23px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:1391.97px;letter-spacing:-0.13px;white-space:nowrap">ongoing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:2153.49px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:2454.16px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:2814.45px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:3559.53px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:3969.56px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:4442.11px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:4793.16px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:5313.3px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">actively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:6028.19px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1840.4px;left:6268.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:0px;letter-spacing:-0.81px;white-space:nowrap">large </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:484.69px;letter-spacing:-0.24px;white-space:nowrap">volumes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:1328.27px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:1628.95px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:1989.24px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:2734.32px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:3144.35px;letter-spacing:-0.61px;white-space:nowrap">trades </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:3749.56px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:4585.52px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:4864.28px;white-space:nowrap">smaller </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2070.4px;left:5558.33px;letter-spacing:-0.95px;white-space:nowrap">markets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:381.88px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:682.56px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:1801.68px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:2211.71px;letter-spacing:-0.21px;white-space:nowrap">typically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:2982.68px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:3502.81px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:3927.13px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4586.59px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:4739.88px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:5402.46px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2300.4px;left:6153.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:0px;letter-spacing:-0.81px;white-space:nowrap">large </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:484.42px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:1320.22px;white-space:nowrap">(such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:1842.67px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:2080.78px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:2743.84px;white-space:nowrap">types </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:3270.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:3500.63px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">derivatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:4500.04px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:4740.07px;letter-spacing:-0.73px;white-space:nowrap">restricted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2530.4px;left:5636.67px;text-rendering:optimizeLegibility;white-space:nowrap">securities). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:217.74px;white-space:nowrap">unusual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:961.86px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:1634.42px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">conditions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:2654.5px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:3129.52px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:3955.81px;white-space:nowrap">liquid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:4494.1px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:5382.8px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2760.4px;left:5802.82px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:767.42px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1027.38px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1180.67px;letter-spacing:-0.46px;white-space:nowrap">degree </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:1846.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2076.79px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:2832.93px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3189.14px;white-space:nowrap">(i.e., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3623.34px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:3787.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4132.41px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:4883.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:5265.5px;letter-spacing:-0.24px;white-space:nowrap">capacity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2990.4px;left:6039.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">traditional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:960.24px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:1632.81px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2724.86px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:2908.23px;letter-spacing:-0.32px;white-space:nowrap">reduced). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:3804.02px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4208.04px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:4628.06px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5174.62px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3220.4px;left:5598.94px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:888.7px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1129px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:1396.59px;letter-spacing:-0.94px;white-space:nowrap">overall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2035.54px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3450.4px;left:2924.24px;letter-spacing:-1.23px;white-space:nowrap">market.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3803.1px;left:0px;letter-spacing:-1.03px;white-space:nowrap">Interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3803.1px;left:722.39px;letter-spacing:-0.41px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3803.1px;left:1489.38px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:1906px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:2285.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:2778.91px;letter-spacing:-4.3px;white-space:nowrap">may, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:3235.56px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:3924.14px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:4158.75px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">limitations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:5185.7px;letter-spacing:-0.77px;white-space:nowrap">borrow </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.6px;left:5879.21px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:300.67px;letter-spacing:-0.54px;white-space:nowrap">temporary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:1281.33px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:1521.63px;letter-spacing:-0.48px;white-space:nowrap">emergency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:2550.52px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:3412.58px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:3713.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:4058.29px;letter-spacing:-0.43px;white-space:nowrap">clearance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:4954.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.6px;left:5184.29px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">transactions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Borrowing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:962.93px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:1620.35px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:1969.47px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:2658.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:3003.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:3496.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:3731.51px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:4456.83px;letter-spacing:-0.32px;white-space:nowrap">expenses, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:5374.1px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:5755.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.6px;left:6101.03px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:420.02px;white-space:nowrap">incur </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:916.31px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:1451.91px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">transaction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2493.69px;letter-spacing:-0.48px;white-space:nowrap">costs.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:0px;letter-spacing:-0.26px;white-space:nowrap">Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:677.68px;letter-spacing:-0.29px;white-space:nowrap">provisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:1617.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:1844.68px;white-space:nowrap">our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:2192.39px;text-rendering:optimizeLegibility;white-space:nowrap">Articles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:2893.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:3120.47px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">Incorporation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:4356.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4838.3px;left:4733.41px;letter-spacing:-0.72px;white-space:nowrap">Bylaws.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.8px;left:5446.88px;letter-spacing:-0.4px;white-space:nowrap">Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:0px;letter-spacing:-0.49px;white-space:nowrap">provisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:942.3px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:1154.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:1499.93px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:2118.68px;text-rendering:optimizeLegibility;white-space:nowrap">articles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:2802.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:3033.06px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">incorporation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:4277.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:4659.64px;letter-spacing:-0.61px;white-space:nowrap">bylaws </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:5307.29px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.8px;left:5840.31px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:895.68px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:1125.89px;letter-spacing:-0.21px;white-space:nowrap">delaying, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:1965.39px;letter-spacing:-0.59px;white-space:nowrap">deferring, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:2877.62px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">preventing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:3873.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:4114.26px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:5047px;text-rendering:optimizeLegibility;white-space:nowrap">limiting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.8px;left:5752.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:0px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:582.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:812.75px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:1348.36px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">entities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:2051.01px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:2291.31px;letter-spacing:-0.54px;white-space:nowrap">persons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3034.78px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3269.38px;letter-spacing:-0.4px;white-space:nowrap">acquire </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:3974.72px;letter-spacing:-1.07px;white-space:nowrap">control </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:4649.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:4880.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:5225.11px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:5772.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.8px;left:6007.35px;letter-spacing:-0.36px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:838.86px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:1073.47px;letter-spacing:-0.84px;white-space:nowrap">engage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:1758.82px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:1971.41px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:2634.74px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:3761.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:4001.89px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:4236.5px;letter-spacing:0.15px;white-space:nowrap">modify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:4901.66px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.8px;left:5157.32px;letter-spacing:-0.42px;white-space:nowrap">structure.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6103.5px;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:6103.5px;left:696.04px;letter-spacing:-2.15px;white-space:nowrap">custody.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:1466.83px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:1845.92px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:2464.67px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:3136.81px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:4025.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:4407.39px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:4851.47px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6096px;left:5186.09px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:0px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:435.6px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:648.18px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:1320.32px;letter-spacing:-0.36px;white-space:nowrap">banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:1882.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:2264.02px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:3152.72px;letter-spacing:-0.17px;white-space:nowrap">depositories </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:4291.18px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:4551.14px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:4704.43px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:5286.98px;letter-spacing:-0.4px;white-space:nowrap">network </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6326px;left:6070.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:0px;letter-spacing:-0.4px;white-space:nowrap">custodians. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:1044.46px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:1604.88px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:2024.9px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:2297.65px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:2960.22px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:3200.53px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:3479.29px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:4436.52px;letter-spacing:-0.97px;white-space:nowrap">oversight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:5296.01px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6556px;left:5738.58px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">operations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:1047.47px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:2180.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:2525.81px;letter-spacing:-0.64px;white-space:nowrap">laws </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:2963.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:3193.44px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:3856.77px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:4729.57px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:5149.59px;white-space:nowrap">limit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:5591.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6786px;left:5936.35px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:0px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:582.55px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:817.16px;letter-spacing:-1.07px;white-space:nowrap">recover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:1532.48px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:1788.14px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:2376.6px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:2540.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:2693.93px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:3366.06px;white-space:nowrap">bank, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:3898.77px;letter-spacing:-0.1px;white-space:nowrap">depository </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:4892.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:5133.26px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:5700.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7016px;left:5930.76px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:0px;letter-spacing:-1.72px;white-space:nowrap">security, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:781.71px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:1022.01px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:1382.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:1612.51px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:2081.94px;letter-spacing:-0.47px;white-space:nowrap">agents, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:2768.8px;letter-spacing:-0.21px;white-space:nowrap">goes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7246px;left:3229.1px;letter-spacing:-0.08px;white-space:nowrap">bankrupt.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7598.7px;left:0px;letter-spacing:-0.35px;white-space:nowrap">Counterparty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7598.7px;left:1208.83px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:1625.45px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:1799.16px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:2588.81px;text-rendering:optimizeLegibility;letter-spacing:-0.22px;white-space:nowrap">institution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:3537.67px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:3777.97px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:4313.58px;letter-spacing:-0.5px;white-space:nowrap">counterparty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:5513.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7591.2px;left:5952.19px;white-space:nowrap">whom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:838.86px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:1311.41px;white-space:nowrap">business, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:2170.35px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:2410.65px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:2820.68px;letter-spacing:-0.08px;white-space:nowrap">underwrites, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:3994.8px;letter-spacing:-0.4px;white-space:nowrap">distributes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:4979px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7821.2px;left:5219.31px;letter-spacing:-0.78px;white-space:nowrap">guarantees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:0px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:360.29px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:1479.41px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:1719.72px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:2586.07px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:2996.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:3341.14px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:3834.96px;letter-spacing:-0.21px;white-space:nowrap">owns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:4351.45px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:4591.75px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:4775.12px;letter-spacing:0.11px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8051.2px;left:5707.86px;letter-spacing:-0.4px;white-space:nowrap">exposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:0px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:284.13px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:704.15px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:1390.58px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:1603.16px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:2392.82px;white-space:nowrap">health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:3004.27px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:3386.15px;letter-spacing:-0.31px;white-space:nowrap">become </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:4147.77px;white-space:nowrap">unable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:4801.22px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:5035.83px;white-space:nowrap">honor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8281.2px;left:5619.45px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:0px;letter-spacing:-0.33px;white-space:nowrap">commitments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:1330.85px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:1734.86px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:2267.89px;letter-spacing:-0.36px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:2820.68px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:3397.65px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:3698.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:4043.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:4537.18px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:4777.48px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:5310.51px;letter-spacing:-0.72px;white-space:nowrap">delay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8511.2px;left:5828.07px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:0px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:606.72px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:847.02px;letter-spacing:-0.12px;white-space:nowrap">delivery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:1594.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:1824.35px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:2681.25px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:2921.55px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:3457.16px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:4045.62px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:4280.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8741.2px;left:4625.26px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9093.9px;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:9093.9px;left:891.68px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9093.9px;left:1585.66px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:2002.29px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:2905.49px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:3607.06px;letter-spacing:-0.9px;white-space:nowrap">involves </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:4362.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:4707.28px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:5063.49px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:5473.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9086.4px;left:5818.55px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:420.02px;white-space:nowrap">lose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:826.83px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:1484.25px;letter-spacing:-0.27px;white-space:nowrap">because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:2260.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:2605.09px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:3481.01px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:3711.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:4056.25px;white-space:nowrap">loaned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:4710.13px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:5598.83px;letter-spacing:-0.81px;white-space:nowrap">fails </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9316.4px;left:5995.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:0px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:606.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:951.76px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:1840.46px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:2053.05px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:2206.34px;text-rendering:optimizeLegibility;white-space:nowrap">timely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:2803.5px;white-space:nowrap">manner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:3543.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:3784.26px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:4007.7px;white-space:nowrap">all. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:4311.91px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:4485.62px;letter-spacing:-0.72px;white-space:nowrap">delay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:5003.17px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:5215.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9546.4px;left:5560.8px;letter-spacing:-0.84px;white-space:nowrap">recovery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:230.21px;white-space:nowrap">loaned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:884.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:1772.78px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:2305.81px;letter-spacing:-1.4px;white-space:nowrap">interfere </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:3120.28px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:3558.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:3903.93px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:4522.68px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:5105.22px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:5339.83px;letter-spacing:-0.86px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9776.4px;left:5777.79px;letter-spacing:-1.07px;white-space:nowrap">proxies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:240.3px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">settle </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:776.88px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">transactions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:1957.55px;letter-spacing:-0.87px;white-space:nowrap">Delayed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:2714.66px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">settlement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:3718.41px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:4138.43px;white-space:nowrap">limit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:4580.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:4925.19px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:5507.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10006.4px;left:5737.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:493.82px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:728.43px;letter-spacing:-1.31px;white-space:nowrap">reinvest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:1476.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:1821.66px;letter-spacing:-0.48px;white-space:nowrap">proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:2682.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:2912.53px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:3065.82px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:3461.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:3691.66px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:4580.36px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:4820.66px;letter-spacing:-1.07px;white-space:nowrap">prevent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:5552.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:10236.4px;left:5897.78px;white-space:nowrap">Fund </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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">52 </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: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:194px;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:194px;font-weight:300;position:absolute;top:0px;left:475.77px;white-space:nowrap">selling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1082.38px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1971.08px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2194.52px;text-rendering:optimizeLegibility;white-space:nowrap">times </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2731.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3113.09px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3688.87px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3859.45px;letter-spacing:-0.64px;white-space:nowrap">considers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4742.89px;letter-spacing:-0.39px;white-space:nowrap">desirable. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5649.75px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:493.82px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1026.85px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1428.5px;white-space:nowrap">lose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1835.3px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2492.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2705.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3050.35px;letter-spacing:-0.9px;white-space:nowrap">event </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3595.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3825.72px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3979.01px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4665.44px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4878.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5223.07px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5741.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5971.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:856.9px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1688.78px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1989.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2334.49px;white-space:nowrap">loaned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2988.37px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3930.89px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4171.19px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4324.48px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5010.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5223.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5568.54px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:230.21px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:590.5px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1709.62px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2259.94px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2698.54px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3142.63px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3999.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4239.83px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4714.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:4868.14px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5251.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:5481.52px;letter-spacing:-0.31px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:6028.3px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:345.04px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1201.94px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:1842.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:2187.97px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3063.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3294.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:3639.13px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4527.83px;letter-spacing:-0.97px;white-space:nowrap">fail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:4839.14px;text-rendering:optimizeLegibility;white-space:nowrap">financially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:920px;left:5774.36px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:707.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1150px;left:1052.63px;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:1502.7px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.55px;white-space:nowrap">Operational </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:1083.43px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:1459.95px;letter-spacing:-0.23px;white-space:nowrap">technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1502.7px;left:2473.04px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2889.66px;text-rendering:optimizeLegibility;letter-spacing:-1px;white-space:nowrap">Cyber-attacks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4178.72px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5212.98px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5453.28px;letter-spacing:-0.9px;white-space:nowrap">failures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:6145.29px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:546.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:891.6px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1510.35px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2179.48px;letter-spacing:-0.97px;white-space:nowrap">providers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3053.68px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3293.98px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">counterparties, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4691.44px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5339.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5569.72px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:435.6px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:695.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1040.6px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1588.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1828.54px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2364.14px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3036.71px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">participants </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4128.76px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4548.78px;letter-spacing:-0.64px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5430.61px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5977.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:493.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:875.7px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1131.37px;letter-spacing:-0.54px;white-space:nowrap">shareholders, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2376.39px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3225.66px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3485.63px;letter-spacing:-0.27px;white-space:nowrap">causing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4195.68px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4772.65px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5073.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5418.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5912.18px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">impairing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:880.54px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1136.2px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">operations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2183.67px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2521.94px;letter-spacing:-0.84px;white-space:nowrap">example, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3367.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:3712.93px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4331.68px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4571.98px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4827.65px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5496.78px;letter-spacing:-0.88px;white-space:nowrap">providers&#8217; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:588.46px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:828.76px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">sensitive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1642.7px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1883px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">confidential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2972.04px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4058.08px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4478.1px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4750.84px;letter-spacing:-0.41px;white-space:nowrap">misappropriated, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.6px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:438.07px;letter-spacing:-0.54px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:858.09px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1130.83px;letter-spacing:-0.38px;white-space:nowrap">corrupted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2059.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2440.95px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3434.6px;letter-spacing:-0.54px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3854.62px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4127.36px;letter-spacing:-0.32px;white-space:nowrap">disrupted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5021.54px;letter-spacing:0.31px;white-space:nowrap">(e.g., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5512.46px;letter-spacing:-1.25px;white-space:nowrap">cyber-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">attacks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:715.64px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">operational </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1776.33px;letter-spacing:-0.9px;white-space:nowrap">failures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2468.34px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2708.64px;letter-spacing:-0.54px;white-space:nowrap">broader </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3461.35px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4495.61px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4915.63px;letter-spacing:-0.36px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5468.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5813.46px;letter-spacing:-0.4px;white-space:nowrap">release </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:230.21px;letter-spacing:-0.94px;white-space:nowrap">private </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:892.46px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2002.88px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3088.92px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3329.22px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">confidential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4418.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4912.08px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">information, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:0px;letter-spacing:-1.4px;white-space:nowrap">interfere </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:814.47px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1253.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:1598.12px;letter-spacing:-0.39px;white-space:nowrap">processing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2586.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:2817.03px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:3927.45px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">transactions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5108.13px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3565.2px;left:5764.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:0px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:582.55px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:817.16px;letter-spacing:-0.64px;white-space:nowrap">calculate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1647.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:1992.14px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2610.89px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:2954.85px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3458.23px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:3976.65px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:4358.54px;white-space:nowrap">impede </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5076.87px;letter-spacing:-0.43px;white-space:nowrap">trading). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3795.2px;left:5873.83px;letter-spacing:-1.23px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:0px;letter-spacing:-0.77px;white-space:nowrap">events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:630.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:1012.13px;text-rendering:optimizeLegibility;letter-spacing:-0.09px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2046.39px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2448.04px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:2868.06px;letter-spacing:0.07px;white-space:nowrap">trigger </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3505.82px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:3659.11px;letter-spacing:-0.31px;white-space:nowrap">volume </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4363.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:4594px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4025.2px;left:5720.86px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:0px;letter-spacing:-0.32px;white-space:nowrap">overloads </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:908.79px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:1608px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:2694.03px;letter-spacing:-0.2px;white-space:nowrap">technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:3722.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:4104.8px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">communication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4255.2px;left:5526.86px;letter-spacing:-1.48px;white-space:nowrap">systems </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:381.88px;letter-spacing:-0.39px;white-space:nowrap">processes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:1352.23px;text-rendering:optimizeLegibility;white-space:nowrap">impacting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:2272.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:2617.55px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:3200.1px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:3434.71px;letter-spacing:-0.27px;white-space:nowrap">conduct </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:4199.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:4544.38px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.2px;left:5163.13px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4837.9px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">Derivatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4837.9px;left:1019.65px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:1436.27px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">Derivatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:2455.17px;letter-spacing:-1.01px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3125.26px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:3564.4px;text-rendering:optimizeLegibility;letter-spacing:-1.18px;white-space:nowrap">different </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4371.25px;letter-spacing:-0.72px;white-space:nowrap">from, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:4900.84px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4830.4px;left:5282.72px;white-space:nowrap">possibly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:0px;letter-spacing:-0.94px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:690.29px;white-space:nowrap">than, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1198.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1543.33px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:1982.47px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:2957.32px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:3395.93px;text-rendering:optimizeLegibility;letter-spacing:-0.86px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4227.05px;letter-spacing:-0.36px;white-space:nowrap">directly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:4932.38px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:5144.97px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5060.4px;left:6033.67px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:535.61px;letter-spacing:-0.64px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:1055.42px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">traditional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:2015.66px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3188.6px;letter-spacing:-0.36px;white-space:nowrap">Risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:3668.99px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:4643.85px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5290.4px;left:5082.45px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">derivatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:420.02px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1112.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1457.07px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:1813.28px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2223.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:2568.35px;text-rendering:optimizeLegibility;letter-spacing:-0.68px;white-space:nowrap">derivative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3482.94px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:3666.31px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4017.36px;letter-spacing:-0.43px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:4424.49px;letter-spacing:-0.88px;white-space:nowrap">correlated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5380.65px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5520.4px;left:5819.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:0px;white-space:nowrap">underlying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:988.71px;letter-spacing:-0.15px;white-space:nowrap">asset, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:1545.91px;letter-spacing:-0.54px;white-space:nowrap">index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2070.34px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:2310.64px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3130.27px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3364.88px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:3939.05px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4109.64px;letter-spacing:-0.84px;white-space:nowrap">relates; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:4812.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5157.43px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5750.4px;left:5513.64px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">derivatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:999.67px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1419.69px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:1970.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2183.56px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:2760.53px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3000.83px;white-space:nowrap">missed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:3666.31px;text-rendering:optimizeLegibility;white-space:nowrap">opportunities; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:4970.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:5315.13px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:5671.34px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5980.4px;left:6081.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:493.82px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:842.94px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:1115.68px;white-space:nowrap">unable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:1769.13px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2003.74px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2344.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:2689.41px;text-rendering:optimizeLegibility;letter-spacing:-0.68px;white-space:nowrap">derivative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:3604px;letter-spacing:-0.27px;white-space:nowrap">because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4379.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4610.01px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:4877.6px;white-space:nowrap">illiquid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6210.4px;left:5513px;letter-spacing:-0.11px;white-space:nowrap">secondary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">market; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:730.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:1075.4px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:1431.61px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:1841.64px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:1994.93px;letter-spacing:-0.5px;white-space:nowrap">counterparty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:3194.94px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:3378.31px;letter-spacing:-0.11px;white-space:nowrap">unwilling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:4220.93px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:4461.23px;white-space:nowrap">unable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:5114.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:5349.29px;letter-spacing:-0.21px;white-space:nowrap">meet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6440.4px;left:5861.69px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">obligation, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:978.08px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:1552.25px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:1908.46px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:2328.48px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:2601.22px;letter-spacing:-0.39px;white-space:nowrap">heightened </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:3653.96px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:3866.54px;text-rendering:optimizeLegibility;letter-spacing:-0.68px;white-space:nowrap">derivative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6670.4px;left:4781.13px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:0px;letter-spacing:-0.94px;white-space:nowrap">entered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:745.08px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:1140.39px;letter-spacing:-0.73px;white-space:nowrap">&#8220;over-the-counter&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:2876.01px;white-space:nowrap">(i.e., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:3310.21px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:3661.26px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:3940.02px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:4207.61px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:5086px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:6900.4px;left:5326.3px;letter-spacing:-0.95px;white-space:nowrap">contract </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:0px;letter-spacing:-0.95px;white-space:nowrap">market); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:796.1px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:1177.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:1523.03px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:1879.24px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:2289.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:2634.31px;text-rendering:optimizeLegibility;letter-spacing:-0.68px;white-space:nowrap">derivative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:3548.9px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">transaction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:4590.67px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:5123.7px;letter-spacing:-0.46px;white-space:nowrap">expose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:5793.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7130.4px;left:6138.84px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:579.65px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:1215.37px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:1445.58px;letter-spacing:-0.91px;white-space:nowrap">leverage, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:2293.99px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:2868.16px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:3401.19px;letter-spacing:-0.36px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:4186.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:4531.05px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:5149.8px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:6006.82px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7360.4px;left:6241.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:672.57px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:1054.45px;letter-spacing:0.13px;white-space:nowrap">magnify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:1811.56px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">potential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7590.4px;left:2652.57px;white-space:nowrap">losses.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:560.42px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:743.79px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1022.55px;letter-spacing:-0.86px;white-space:nowrap">guarantee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:1968.08px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:2378.11px;text-rendering:optimizeLegibility;letter-spacing:-0.58px;white-space:nowrap">derivatives, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3431.59px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:3666.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:4011.24px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:4622.9px;letter-spacing:-0.38px;white-space:nowrap">employed, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5603.02px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:7935.6px;left:5952.14px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:345.04px;letter-spacing:-0.48px;white-space:nowrap">intended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:1185.94px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effect, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:1790.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2172.29px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2641.72px;white-space:nowrap">use </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:2999.54px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:3532.57px;letter-spacing:-0.36px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4085.36px;letter-spacing:-0.54px;white-space:nowrap">lower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:4633.43px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5325.22px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:5565.53px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8165.6px;left:6040.55px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:579.65px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1127.29px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1506.38px;white-space:nowrap">use </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:1864.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:2094.4px;text-rendering:optimizeLegibility;letter-spacing:-0.63px;white-space:nowrap">derivatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3094.07px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3354.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:3699.07px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:4192.89px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:4427.5px;letter-spacing:-0.27px;white-space:nowrap">hedge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5024.77px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5380.98px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8395.6px;left:5801px;letter-spacing:-0.46px;white-space:nowrap">reduce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:345.04px;white-space:nowrap">opportunity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1447.4px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:1748.08px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2163.05px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:2423.01px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">offsetting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3304.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:3649.23px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:4384.1px;text-rendering:optimizeLegibility;letter-spacing:-1.23px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:4934.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:5164.95px;letter-spacing:-1.5px;white-space:nowrap">favorable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8625.6px;left:6031.42px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:8855.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">movements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9208.3px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9208.3px;left:862.05px;letter-spacing:-0.9px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9208.3px;left:1614.58px;white-space:nowrap">risk.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2031.2px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2204.9px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:2956.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:3186.31px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:4085px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:4957.8px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:5170.39px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:5744.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9200.8px;left:6089.6px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:420.02px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:986.88px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:1321.5px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:2204.4px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:3015.87px;letter-spacing:-0.81px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:3725.61px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:4759.65px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:5198.79px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:5533.41px;letter-spacing:-0.94px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9430.8px;left:6223.7px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:0px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:882.9px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:1640.55px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:2094.73px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:2307.31px;letter-spacing:-0.32px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:3282.92px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:4094.38px;letter-spacing:-0.9px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:5218.66px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9660.8px;left:5431.25px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:0px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:757.65px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:1092.27px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">often </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:1610.58px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:9890.8px;left:2633.02px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">speculative.</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">53 </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:194px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:881.72px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:1554.29px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:2427.09px;letter-spacing:-0.21px;white-space:nowrap">typically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3198.06px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:3665.23px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4574.99px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:4956.88px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:0px;left:5695.4px;letter-spacing:-1.48px;white-space:nowrap">systems </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:410.03px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:744.65px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1121.81px;letter-spacing:-0.77px;white-space:nowrap">mature </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:1814.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2196.78px;letter-spacing:-0.84px;white-space:nowrap">stable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:2773.1px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3227.28px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3772.12px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:3984.71px;letter-spacing:-0.32px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:4960.31px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:230px;left:5771.78px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.84px;white-space:nowrap">example, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:845.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:1190.99px;letter-spacing:-0.21px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2200.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2431.17px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:2888.14px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:3760.95px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4119.95px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:4392.7px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5081.27px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5315.88px;letter-spacing:-0.72px;white-space:nowrap">rapid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:460px;left:5817.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.46px;white-space:nowrap">unpredictable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1274.56px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1761.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:1991.39px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:2766.01px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:690px;left:3006.31px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">deflation.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:0px;letter-spacing:-0.2px;white-space:nowrap">Applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:965.94px;letter-spacing:-1.97px;white-space:nowrap">regulatory, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:1959.8px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">accounting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3031.77px;text-rendering:optimizeLegibility;white-space:nowrap">auditing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:3798.76px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4180.64px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1035.2px;left:4970.3px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:381.88px;letter-spacing:-1.15px;white-space:nowrap">recordkeeping </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:1693.18px;letter-spacing:-0.91px;white-space:nowrap">standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:2602.08px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3022.1px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3294.84px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:3672px;letter-spacing:-0.6px;white-space:nowrap">rigorous </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4448.55px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:4661.14px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1265.2px;left:5544.04px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:0px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:872.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1254.69px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:1781.05px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2201.07px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:2473.82px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:3416.12px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">differences </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:4440.18px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1495.2px;left:5267.43px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:0px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1033.72px;letter-spacing:-0.72px;white-space:nowrap">prepared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:1892.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:2105.15px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3165.19px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:3603.79px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:4619.79px;letter-spacing:-0.91px;white-space:nowrap">standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1725.2px;left:5528.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">practices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:839.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1051.77px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:1934.67px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:2607.24px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3480.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:3861.92px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:4406.77px;letter-spacing:-0.72px;white-space:nowrap">prepared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5265.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:1955.2px;left:5478.19px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:438.6px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">international </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:1619.71px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:2635.7px;letter-spacing:-0.83px;white-space:nowrap">standards. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3598.42px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:3816.16px;text-rendering:optimizeLegibility;letter-spacing:-1.7px;white-space:nowrap">particular, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:4747.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5092.98px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2185.2px;left:5681.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">profits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:621.22px;white-space:nowrap">appearing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1557.19px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:1835.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2180.99px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:2970.64px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4004.37px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4234.57px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:4502.16px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:5385.06px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2415.2px;left:6057.63px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:420.02px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:771.07px;text-rendering:optimizeLegibility;letter-spacing:-0.67px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1388.11px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:1643.77px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:2433.43px;text-rendering:optimizeLegibility;white-space:nowrap">position </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3193.97px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:3434.28px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4070.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:4300.85px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5294.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5507.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2645.2px;left:5852.13px;letter-spacing:-1.75px;white-space:nowrap">way </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:440.97px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1034.15px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:1306.89px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">reflected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2144.79px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2526.67px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:2983.64px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:3773.3px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:4807.02px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:5302.77px;letter-spacing:-0.72px;white-space:nowrap">prepared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:2875.2px;left:6161.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:0px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1060.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1498.64px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:1787.82px;letter-spacing:-0.43px;white-space:nowrap">Generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:2676.52px;letter-spacing:-0.36px;white-space:nowrap">Accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:3552.44px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:4588.85px;letter-spacing:-0.18px;white-space:nowrap">Principles. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5539.42px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3105.2px;left:5918.52px;white-space:nowrap">quality </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:230.21px;white-space:nowrap">audits </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:818.02px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1030.61px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:1913.51px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:2586.07px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3458.88px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:3878.9px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3335.2px;left:4151.64px;letter-spacing:-0.29px;white-space:nowrap">unreliable.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:0px;letter-spacing:-1.38px;white-space:nowrap">Consequently, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1294.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:1639.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2133.08px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2553.1px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:2904.15px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:3176.89px;letter-spacing:-0.6px;white-space:nowrap">provided </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4008.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4353.81px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:4874.91px;letter-spacing:-0.46px;white-space:nowrap">degree </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3680.4px;left:5540.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">protection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:970.88px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:1211.18px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2297.22px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:2535.59px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3128.77px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:3980.95px;white-space:nowrap">apply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4508.39px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:4720.98px;letter-spacing:-0.23px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:3910.4px;left:5696.58px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:381.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:726.92px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1220.74px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1640.76px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:1913.51px;letter-spacing:-0.4px;white-space:nowrap">exposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2697.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:2932.51px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4140.4px;left:3874.81px;white-space:nowrap">losses.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:560.42px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:743.79px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:1145.44px;text-rendering:optimizeLegibility;letter-spacing:-0.65px;white-space:nowrap">substantially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2291.74px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:2668.9px;white-space:nowrap">publicly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:3397.75px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:4216.63px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4485.6px;left:5302.67px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:882.9px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:1555.47px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2203.54px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:2657.72px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3184.09px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3367.46px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:3936.37px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4584.44px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4715.6px;left:4797.03px;letter-spacing:-0.32px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:0px;letter-spacing:-0.39px;white-space:nowrap">countries. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:926.62px;letter-spacing:-1.27px;white-space:nowrap">Therefore, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:1895.14px;letter-spacing:-0.29px;white-space:nowrap">disclosure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:2830.35px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3060.56px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:3723.89px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:4504.41px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:5590.45px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:4945.6px;left:6010.47px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:272.74px;white-space:nowrap">made, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:876.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1258.77px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:1635.93px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:2721.96px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3141.98px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:3414.73px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4233.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4468.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:4813.25px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5307.07px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5175.6px;left:5688.96px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:0px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:836.06px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1290.24px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:1883.43px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2156.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2501.21px;letter-spacing:-0.43px;white-space:nowrap">case </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:2939.71px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3103.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:3448.78px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:4067.53px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5186.65px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5405.6px;left:5678px;letter-spacing:-0.73px;white-space:nowrap">restricted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:234.61px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1123.31px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:1353.52px;letter-spacing:-0.54px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2001.59px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:2214.18px;letter-spacing:-0.32px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:300;position:absolute;top:5635.6px;left:3189.79px;letter-spacing:-0.43px;white-space:nowrap">countries.</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;letter-spacing:-1.13px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1354.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1964.46px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">Officers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3122.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:3489.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:4037.83px;white-space:nowrap">Fund</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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">54 </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:496.99px;left:0px;position:absolute;top:0px;transform:translate(28.800px,60.541px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.77px">
			<div style="width:6595.2px;height:9839.04px;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;letter-spacing:-0.77px;white-space:nowrap">Directors</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:309.5px;left:0px;white-space:nowrap">Name, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:309.5px;left:531.56px;letter-spacing:-0.48px;white-space:nowrap">Age,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:0px;letter-spacing:-3.11px;white-space:nowrap">Term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:415.28px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:609.7px;text-rendering:optimizeLegibility;white-space:nowrap">Office</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:322.73px;letter-spacing:-0.19px;white-space:nowrap">Length </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:869.77px;white-space:nowrap">of</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:0px;white-space:nowrap">Time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:411.06px;letter-spacing:-0.01px;white-space:nowrap">Served*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:907.77px;left:1012.68px;white-space:nowrap">&#8224;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:1253px;white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:1943.47px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Occupation(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:3019.6px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:3560.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:3850.78px;letter-spacing:-1.11px;white-space:nowrap">Past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:4204.81px;letter-spacing:-0.33px;white-space:nowrap">Five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:4546.44px;letter-spacing:-3.32px;white-space:nowrap">Years</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:1253px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:1575.73px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:2051.75px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:5241.8px;white-space:nowrap">Other</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:5241.8px;letter-spacing:-0.53px;white-space:nowrap">Directorships</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:5241.8px;white-space:nowrap">Held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:5627.46px;letter-spacing:-0.32px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:957.5px;left:5849.04px;letter-spacing:-0.47px;white-space:nowrap">Director</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:0px;white-space:nowrap">Fiona</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:0px;letter-spacing:-1.32px;white-space:nowrap">Flannery, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:696.18px;white-space:nowrap">57</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1456.05px;left:878.64px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:0px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:400.69px;white-space:nowrap">II</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:0px;white-space:nowrap">Since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:420.91px;white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:1253px;letter-spacing:-0.15px;white-space:nowrap">Independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:2222.96px;white-space:nowrap">Non- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:2621.02px;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:1243.7px;left:3343.04px;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:1243.7px;left:3998.26px;letter-spacing:-1.26px;white-space:nowrap">Kefron </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:4513.13px;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:1459.7px;left:1253px;white-space:nowrap">(IT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:1478.44px;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:1459.7px;left:2095.52px;letter-spacing:-0.59px;white-space:nowrap">company) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:2848.65px;white-space:nowrap">(Dec </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:3217.88px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:3623.5px;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:1459.7px;left:3815.45px;letter-spacing:-0.49px;white-space:nowrap">present) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:4461.27px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:1253px;white-space:nowrap">Siol </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:1548.49px;white-space:nowrap">School </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:2068.19px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:2465.71px;letter-spacing:-0.77px;white-space:nowrap">(registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:3288.28px;white-space:nowrap">Irish </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:3637.82px;white-space:nowrap">charity) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:4227.39px;letter-spacing:-0.38px;white-space:nowrap">(March </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:1253px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:1658.62px;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:1891.7px;left:1850.57px;letter-spacing:-0.44px;white-space:nowrap">present). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:2540.42px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:3259.63px;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:1891.7px;left:3670.87px;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:1891.7px;left:4392.89px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:1253px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:1441.35px;letter-spacing:-0.66px;white-space:nowrap">PFS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:1735.08px;letter-spacing:-0.53px;white-space:nowrap">Card </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:2109.76px;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:2107.7px;left:2738.7px;letter-spacing:-0.33px;white-space:nowrap">Ireland </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:3283.19px;letter-spacing:-0.22px;white-space:nowrap">Limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:3860.98px;letter-spacing:-0.26px;white-space:nowrap">(pre-paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:4563.93px;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:2323.7px;left:1253px;letter-spacing:-0.88px;white-space:nowrap">card </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:1606.14px;letter-spacing:-0.59px;white-space:nowrap">company) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:2359.28px;letter-spacing:-0.2px;white-space:nowrap">(October </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:3043.86px;white-space:nowrap">2022 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:3449.47px;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:2323.7px;left:3641.43px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:4432.71px;white-space:nowrap">2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:1253px;letter-spacing:-1.68px;white-space:nowrap">DEPFA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:1756.44px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:2151.07px;white-space:nowrap">plc </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:2401.55px;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:2539.7px;left:2812.79px;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:2539.7px;left:3534.82px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:4063.21px;white-space:nowrap">(December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:1253px;white-space:nowrap">2014 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:1658.62px;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:2755.7px;left:1850.57px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:2223.49px;white-space:nowrap">2022); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:2730.18px;letter-spacing:-1.68px;white-space:nowrap">DEPFA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:3233.62px;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:2755.7px;left:3726.68px;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:2755.7px;left:4137.92px;white-space:nowrap">Risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:4463.12px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:1253px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:1565.45px;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:2971.7px;left:2287.47px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:2915.36px;white-space:nowrap">(April </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:3346.29px;white-space:nowrap">2010 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:3751.91px;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:2971.7px;left:3943.86px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:1253px;white-space:nowrap">2014); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:1759.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:2072.14px;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:3187.7px;left:2794.16px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:3422.05px;letter-spacing:-1.68px;white-space:nowrap">DEPFA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:3925.49px;letter-spacing:-0.44px;white-space:nowrap">Pfandbrief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:4716.33px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:1253px;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:3403.7px;left:2223.58px;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:3403.7px;left:2446.29px;letter-spacing:-0.68px;white-space:nowrap">Luxembourg </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:3382.41px;white-space:nowrap">(December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:4227.48px;white-space:nowrap">2011 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:4633.1px;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:3619.7px;left:1253px;letter-spacing:-0.29px;white-space:nowrap">November </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3619.7px;left:2054.83px;white-space:nowrap">2019).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:5241.8px;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:1243.7px;left:5897.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:5241.8px;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:1459.7px;left:5801.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:5241.8px;letter-spacing:-0.93px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:5821px;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:1891.7px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:5241.8px;white-space:nowrap">2022) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:6013.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:5241.8px;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:2323.7px;left:5611.2px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:5241.8px;white-space:nowrap">2022).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:0px;letter-spacing:-4.83px;white-space:nowrap">Dr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:236.69px;letter-spacing:-0.19px;white-space:nowrap">Holger </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Hatje,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:0px;white-space:nowrap">65</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:4327.05px;left:182.46px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:0px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:400.69px;white-space:nowrap">II</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:0px;white-space:nowrap">Since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:420.91px;white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:1253px;white-space:nowrap">Chairman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:1990.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:2179.02px;white-space:nowrap">bank99 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:2753.29px;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:3898.7px;left:3007.47px;letter-spacing:-0.22px;white-space:nowrap">(Austrian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:3703.48px;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:3898.7px;left:4112.35px;white-space:nowrap">bank) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:4557.95px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:1253px;white-space:nowrap">2019). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:1756.44px;white-space:nowrap">Member </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:2425.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:2613.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:2895.68px;letter-spacing:0.22px;white-space:nowrap">Supervisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:3782.32px;letter-spacing:-0.44px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:4250.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:4439.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:4721.52px;letter-spacing:-0.29px;white-space:nowrap">IDEAL </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:1253px;letter-spacing:-0.35px;white-space:nowrap">Insurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:1996.55px;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:4330.7px;left:2489.62px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:2952.45px;white-space:nowrap">2021); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:3459.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:3771.59px;white-space:nowrap">Member </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:4440.18px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:4628.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:1253px;letter-spacing:0.22px;white-space:nowrap">Supervisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:2139.64px;letter-spacing:-0.44px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:2608.19px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:2796.54px;white-space:nowrap">ABC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:3131.31px;letter-spacing:-0.59px;white-space:nowrap">Bank/ABC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:3879.96px;white-space:nowrap">Finance/Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:4899.58px;white-space:nowrap">II </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:1253px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:1753.98px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:2216.81px;white-space:nowrap">2023). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:2720.25px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:3439.46px;letter-spacing:0.22px;white-space:nowrap">Supervisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:4326.1px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:1253px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:1441.35px;white-space:nowrap">Hertha </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:1981.88px;white-space:nowrap">BSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:2296.7px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:2797.68px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:2958.96px;white-space:nowrap">Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:3233.88px;white-space:nowrap">(German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:3912.92px;letter-spacing:-0.33px;white-space:nowrap">premier </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:4528.6px;white-space:nowrap">league </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5194.7px;left:1253px;letter-spacing:-0.49px;white-space:nowrap">football </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5194.7px;left:1847.67px;white-space:nowrap">club) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5194.7px;left:2245.46px;letter-spacing:-0.1px;white-space:nowrap">(2019&#8211;2023);Chief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5194.7px;left:3631.06px;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:5194.7px;left:4353.08px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5410.7px;left:1253px;white-space:nowrap">(2006&#8211;2018) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5410.7px;left:2220.76px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5410.7px;left:2533.21px;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:5410.7px;left:3255.24px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5410.7px;left:3883.13px;white-space:nowrap">(2005), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5410.7px;left:4440.35px;white-space:nowrap">Berliner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5626.7px;left:1253px;letter-spacing:-0.88px;white-space:nowrap">Volksbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5626.7px;left:2018.35px;white-space:nowrap">eG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5626.7px;left:2260.93px;white-space:nowrap">(German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5626.7px;left:2939.97px;letter-spacing:-0.29px;white-space:nowrap">regional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5626.7px;left:3564.96px;text-rendering:optimizeLegibility;letter-spacing:-0.68px;white-space:nowrap">co-operative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5626.7px;left:4511.11px;white-space:nowrap">bank); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:1253px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:1565.45px;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:5842.7px;left:2287.47px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:2915.36px;white-space:nowrap">(2004&#8211;2005), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:3927.16px;letter-spacing:-0.18px;white-space:nowrap">Oldenburgische </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:1253px;white-space:nowrap">Landesbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:2150.54px;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:6058.7px;left:2404.72px;white-space:nowrap">(German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:3083.76px;letter-spacing:-0.29px;white-space:nowrap">regional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:3708.75px;white-space:nowrap">bank). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:4198.39px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:1253px;letter-spacing:-0.32px;white-space:nowrap">previously </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:2029.69px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:2386.09px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:2946.83px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:3638.7px;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:6274.7px;left:3821.52px;letter-spacing:-0.29px;white-space:nowrap">Dresdner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:4527.45px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:1253px;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:6490.7px;left:1507.18px;white-space:nowrap">(German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:2186.22px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:2662.85px;white-space:nowrap">bank) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:3108.46px;white-space:nowrap">(1987&#8211;2003), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:4120.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:4432.71px;white-space:nowrap">served </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:4955.66px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:1253px;letter-spacing:0.22px;white-space:nowrap">Supervisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:2139.64px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:2767.53px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:2955.88px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:3081.3px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:3695.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:3884.27px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:4509.52px;white-space:nowrap">banking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6922.7px;left:1253px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6922.7px;left:1565.45px;letter-spacing:-0.24px;white-space:nowrap">charitable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6922.7px;left:2326.14px;text-rendering:optimizeLegibility;letter-spacing:-0.82px;white-space:nowrap">organizations.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3898.7px;left:5241.8px;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:3898.7px;left:5897.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4114.7px;left:5241.8px;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:4114.7px;left:5801.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:5241.8px;letter-spacing:-0.93px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4330.7px;left:5821px;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:4546.7px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4546.7px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:5241.8px;white-space:nowrap">2020) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4762.7px;left:6013.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4978.7px;left:5241.8px;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:4978.7px;left:5611.2px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5194.7px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5194.7px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5194.7px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5410.7px;left:5241.8px;white-space:nowrap">2020).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Bernhard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7417.7px;left:0px;letter-spacing:-0.59px;white-space:nowrap">Koepp,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:0px;white-space:nowrap">59</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:7630.05px;left:182.46px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7849.7px;left:0px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7849.7px;left:400.69px;white-space:nowrap">III</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:0px;white-space:nowrap">Since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:420.91px;white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:1253px;letter-spacing:-0.33px;white-space:nowrap">CEO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:1593.14px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:1754.42px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:2512.12px;letter-spacing:-2.09px;white-space:nowrap">Member, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:3208.04px;white-space:nowrap">Cyrus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:3649.6px;letter-spacing:-0.59px;white-space:nowrap">J. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:3788.82px;letter-spacing:-0.39px;white-space:nowrap">Lawrence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:4521.92px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:4808px;letter-spacing:-0.35px;white-space:nowrap">(SEC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7417.7px;left:1253px;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:7417.7px;left:2021.78px;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:7417.7px;left:2867.81px;white-space:nowrap">advisor) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7417.7px;left:3484.98px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7417.7px;left:3947.81px;white-space:nowrap">2014). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7417.7px;left:4451.25px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:1253px;white-space:nowrap">Senior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:1753.27px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:2510.98px;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:7633.7px;left:3166.2px;white-space:nowrap">ISI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:3376.26px;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:7633.7px;left:3869.33px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:4168.07px;letter-spacing:-1.32px;white-space:nowrap">(RIA/broker-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7849.7px;left:1253px;white-space:nowrap">dealer) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7849.7px;left:1805.39px;white-space:nowrap">(1999&#8211;2014); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7849.7px;left:2820.44px;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:7849.7px;left:3475.67px;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:7849.7px;left:3904.22px;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:8065.7px;left:1253px;letter-spacing:-0.59px;white-space:nowrap">Products </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:1928.09px;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:8065.7px;left:2465.19px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:3185.36px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:3579.99px;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:8065.7px;left:4318.98px;white-space:nowrap">(1993&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:1253px;white-space:nowrap">1999); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:1759.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:2072.14px;letter-spacing:-0.24px;white-space:nowrap">Structured </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:2880.12px;white-space:nowrap">Finance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:3480.59px;letter-spacing:-0.16px;white-space:nowrap">Manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:4170.35px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:4374px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:1253px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:1647.63px;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:8497.7px;left:1901.81px;white-space:nowrap">London </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:2486.19px;white-space:nowrap">(1989&#8211;1993).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:5241.8px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7201.7px;left:5869.69px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7417.7px;left:5241.8px;white-space:nowrap">2022) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7417.7px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:5241.8px;white-space:nowrap">Chairman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7633.7px;left:5979.47px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7849.7px;left:5241.8px;white-space:nowrap">2024), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7849.7px;left:5745.24px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:5241.8px;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:8065.7px;left:5801.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:5241.8px;letter-spacing:-0.93px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:5821px;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:8497.7px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:5241.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:5554.25px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:5864.42px;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:8929.7px;left:5241.8px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:5942.9px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:5241.8px;white-space:nowrap">Inc.</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">55 </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:149px;font-weight:bold;position:absolute;top:1025.02px;left:-7747.2px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Name, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1025.02px;left:-7215.64px;letter-spacing:-0.48px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Age,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:-7747.2px;letter-spacing:-3.11px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:-7331.92px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:-7137.5px;text-rendering:optimizeLegibility;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Office</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-7747.2px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-7424.47px;letter-spacing:-0.19px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Length </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-6877.43px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">of</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-7747.2px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-7336.14px;letter-spacing:-0.01px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Served*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1623.29px;left:-6734.52px;transform-origin:0% 150.73px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">&#8224;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-6494.2px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-5803.73px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Occupation(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-4727.6px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-4186.72px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-3896.42px;letter-spacing:-1.11px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-3542.39px;letter-spacing:-0.33px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-3200.76px;letter-spacing:-3.32px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Years</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-6494.2px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-6171.47px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-5695.45px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:-2505.4px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Other</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:-2505.4px;letter-spacing:-0.53px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Directorships</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-2505.4px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-2119.74px;letter-spacing:-0.32px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:-1898.16px;letter-spacing:-0.47px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,7747.2,-953.02);white-space:nowrap">Director</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:0px;letter-spacing:-4.83px;white-space:nowrap">Dr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:236.69px;letter-spacing:-2.2px;white-space:nowrap">Wolfgang</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:0px;white-space:nowrap">Leoni, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:476.19px;white-space:nowrap">67</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1211.36px;left:658.65px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:0px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:400.69px;white-space:nowrap">III</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:0px;white-space:nowrap">Since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:420.91px;white-space:nowrap">2017</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:1253px;letter-spacing:-0.15px;white-space:nowrap">Independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:2222.96px;letter-spacing:-0.37px;white-space:nowrap">Consultant; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:3089.65px;letter-spacing:-4.83px;white-space:nowrap">Dr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:3326.34px;white-space:nowrap">Leoni </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:3758.5px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:3908.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:4190.83px;letter-spacing:-0.63px;white-space:nowrap">former </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:1253px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:2010.71px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:2638.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:2826.95px;white-space:nowrap">HQ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:3098.97px;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:1215px;left:3527.52px;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:1431px;left:1253px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:1753.98px;white-space:nowrap">(2018&#8211;2022); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:2769.03px;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:1431px;left:3180.27px;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:1431px;left:3902.29px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:4430.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:4619.04px;white-space:nowrap">Sal. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:1253px;white-space:nowrap">Oppenheim </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2145.53px;letter-spacing:-4.83px;white-space:nowrap">Jr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2329.22px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2490.5px;white-space:nowrap">CIE. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2803.48px;letter-spacing:-0.61px;white-space:nowrap">Komplement&#228;r </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:3916.26px;letter-spacing:-0.22px;white-space:nowrap">AG, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:4214.47px;white-space:nowrap">Cologne </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:1253px;letter-spacing:-0.35px;white-space:nowrap">(Germany) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:2061.68px;letter-spacing:-0.68px;white-space:nowrap">(private </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:2657.32px;white-space:nowrap">bank) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:3102.92px;white-space:nowrap">(2013&#8211;2017) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:4070.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:4383.14px;white-space:nowrap">Chairman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:1253px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:1441.35px;white-space:nowrap">Sal. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:1732px;white-space:nowrap">Oppenheim </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:2624.53px;letter-spacing:-4.83px;white-space:nowrap">Jr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:2808.22px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:2969.5px;white-space:nowrap">CIE. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:3282.48px;letter-spacing:-0.68px;white-space:nowrap">Luxembourg </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:4218.61px;letter-spacing:0.35px;white-space:nowrap">S.A. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:1253px;white-space:nowrap">(2013&#8211;2017). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2264.8px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2505.88px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2655.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2938.21px;letter-spacing:-0.63px;white-space:nowrap">former </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:3477.6px;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:2295px;left:3888.84px;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:2511px;left:1253px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:1781.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:2093.85px;letter-spacing:-0.22px;white-space:nowrap">Memberember </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:3235.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:3423.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:3706.29px;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:2727px;left:1253px;letter-spacing:-0.44px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:1721.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:1909.89px;white-space:nowrap">Sal. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:2200.55px;white-space:nowrap">Oppenheim </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:3093.08px;letter-spacing:-4.83px;white-space:nowrap">Jr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:3276.77px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:3438.05px;white-space:nowrap">CIE. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:3751.03px;letter-spacing:-0.61px;white-space:nowrap">Komplement&#228;r </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:4863.81px;letter-spacing:-0.22px;white-space:nowrap">AG, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:1253px;white-space:nowrap">Cologne </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:1884.32px;letter-spacing:-0.35px;white-space:nowrap">(Germany) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:2693px;letter-spacing:-0.68px;white-space:nowrap">(private </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:3288.63px;white-space:nowrap">bank) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:3734.24px;white-space:nowrap">(2009&#8211;2013). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:4746.04px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:1253px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:1403.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:1685.33px;letter-spacing:-0.63px;white-space:nowrap">former </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:2224.72px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:2982.42px;letter-spacing:-0.34px;white-space:nowrap">Director/CIO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:3933.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:4121.93px;white-space:nowrap">Oppenheim </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3375px;left:1253px;text-rendering:optimizeLegibility;letter-spacing:-0.37px;white-space:nowrap">Kapitalanlagegesellschaft </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3375px;left:3096.95px;white-space:nowrap">MBH, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3375px;left:3541.5px;white-space:nowrap">Cologne </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3375px;left:4172.81px;letter-spacing:-0.35px;white-space:nowrap">(Germany) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3591px;left:1253px;letter-spacing:-0.73px;white-space:nowrap">(investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3591px;left:2152.82px;letter-spacing:-0.59px;white-space:nowrap">company) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3591px;left:2905.96px;white-space:nowrap">(2007&#8211;2009), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3591px;left:3917.76px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3807px;left:1253px;letter-spacing:-0.34px;white-space:nowrap">Director/CIO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3807px;left:2204.15px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3807px;left:2392.5px;white-space:nowrap">Lupus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3807px;left:2858.76px;white-space:nowrap">Alpha </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3807px;left:3312.37px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Alternative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3807px;left:4142.93px;text-rendering:optimizeLegibility;white-space:nowrap">Solutions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4023px;left:1253px;white-space:nowrap">GMBH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4023px;left:1766.46px;letter-spacing:-0.29px;white-space:nowrap">Frankfurt/M </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4023px;left:2691.86px;letter-spacing:-0.73px;white-space:nowrap">(investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4023px;left:3591.68px;letter-spacing:-0.59px;white-space:nowrap">company) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4023px;left:4344.82px;white-space:nowrap">(2006). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:1253px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:1494.08px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:1644.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:1926.42px;letter-spacing:-0.63px;white-space:nowrap">former </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:2465.8px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:3223.51px;letter-spacing:-0.34px;white-space:nowrap">Director/CIO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:4174.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4239px;left:4363.01px;white-space:nowrap">DEKA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4455px;left:1253px;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:4455px;left:2103.25px;white-space:nowrap">GMBH, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4455px;left:2660.74px;letter-spacing:-0.29px;white-space:nowrap">Frankfurt/M </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4455px;left:3586.14px;letter-spacing:-0.73px;white-space:nowrap">(investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4671px;left:1253px;letter-spacing:-0.59px;white-space:nowrap">company) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4671px;left:2006.13px;white-space:nowrap">(2002&#8211;2006) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4671px;left:2973.9px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4671px;left:3286.35px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4671px;left:4044.05px;letter-spacing:-0.49px;white-space:nowrap">Director/</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4887px;left:1253px;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:4887px;left:2253.28px;letter-spacing:-0.44px;white-space:nowrap">board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4887px;left:2719.02px;white-space:nowrap">member </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4887px;left:3377.93px;white-space:nowrap">(1996&#8211;2002).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:5241.8px;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:999px;left:5897.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:5241.8px;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:1215px;left:5801.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:5241.8px;letter-spacing:-0.93px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:5821px;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:1647px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:5241.8px;white-space:nowrap">2017) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:6013.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:5241.8px;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:2079px;left:5611.2px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:5241.8px;white-space:nowrap">2017).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:0px;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:5166px;left:585.79px;letter-spacing:-1.03px;white-space:nowrap">Uzcan,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:0px;white-space:nowrap">50</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:5378.36px;left:182.46px;white-space:nowrap">(1)(2)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:0px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:400.69px;white-space:nowrap">I</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:0px;white-space:nowrap">Since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:420.91px;white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:1253px;letter-spacing:-0.66px;white-space:nowrap">CEO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:1593.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:1781.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:2063.79px;letter-spacing:-0.2px;white-space:nowrap">Americas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:2768.15px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:3230.98px;white-space:nowrap">2024), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:3734.42px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:4169.91px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:4589.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:1253px;letter-spacing:-0.2px;white-space:nowrap">Americas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:1957.36px;letter-spacing:-0.66px;white-space:nowrap">CEO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:2297.49px;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:5382px;left:2763.84px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:3226.67px;white-space:nowrap">2023), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:3730.11px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:4165.61px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:4584.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:1253px;letter-spacing:-0.66px;white-space:nowrap">Product </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:1858.48px;letter-spacing:-0.2px;white-space:nowrap">Americas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:2562.83px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:3025.67px;white-space:nowrap">2021), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:3529.1px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:3964.6px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:4383.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:4572.28px;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:5814px;left:1253px;white-space:nowrap">Mutual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:1816.38px;white-space:nowrap">Funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:2290.02px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:2752.85px;white-space:nowrap">2021), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:3256.29px;letter-spacing:-0.35px;white-space:nowrap">DWS: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:3691.79px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:4095.82px;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:6030px;left:1253px;white-space:nowrap">(Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:1726.12px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:2135.16px;white-space:nowrap">2017), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:2638.6px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:3074.09px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:3701.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:4014.44px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:4360.11px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6246px;left:1253px;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:6246px;left:1641.21px;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:6246px;left:2200.55px;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:6246px;left:2921.43px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6246px;left:3384.26px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6246px;left:3890.95px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6246px;left:4518.84px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6246px;left:4831.29px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6462px;left:1253px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6462px;left:2018.44px;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:6462px;left:2406.65px;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:6462px;left:3256.91px;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:6462px;left:4266.86px;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:6678px;left:1253px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6678px;left:1551.74px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6678px;left:2014.57px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6678px;left:2521.26px;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:6678px;left:3176.49px;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:6678px;left:3564.7px;letter-spacing:-0.22px;white-space:nowrap">USA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6678px;left:3901.85px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Corporation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6894px;left:1253px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6894px;left:1715.83px;white-space:nowrap">2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6894px;left:2222.52px;letter-spacing:-1.81px;white-space:nowrap">Trustee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6894px;left:2840.22px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6894px;left:3173.23px;letter-spacing:-0.35px;white-space:nowrap">Advisors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6894px;left:3863.44px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6894px;left:4149.52px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7110px;left:1253px;white-space:nowrap">2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7110px;left:1759.69px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7110px;left:2387.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7110px;left:2575.93px;letter-spacing:-0.5px;white-space:nowrap">Cayman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7110px;left:3194.15px;letter-spacing:-0.7px;white-space:nowrap">Real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7110px;left:3540.53px;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:7110px;left:4038.69px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7110px;left:4486.76px;letter-spacing:-1.14px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7326px;left:1253px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7326px;left:1715.83px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7326px;left:2222.52px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7326px;left:2850.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7326px;left:3038.76px;letter-spacing:-0.5px;white-space:nowrap">Cayman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7326px;left:3656.98px;white-space:nowrap">Commodity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7326px;left:4538.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7542px;left:1253px;white-space:nowrap">II, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7542px;left:1425.62px;letter-spacing:-1.14px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7542px;left:1732.71px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7542px;left:2195.54px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7542px;left:2702.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7542px;left:3014.68px;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:7542px;left:3425.92px;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:7542px;left:4147.94px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7542px;left:4676.34px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7758px;left:1253px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7758px;left:2018.44px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7758px;left:2579.18px;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:7758px;left:2967.39px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7758px;left:3204px;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:7758px;left:3972.78px;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:7974px;left:1253px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7974px;left:2074.78px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7974px;left:2664.7px;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:7974px;left:2877.39px;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:7974px;left:3265.61px;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:7974px;left:4115.86px;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:8190px;left:1253px;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:8190px;left:2001.39px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190px;left:2300.13px;white-space:nowrap">Ms. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190px;left:2606.52px;letter-spacing:-1.03px;white-space:nowrap">Uzcan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190px;left:3081.13px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190px;left:3409.75px;white-space:nowrap">serves </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190px;left:3908.79px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190px;left:4103.82px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8190px;left:4731.71px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406px;left:1253px;letter-spacing:-0.18px;white-space:nowrap">Episcopal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406px;left:1971.15px;text-rendering:optimizeLegibility;white-space:nowrap">Charities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406px;left:2644.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406px;left:2832.57px;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:8406px;left:3201.97px;letter-spacing:-2.55px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406px;left:3549.67px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406px;left:4012.5px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8406px;left:4519.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8622px;left:1253px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8622px;left:1880.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8622px;left:2069.24px;white-space:nowrap">ICI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8622px;left:2294.15px;white-space:nowrap">Mutual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8622px;left:2857.53px;letter-spacing:-0.35px;white-space:nowrap">Insurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8622px;left:3601.09px;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:8622px;left:4321.96px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8838px;left:1253px;white-space:nowrap">2020). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8838px;left:1756.44px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8838px;left:2475.65px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8838px;left:3224.3px;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:8838px;left:3612.51px;letter-spacing:-0.22px;white-space:nowrap">USA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8838px;left:3949.66px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Corporation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9054px;left:1253px;white-space:nowrap">(2018&#8211;2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9054px;left:2268.05px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9054px;left:2948.67px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9054px;left:3697.33px;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:9054px;left:4085.54px;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:9270px;left:1253px;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:9270px;left:2262.95px;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:9270px;left:3011.34px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9270px;left:3310.08px;white-space:nowrap">(2018&#8211;2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9270px;left:4325.13px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9486px;left:1253px;white-space:nowrap">Clerk, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9486px;left:1704.14px;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:9486px;left:2092.36px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9486px;left:2489.88px;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:9486px;left:3210.76px;white-space:nowrap">(2020&#8211;2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9486px;left:4225.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9702px;left:1253px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9702px;left:1933.63px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9702px;left:2682.28px;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:9702px;left:3070.49px;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:9702px;left:3998.97px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9702px;left:4297.71px;white-space:nowrap">(2018&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9918px;left:1253px;white-space:nowrap">2023).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5166px;left:5241.8px;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:5166px;left:5897.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5382px;left:5241.8px;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:5382px;left:5801.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:5241.8px;letter-spacing:-0.93px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5598px;left:5821px;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:5814px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5814px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:5241.8px;white-space:nowrap">2020) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6030px;left:6013.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6246px;left:5241.8px;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:6246px;left:5611.2px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6462px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6462px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6462px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6678px;left:5241.8px;white-space:nowrap">2020).</div></div>
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			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">56 </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>
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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:152px;font-weight:300;position:absolute;top:3705.4px;left:0px;white-space:nowrap">*	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:288px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:598.17px;letter-spacing:-0.33px;white-space:nowrap">address </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:1198.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:1386.54px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:1770.98px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:2398.87px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:2548.9px;letter-spacing:-0.66px;white-space:nowrap">c/o </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:2822.59px;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:3705.4px;left:3210.8px;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:3705.4px;left:4061.06px;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:3705.4px;left:5071.01px;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:3705.4px;left:5819.4px;white-space:nowrap">Inc., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3705.4px;left:6162.17px;white-space:nowrap">875 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3921.4px;left:288px;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:3921.4px;left:701.88px;letter-spacing:-0.55px;white-space:nowrap">Avenue, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3921.4px;left:1327.75px;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:3921.4px;left:1697.15px;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:3921.4px;left:2088.88px;white-space:nowrap">NY </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3921.4px;left:2328.91px;white-space:nowrap">10022.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:4159.67px;left:0px;white-space:nowrap">&#8224;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:288px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:598.17px;letter-spacing:-0.35px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:989.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:1177.98px;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:4209.4px;left:1620.42px;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:4209.4px;left:1866.43px;letter-spacing:-0.79px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:2560.41px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:2734.35px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:3135.04px;white-space:nowrap">I </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:3219.68px;letter-spacing:-0.66px;white-space:nowrap">expires </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:3773.21px;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:4209.4px;left:3956.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:4238.33px;white-space:nowrap">2027 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:4643.95px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:5191.07px;text-rendering:optimizeLegibility;letter-spacing:0.1px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:5881.97px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4209.4px;left:6282.67px;white-space:nowrap">II </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:288px;letter-spacing:-0.66px;white-space:nowrap">expires </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:841.54px;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:4425.4px;left:1024.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:1306.65px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:1712.27px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:2259.39px;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:4425.4px;left:2904.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:3216.96px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:3617.65px;white-space:nowrap">III </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:3790.18px;letter-spacing:-0.66px;white-space:nowrap">expires </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:4343.71px;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:4425.4px;left:4526.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:4808.83px;white-space:nowrap">2026 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:5214.45px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4425.4px;left:5761.56px;text-rendering:optimizeLegibility;letter-spacing:-0.11px;white-space:nowrap">Meeting.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:4709.76px;left:0px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:288px;letter-spacing:-0.53px;white-space:nowrap">Indicates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:973.11px;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:4713.4px;left:1308.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:1590.89px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:2218.78px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:2547.4px;letter-spacing:0px;white-space:nowrap">serves </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:3046.45px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:3241.48px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:3366.9px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:3994.79px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:4183.14px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:4493.3px;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:4713.4px;left:5053.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4713.4px;left:5365.62px;letter-spacing:-0.93px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:288px;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:4929.4px;left:845.05px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:1293.12px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:1591.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:1904.31px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:2214.47px;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:4929.4px;left:2583.88px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:3284.98px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:3733.05px;white-space:nowrap">Inc., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:4075.82px;letter-spacing:-0.44px;white-space:nowrap">two </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:4393.55px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:4831.77px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4929.4px;left:5665.76px;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:5145.4px;left:288px;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:5145.4px;left:1134.04px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5145.4px;left:1955.81px;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:5145.4px;left:2201.82px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5145.4px;left:2671.59px;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:5145.4px;left:3059.81px;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:5145.4px;left:3910.06px;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:5145.4px;left:4920.01px;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:5145.4px;left:5668.4px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5145.4px;left:5967.14px;white-space:nowrap">acts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5145.4px;left:6297.87px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5361.4px;left:288px;letter-spacing:-0.66px;white-space:nowrap">Administrator </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5361.4px;left:1320.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5361.4px;left:1632.81px;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:5361.4px;left:2021.03px;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:5361.4px;left:2991.6px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5361.4px;left:3492.58px;white-space:nowrap">acts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5361.4px;left:3823.31px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5361.4px;left:4018.34px;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:5361.4px;left:4868.6px;letter-spacing:-2.42px;white-space:nowrap">Adviser.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:5645.76px;left:0px;white-space:nowrap">(2)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:288px;letter-spacing:-0.53px;white-space:nowrap">Indicates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:973.11px;letter-spacing:-0.84px;white-space:nowrap">&#8220;Interested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:1825.12px;letter-spacing:-2.78px;white-space:nowrap">Person&#8221;, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:2457.84px;letter-spacing:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:2652.87px;text-rendering:optimizeLegibility;letter-spacing:-0.22px;white-space:nowrap">defined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:3243.15px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:3417.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:3699.39px;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:5649.4px;left:4549.64px;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:5649.4px;left:5270.52px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:5548.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:5736.69px;white-space:nowrap">1940, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5649.4px;left:6186.34px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:288px;white-space:nowrap">amended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:1014.24px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:1350.33px;white-space:nowrap">&#8220;1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:1829.6px;letter-spacing:1px;white-space:nowrap">Act&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:2285.93px;white-space:nowrap">Ms. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:2592.32px;letter-spacing:-1.03px;white-space:nowrap">Uzcan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:3066.93px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:3216.96px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:3435.89px;letter-spacing:-0.78px;white-space:nowrap">&#8220;interested&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:4357.34px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:4985.23px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:5180.26px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:5305.68px;letter-spacing:-0.38px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:5756.73px;white-space:nowrap">of: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5865.4px;left:5992.37px;white-space:nowrap">her </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:288px;white-space:nowrap">being </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:728.77px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:947.71px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:1452.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:1640.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:1922.85px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:2326.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:2639.34px;white-space:nowrap">her </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:2924.54px;letter-spacing:-0.44px;white-space:nowrap">ownership </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:3721.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:3909.71px;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:6081.4px;left:4636.83px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:4825.18px;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:6081.4px;left:5213.39px;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:6081.4px;left:5750.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6081.4px;left:6032.79px;letter-spacing:-0.29px;white-space:nowrap">indirect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:288px;letter-spacing:-0.15px;white-space:nowrap">owner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:791.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:980.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:1262.62px;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:6297.4px;left:2112.87px;white-space:nowrap">Adviser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:2688.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:2876.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:3158.68px;white-space:nowrap">Fund; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:3610px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:3922.45px;white-space:nowrap">her </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:4207.66px;letter-spacing:-0.44px;white-space:nowrap">ownership </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:5004.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:5192.82px;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:6297.4px;left:5699.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6297.4px;left:5887.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6513.4px;left:288px;letter-spacing:-0.29px;white-space:nowrap">indirect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6513.4px;left:879.24px;white-space:nowrap">majority </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6513.4px;left:1522.6px;letter-spacing:-0.15px;white-space:nowrap">owner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6513.4px;left:2026.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6513.4px;left:2214.91px;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:6513.4px;left:2603.13px;letter-spacing:-0.59px;white-space:nowrap">Group.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1025.02px;left:0px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Name, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1025.02px;left:531.56px;letter-spacing:-0.48px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Age,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:0px;letter-spacing:-3.11px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:415.28px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:609.7px;text-rendering:optimizeLegibility;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Office</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:0px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:322.73px;letter-spacing:-0.19px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Length </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:869.77px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">of</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:0px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:411.06px;letter-spacing:-0.01px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Served*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:1623.29px;left:1012.68px;transform-origin:0% 150.73px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">&#8224;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:1253px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:1943.47px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Occupation(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:3019.6px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:3560.48px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:3850.78px;letter-spacing:-1.11px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:4204.81px;letter-spacing:-0.33px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:4546.44px;letter-spacing:-3.32px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Years</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:1253px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:1575.73px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:2051.75px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1241.02px;left:5241.8px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Other</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1457.02px;left:5241.8px;letter-spacing:-0.53px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Directorships</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:5241.8px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:5627.46px;letter-spacing:-0.32px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1673.02px;left:5849.04px;letter-spacing:-0.47px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,0,-953.02);white-space:nowrap">Director</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:0px;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:999px;left:675.44px;white-space:nowrap">M.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Z&#252;gel, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:473.38px;white-space:nowrap">64</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1211.36px;left:655.84px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:0px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:400.69px;white-space:nowrap">II</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:0px;white-space:nowrap">Since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:420.91px;white-space:nowrap">2019</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:1253px;letter-spacing:-2.15px;white-space:nowrap">Founder, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:1926.59px;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:999px;left:2337.83px;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:999px;left:3188.09px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:3716.49px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:4028.94px;white-space:nowrap">Chairman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:4766.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:1253px;letter-spacing:-0.18px;white-space:nowrap">ZAIS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:1603.07px;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:1215px;left:2140.17px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:2426.25px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">(alternative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:3293.91px;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:1215px;left:3751.91px;letter-spacing:-0.15px;white-space:nowrap">manager) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:4485.79px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:1253px;white-space:nowrap">1997) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:1712.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:2024.86px;white-space:nowrap">Chairman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:2762.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:2950.87px;letter-spacing:-0.18px;white-space:nowrap">ZAIS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:3300.94px;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:1431px;left:3794.01px;white-space:nowrap">Holdings, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:4504.51px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:4803.25px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:1253px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:1403.03px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:1731.65px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:1857.07px;letter-spacing:-0.49px;white-space:nowrap">director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2469.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2665.84px;text-rendering:optimizeLegibility;white-space:nowrap">officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:3170.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:3358.68px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:3919.43px;white-space:nowrap">wholly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:4432.09px;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:1863px;left:1253px;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:1863px;left:1922.2px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:2743.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:3056.43px;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:1863px;left:3902.46px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:4347.1px;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:2079px;left:1253px;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:2079px;left:1465.7px;letter-spacing:-0.18px;white-space:nowrap">ZAIS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:1815.76px;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:2079px;left:2308.83px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:2594.91px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:2791.53px;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:2079px;left:3343.13px;letter-spacing:-0.16px;white-space:nowrap">companies. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:4208.94px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:4450.02px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:1253px;white-space:nowrap">serves </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:1752.04px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:1947.07px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2574.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2763.31px;white-space:nowrap">1014 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:3168.93px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:3467.67px;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:2295px;left:3837.07px;letter-spacing:-2.55px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:4184.77px;letter-spacing:-0.22px;white-space:nowrap">(charitable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:1253px;text-rendering:optimizeLegibility;letter-spacing:-0.82px;white-space:nowrap">organization) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:2234.74px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:2697.57px;white-space:nowrap">2019). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:3201.01px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:3920.22px;white-space:nowrap">Chairman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:4657.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:4846.23px;letter-spacing:-0.18px;white-space:nowrap">ZAIS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:1253px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:1928.7px;white-space:nowrap">Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:2359.19px;white-space:nowrap">(publicly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:3009.32px;letter-spacing:-0.5px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:3528.4px;letter-spacing:-0.4px;white-space:nowrap">commercial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2727px;left:4411.61px;letter-spacing:-0.54px;white-space:nowrap">mortgage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:1253px;letter-spacing:-0.53px;white-space:nowrap">real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:1566.51px;letter-spacing:-1.19px;white-space:nowrap">estate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:2049.38px;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:2943px;left:2895.41px;letter-spacing:-0.31px;white-space:nowrap">trust) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:3331.17px;white-space:nowrap">(2011&#8211;2016); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2943px;left:4346.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:1253px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:1880.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:2069.24px;letter-spacing:-0.44px;white-space:nowrap">Green </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:2553.69px;white-space:nowrap">Dot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:2856.65px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">Bioplastics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:3656.28px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">(bioplastic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3159px;left:4437.28px;letter-spacing:-0.39px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3375px;left:1253px;white-space:nowrap">science </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3375px;left:1827.54px;letter-spacing:-0.59px;white-space:nowrap">company) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3375px;left:2580.68px;white-space:nowrap">(2022&#8211;2024).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:5241.8px;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:999px;left:5897.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:5241.8px;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:1215px;left:5801.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:5241.8px;letter-spacing:-0.93px;white-space:nowrap">Eastern </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:5821px;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:1647px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:5241.8px;white-space:nowrap">2019) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:6013.66px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:5241.8px;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:2079px;left:5611.2px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:5241.8px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:5689.87px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:5988.61px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2511px;left:5241.8px;white-space:nowrap">2019).</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">57 </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,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;text-rendering:optimizeLegibility;letter-spacing:-0.28px;white-space:nowrap">Officers*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:309.5px;left:0px;white-space:nowrap">Name, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:309.5px;left:531.56px;letter-spacing:-0.39px;white-space:nowrap">Age, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:309.5px;left:901.76px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">Position</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:378.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:668.32px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:1081.41px;white-space:nowrap">and</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Length </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:547.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:741.45px;white-space:nowrap">Time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:1152.51px;letter-spacing:-0.01px;white-space:nowrap">Served</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:2332.8px;white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:3023.27px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Occupation(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:4099.4px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:4640.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:4930.58px;letter-spacing:-1.11px;white-space:nowrap">Past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:5284.61px;letter-spacing:-0.33px;white-space:nowrap">Five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:5626.24px;letter-spacing:-3.32px;white-space:nowrap">Years</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:0px;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:1027.7px;left:585.79px;letter-spacing:-0.56px;white-space:nowrap">Uzcan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:1104.43px;white-space:nowrap">50</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1024.05px;left:1286.89px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:0px;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:1243.7px;left:721.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:1033.86px;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:1243.7px;left:1445.1px;text-rendering:optimizeLegibility;letter-spacing:-0.73px;white-space:nowrap">Executive</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:555.73px;letter-spacing:-0.37px;white-space:nowrap">2017&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1456.05px;left:1561.64px;white-space:nowrap">(2)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:2332.8px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:3090.51px;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:1027.7px;left:3745.73px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:4181.23px;letter-spacing:-0.66px;white-space:nowrap">CEO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:4521.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:4709.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:4992.02px;letter-spacing:-0.2px;white-space:nowrap">Americas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1027.7px;left:5696.37px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:2332.8px;white-space:nowrap">2024), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:2836.24px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:3271.74px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:3691.06px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:3879.41px;letter-spacing:-0.2px;white-space:nowrap">Americas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:4583.77px;letter-spacing:-0.66px;white-space:nowrap">CEO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:4923.9px;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:1243.7px;left:5390.25px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243.7px;left:5853.08px;white-space:nowrap">2023), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:2332.8px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:2768.3px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:3187.62px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:3375.97px;letter-spacing:-0.66px;white-space:nowrap">Product </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:3981.45px;letter-spacing:-0.2px;white-space:nowrap">Americas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:4685.81px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:5148.64px;white-space:nowrap">2021), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:5652.08px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1459.7px;left:6087.58px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:2332.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:2521.15px;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:1675.7px;left:2842.3px;white-space:nowrap">Mutual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:3405.68px;white-space:nowrap">Funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:3879.32px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:4342.16px;white-space:nowrap">2021), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:4845.59px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:5281.09px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:5700.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1675.7px;left:5888.77px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:2332.8px;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:1891.7px;left:3436.71px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:3899.54px;white-space:nowrap">2017), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:4402.98px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:4838.47px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:5466.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1891.7px;left:5778.82px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:2332.8px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:3098.24px;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:2107.7px;left:3486.45px;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:2107.7px;left:4045.79px;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:2107.7px;left:4766.67px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:5229.5px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2107.7px;left:5736.19px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:2332.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:2645.25px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:2990.93px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2323.7px;left:3756.36px;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:2323.7px;left:4144.58px;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:2323.7px;left:4994.83px;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:2539.7px;left:2332.8px;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:2539.7px;left:3081.19px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:3379.93px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:3842.76px;white-space:nowrap">2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:4349.45px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:4977.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539.7px;left:5165.69px;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:2539.7px;left:5553.9px;letter-spacing:-0.22px;white-space:nowrap">USA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:2332.8px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Corporation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:3239.48px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:3702.31px;white-space:nowrap">2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:4209px;letter-spacing:-1.81px;white-space:nowrap">Trustee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:4826.7px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:5159.71px;letter-spacing:-0.35px;white-space:nowrap">Advisors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2755.7px;left:5849.92px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:2332.8px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:2795.63px;white-space:nowrap">2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:3302.32px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:3930.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:4118.56px;letter-spacing:-0.5px;white-space:nowrap">Cayman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:4736.78px;letter-spacing:-0.7px;white-space:nowrap">Real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:5083.16px;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:2971.7px;left:5581.33px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2971.7px;left:6029.39px;letter-spacing:-1.14px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:2332.8px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:2795.63px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:3302.32px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:3930.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:4118.56px;letter-spacing:-0.5px;white-space:nowrap">Cayman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:4736.78px;white-space:nowrap">Commodity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:5618.06px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:6022.1px;white-space:nowrap">II, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3187.7px;left:6194.71px;letter-spacing:-1.14px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:2332.8px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:2795.63px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:3302.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:3614.77px;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:3403.7px;left:4026.01px;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:3403.7px;left:4748.03px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:5276.43px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3403.7px;left:5588.88px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3619.7px;left:2332.8px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3619.7px;left:2893.54px;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:3619.7px;left:3281.76px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3619.7px;left:3518.36px;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:3619.7px;left:4287.14px;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:3619.7px;left:5133.17px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3835.7px;left:2332.8px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3835.7px;left:2922.72px;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:3835.7px;left:3135.42px;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:3835.7px;left:3523.63px;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:3835.7px;left:4373.88px;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:3835.7px;left:5383.84px;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:3835.7px;left:6132.22px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:2332.8px;white-space:nowrap">Ms. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:2639.19px;letter-spacing:-1.03px;white-space:nowrap">Uzcan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:3113.8px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:3442.42px;white-space:nowrap">serves </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:3941.46px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:4136.49px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:4764.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:4952.73px;letter-spacing:-0.18px;white-space:nowrap">Episcopal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051.7px;left:5670.89px;text-rendering:optimizeLegibility;white-space:nowrap">Charities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:2332.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:2521.15px;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:4267.7px;left:2890.55px;letter-spacing:-2.55px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:3238.25px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:3701.08px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:4207.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:4520.22px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:5148.11px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:5336.46px;white-space:nowrap">ICI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4267.7px;left:5561.37px;white-space:nowrap">Mutual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4483.7px;left:2332.8px;letter-spacing:-0.35px;white-space:nowrap">Insurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4483.7px;left:3076.35px;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:4483.7px;left:3797.23px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4483.7px;left:4260.07px;white-space:nowrap">2020). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4483.7px;left:4763.5px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4483.7px;left:5482.71px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4699.7px;left:2332.8px;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:4699.7px;left:2721.01px;letter-spacing:-0.22px;white-space:nowrap">USA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4699.7px;left:3058.16px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">Corporation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4699.7px;left:3964.84px;white-space:nowrap">(2018&#8211;2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4699.7px;left:4979.89px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4699.7px;left:5660.51px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4915.7px;left:2332.8px;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:4915.7px;left:2721.01px;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:4915.7px;left:3571.27px;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:4915.7px;left:4581.22px;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:4915.7px;left:5329.61px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4915.7px;left:5628.35px;white-space:nowrap">(2018&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5131.7px;left:2332.8px;white-space:nowrap">2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5131.7px;left:2839.49px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5131.7px;left:3520.11px;white-space:nowrap">Clerk, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5131.7px;left:3971.26px;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:5131.7px;left:4359.47px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5131.7px;left:4757px;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:5131.7px;left:5477.88px;white-space:nowrap">(2020&#8211;2023); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5347.7px;left:2332.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5347.7px;left:2645.25px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5347.7px;left:3325.88px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5347.7px;left:4074.53px;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:5347.7px;left:4462.74px;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:5347.7px;left:5391.22px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5347.7px;left:5689.96px;white-space:nowrap">(2018&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5563.7px;left:2332.8px;white-space:nowrap">2023).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:0px;white-space:nowrap">Diane </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:456.86px;letter-spacing:-1.6px;white-space:nowrap">Kenneally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:1223.26px;white-space:nowrap">58</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:5839.06px;left:1405.72px;white-space:nowrap">(3)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:0px;letter-spacing:-1.76px;white-space:nowrap">Treasurer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:722.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:1034.47px;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:6058.7px;left:1445.71px;white-space:nowrap">Financial</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:555.73px;letter-spacing:-0.37px;white-space:nowrap">2018&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:2332.8px;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:5842.7px;left:2988.02px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:3423.52px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:3827.56px;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:5842.7px;left:4931.46px;letter-spacing:-1.68px;white-space:nowrap">Treasurer&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5842.7px;left:5764.49px;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:6058.7px;left:2332.8px;white-space:nowrap">(Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:2805.92px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:3214.96px;white-space:nowrap">2024), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:3718.4px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:4153.89px;letter-spacing:-3.12px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6058.7px;left:4903.25px;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:6058.7px;left:5314.49px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:2332.8px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:2861.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:3173.65px;letter-spacing:-1.83px;white-space:nowrap">Controller, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:3965.63px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:4298.65px;white-space:nowrap">ETF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:4597.13px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:4994.66px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6274.7px;left:5457.49px;white-space:nowrap">2019); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:2332.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:2645.25px;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:6490.7px;left:3056.49px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:3732.19px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:4260.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:4573.04px;letter-spacing:-3.12px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:5322.4px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6490.7px;left:5883.14px;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:6706.7px;left:2332.8px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:2569.4px;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:6706.7px;left:3338.18px;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:6706.7px;left:4184.22px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:5005.99px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6706.7px;left:5595.92px;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:6706.7px;left:5808.61px;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:6922.7px;left:2332.8px;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:6922.7px;left:3183.05px;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:6922.7px;left:4193.01px;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:6922.7px;left:4941.39px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6922.7px;left:5240.13px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6922.7px;left:5702.97px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7138.7px;left:2332.8px;letter-spacing:-0.44px;white-space:nowrap">formerly: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7138.7px;left:3038.56px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7138.7px;left:3719.19px;letter-spacing:-3.12px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7138.7px;left:4468.54px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7138.7px;left:5029.28px;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:7138.7px;left:5417.5px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7138.7px;left:5654.1px;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:7354.7px;left:2332.8px;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:7354.7px;left:3178.84px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354.7px;left:4000.61px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7354.7px;left:4590.53px;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:7354.7px;left:4803.23px;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:7354.7px;left:5191.44px;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:7570.7px;left:2332.8px;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:7570.7px;left:3342.75px;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:7570.7px;left:4091.14px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7570.7px;left:4389.88px;white-space:nowrap">(2007&#8211;2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7570.7px;left:5404.93px;white-space:nowrap">Co-Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7570.7px;left:6069.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7786.7px;left:2332.8px;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:7786.7px;left:2721.01px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7786.7px;left:3125.05px;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:7786.7px;left:4228.95px;letter-spacing:-1.68px;white-space:nowrap">Treasurer&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7786.7px;left:5061.98px;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:7786.7px;left:5528.33px;white-space:nowrap">(2018&#8211;2024).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:0px;white-space:nowrap">John </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:377.84px;text-rendering:optimizeLegibility;letter-spacing:-0.26px;white-space:nowrap">Millette, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:1021.03px;white-space:nowrap">62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:8062.06px;left:1203.49px;white-space:nowrap">(3)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:0px;letter-spacing:-1.93px;white-space:nowrap">Secretary,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:0px;letter-spacing:-0.37px;white-space:nowrap">2011&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:8494.06px;left:1005.91px;white-space:nowrap">(4)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:2332.8px;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:8065.7px;left:2988.02px;letter-spacing:-0.35px;white-space:nowrap">DWS: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:3423.52px;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:8065.7px;left:3833.88px;letter-spacing:-0.32px;white-space:nowrap">(Associate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:4608.46px;letter-spacing:-0.44px;white-space:nowrap">General </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:5216.49px;white-space:nowrap">Counsel), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8065.7px;left:5930.51px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:2332.8px;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:8281.7px;left:2744.04px;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:8281.7px;left:3154.4px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8281.7px;left:3710.13px;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:8281.7px;left:4098.35px;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:8281.7px;left:4948.6px;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:8497.7px;left:2332.8px;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:8497.7px;left:3081.19px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:3379.93px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:3842.76px;white-space:nowrap">2009); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:4349.45px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:4661.9px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:5289.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8497.7px;left:5602.24px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:2332.8px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:3098.24px;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:8713.7px;left:3486.45px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:3883.98px;letter-spacing:-0.39px;white-space:nowrap">Company; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:4652.15px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:5280.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8713.7px;left:5468.39px;letter-spacing:-0.5px;white-space:nowrap">Cayman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:2332.8px;letter-spacing:-0.7px;white-space:nowrap">Real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:2679.18px;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:8929.7px;left:3177.34px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:3625.41px;letter-spacing:-1.14px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:3932.5px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:4395.33px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:4902.02px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:5529.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8929.7px;left:5718.26px;letter-spacing:-0.5px;white-space:nowrap">Cayman </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:2332.8px;white-space:nowrap">Commodity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:3214.08px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:3618.11px;white-space:nowrap">II, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:3790.73px;letter-spacing:-1.14px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:4097.82px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:4560.65px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:5067.34px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9145.7px;left:5413.01px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:2332.8px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:2665.82px;letter-spacing:-0.39px;white-space:nowrap">Advisors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:3311.99px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:3598.07px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:4060.91px;white-space:nowrap">2021); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:4567.59px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:5316.25px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:5649.26px;white-space:nowrap">ETF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9361.7px;left:5947.74px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9577.7px;left:2332.8px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9577.7px;left:2795.63px;white-space:nowrap">2020); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9577.7px;left:3302.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9577.7px;left:3614.77px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9577.7px;left:3960.45px;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:9577.7px;left:4681.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9577.7px;left:4994.3px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9577.7px;left:5742.96px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9793.7px;left:2332.8px;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:9793.7px;left:2721.01px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9793.7px;left:2957.61px;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:9793.7px;left:3726.39px;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:9793.7px;left:4572.43px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9793.7px;left:5394.21px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9793.7px;left:5984.13px;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:10009.7px;left:2332.8px;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:10009.7px;left:2721.01px;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:10009.7px;left:3571.27px;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:10009.7px;left:4581.22px;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:10009.7px;left:5329.61px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10009.7px;left:5628.35px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10225.7px;left:2332.8px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10225.7px;left:3013.43px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10225.7px;left:3762.08px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10225.7px;left:4095.09px;white-space:nowrap">ETF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10225.7px;left:4393.57px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:10225.7px;left:4791.1px;white-space:nowrap">(2019&#8211;2020).</div></div>
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		<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:149px;font-weight:bold;position:absolute;top:309.5px;left:7747.2px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Name, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:309.5px;left:8278.76px;letter-spacing:-0.39px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Age, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:309.5px;left:8648.96px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Position</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:7747.2px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:8125.22px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:8415.52px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:525.5px;left:8828.61px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">and</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:7747.2px;letter-spacing:-0.19px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Length </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:8294.23px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:8488.65px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:8899.71px;letter-spacing:-0.01px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Served</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:10080px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:10770.47px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Occupation(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:11846.6px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:12387.48px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:12677.78px;letter-spacing:-1.11px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:13031.81px;letter-spacing:-0.33px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Five </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:741.5px;left:13373.44px;letter-spacing:-3.32px;transform-origin:0% 135.00px;transform:matrix(1,0,0,1,-7747.2,-237.5);white-space:nowrap">Years</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:783px;left:0px;white-space:nowrap">Sheila </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:783px;left:468.81px;letter-spacing:-0.39px;white-space:nowrap">Cadogan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:783px;left:1181.07px;white-space:nowrap">58</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:779.36px;left:1363.54px;white-space:nowrap">(3)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:680.63px;letter-spacing:-3.43px;white-space:nowrap">Treasurer,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:0px;letter-spacing:-0.37px;white-space:nowrap">2018&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:783px;left:2332.8px;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:783px;left:2988.02px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:783px;left:3423.52px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:783px;left:3827.56px;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:783px;left:4931.46px;letter-spacing:-1.68px;white-space:nowrap">Treasurer&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:783px;left:5764.49px;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:999px;left:2332.8px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:2752.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:2940.48px;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:999px;left:3788.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:4100.9px;letter-spacing:-1.26px;white-space:nowrap">Vendor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:4664.45px;letter-spacing:-0.7px;white-space:nowrap">Oversight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:5392.45px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:999px;left:5855.28px;white-space:nowrap">2024), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:2332.8px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:2768.3px;letter-spacing:-0.49px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:3396.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:3708.64px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:4054.31px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:4819.75px;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:1215px;left:5207.97px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1215px;left:5605.5px;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:1431px;left:2332.8px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:2795.63px;white-space:nowrap">2018); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:3302.32px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:3982.95px;letter-spacing:-3.12px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:4732.3px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:5065.32px;white-space:nowrap">ETF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:5363.8px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1431px;left:5761.33px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2332.8px;white-space:nowrap">2019); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:2839.49px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:3151.94px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:3832.57px;letter-spacing:-3.12px;white-space:nowrap">Treasurer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:4581.92px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:5142.66px;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:1647px;left:5530.88px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1647px;left:5767.48px;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:1863px;left:2332.8px;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:1863px;left:3178.84px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:4000.61px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1863px;left:4590.53px;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:1863px;left:4803.23px;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:1863px;left:5191.44px;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:2079px;left:2332.8px;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:2079px;left:3342.75px;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:2079px;left:4091.14px;white-space:nowrap">Inc.(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:4812.02px;white-space:nowrap">2017). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2079px;left:5315.46px;letter-spacing:-1.67px;white-space:nowrap">Formerly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2332.8px;white-space:nowrap">Co-Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:2997.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:3185.78px;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:2295px;left:3573.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:3978.02px;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:2295px;left:5081.93px;letter-spacing:-1.68px;white-space:nowrap">Treasurer&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2295px;left:5914.96px;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:2511px;left:2332.8px;white-space:nowrap">(2018&#8211;2024).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Alyssa </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:482.96px;letter-spacing:-1.65px;white-space:nowrap">Asbury, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:1053.98px;white-space:nowrap">29</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:2786.35px;left:1236.45px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3006px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3006px;left:680.63px;letter-spacing:-1.93px;white-space:nowrap">Secretary,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3222px;left:0px;letter-spacing:-0.37px;white-space:nowrap">2020&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:2332.8px;white-space:nowrap">Vice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:2678.47px;letter-spacing:-0.56px;white-space:nowrap">President, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:3443.91px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:3879.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2790px;left:4283.44px;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:2790px;left:5387.35px;white-space:nowrap">(Senior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3006px;left:2332.8px;letter-spacing:-0.17px;white-space:nowrap">Specialist), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3006px;left:3142.27px;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:3501px;left:0px;letter-spacing:-0.39px;white-space:nowrap">Caroline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3501px;left:636.06px;letter-spacing:-0.83px;white-space:nowrap">Pearson, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3501px;left:1297.44px;white-space:nowrap">62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:3497.36px;left:1479.9px;white-space:nowrap">(3)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3717px;left:0px;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:3717px;left:411.24px;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:3717px;left:821.6px;text-rendering:optimizeLegibility;letter-spacing:-2.09px;white-space:nowrap">Officer,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:0px;letter-spacing:-0.37px;white-space:nowrap">2012&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3501px;left:2332.8px;white-space:nowrap">Managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3501px;left:3090.51px;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:3501px;left:3745.73px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3501px;left:4181.23px;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:3501px;left:4591.59px;letter-spacing:-0.35px;white-space:nowrap">(Regional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3501px;left:5303.24px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3501px;left:5722.57px;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:3717px;left:2332.8px;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:3717px;left:3090.94px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3717px;left:3553.78px;white-space:nowrap">2024), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3717px;left:4057.21px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3717px;left:4492.71px;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:3717px;left:4903.95px;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:3717px;left:5314.31px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3717px;left:5870.05px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:2332.8px;letter-spacing:-0.39px;white-space:nowrap">Advisors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:2978.97px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:3265.06px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:3727.89px;white-space:nowrap">2019); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:4234.58px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:4915.2px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3933px;left:5663.85px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4149px;left:2332.8px;white-space:nowrap">ETF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4149px;left:2631.28px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4149px;left:3028.81px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4149px;left:3491.64px;white-space:nowrap">2020); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4149px;left:3998.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4149px;left:4310.78px;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:4149px;left:4722.02px;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:4149px;left:5132.38px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4149px;left:5688.11px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4365px;left:2332.8px;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:4365px;left:2721.01px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4365px;left:2957.61px;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:4365px;left:3726.39px;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:4365px;left:4572.43px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4365px;left:5394.21px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4365px;left:5984.13px;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:4581px;left:2332.8px;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:4581px;left:2721.01px;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:4581px;left:3571.27px;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:4581px;left:4581.22px;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:4581px;left:5329.61px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4581px;left:5628.35px;letter-spacing:-0.26px;white-space:nowrap">Formerly: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4797px;left:2332.8px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4797px;left:3081.45px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4797px;left:3801.63px;white-space:nowrap">AM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4797px;left:4095.8px;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:4797px;left:5024.27px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4797px;left:5323.01px;white-space:nowrap">(2002&#8211;2017); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5013px;left:2332.8px;letter-spacing:-1.76px;white-space:nowrap">Secretary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5013px;left:3081.45px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5013px;left:3801.63px;white-space:nowrap">AM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5013px;left:4095.8px;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:5013px;left:4655.13px;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:5013px;left:5376.01px;white-space:nowrap">(2010&#8211;2017); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5229px;left:2332.8px;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:5229px;left:2744.04px;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:5229px;left:3154.4px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5229px;left:3814.64px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5229px;left:4147.65px;letter-spacing:-0.7px;white-space:nowrap">Strategic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5229px;left:4817.47px;letter-spacing:-0.39px;white-space:nowrap">Advisors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5229px;left:5463.64px;letter-spacing:-0.44px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5229px;left:5749.72px;white-space:nowrap">(2020&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5445px;left:2332.8px;white-space:nowrap">2021); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5445px;left:2839.49px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5445px;left:3151.94px;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:5445px;left:3562.3px;white-space:nowrap">(Senior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5445px;left:4116.36px;letter-spacing:-3.25px;white-space:nowrap">Team </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5445px;left:4543.86px;white-space:nowrap">Lead), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5445px;left:5024.98px;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:5445px;left:5413.19px;white-space:nowrap">(2020&#8211;2024).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">Scott </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:402.8px;letter-spacing:-1.46px;white-space:nowrap">D. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:592.38px;letter-spacing:-0.5px;white-space:nowrap">Hogan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:1141.52px;white-space:nowrap">54</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:5720.36px;left:1323.98px;white-space:nowrap">(3)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:0px;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:5940px;left:411.24px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:1301.22px;text-rendering:optimizeLegibility;letter-spacing:-2.09px;white-space:nowrap">Officer,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6156px;left:0px;letter-spacing:-0.37px;white-space:nowrap">2016&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:2332.8px;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:5724px;left:2988.02px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:3423.52px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Anti-Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:4444.99px;white-space:nowrap">Crime </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:4915.11px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:5076.39px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5724px;left:5966.37px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:2332.8px;white-space:nowrap">(Senior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:2886.86px;letter-spacing:-3.25px;white-space:nowrap">Team </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:3314.36px;white-space:nowrap">Lead), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:3795.48px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:4230.97px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:4543.42px;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:5940px;left:4954.67px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5940px;left:5844.65px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6156px;left:2332.8px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6156px;left:2893.54px;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:6156px;left:3281.76px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6156px;left:3518.36px;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:6156px;left:4287.14px;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:6156px;left:5133.17px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6156px;left:5954.95px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6372px;left:2332.8px;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:6372px;left:2545.5px;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:6372px;left:2933.71px;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:6372px;left:3783.96px;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:6372px;left:4793.91px;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:6372px;left:5542.3px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6651px;left:0px;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:6651px;left:675.44px;white-space:nowrap">Rijs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6651px;left:1006.7px;white-space:nowrap">44</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:6647.35px;left:1189.16px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">Anti-Money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:893.32px;white-space:nowrap">Laundering</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:0px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:889.98px;text-rendering:optimizeLegibility;letter-spacing:-2.09px;white-space:nowrap">Officer,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:0px;letter-spacing:-0.37px;white-space:nowrap">2021&#8211;present</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6651px;left:2332.8px;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:6651px;left:2988.02px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6651px;left:3423.52px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Anti-Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6651px;left:4444.99px;white-space:nowrap">Crime </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6651px;left:4915.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6651px;left:5227.57px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:2332.8px;white-space:nowrap">(Senior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:2886.86px;letter-spacing:-3.25px;white-space:nowrap">Team </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:3314.36px;white-space:nowrap">Lead), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:3795.48px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:4230.97px;white-space:nowrap">AML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:4600.55px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6867px;left:5156.29px;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:6867px;left:5544.5px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:2332.8px;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:7083px;left:3053.68px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:3516.51px;white-space:nowrap">2021); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:4023.2px;white-space:nowrap">AML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:4392.78px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:4948.51px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:5281.53px;white-space:nowrap">ETF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7083px;left:5580.01px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:2332.8px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:2795.63px;white-space:nowrap">2021); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:3302.32px;white-space:nowrap">AML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:3671.9px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:4227.63px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:4788.38px;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:7299px;left:5176.59px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7299px;left:5413.19px;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:7515px;left:2332.8px;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:7515px;left:3178.84px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7515px;left:4000.61px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7515px;left:4590.53px;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:7515px;left:4803.23px;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:7515px;left:5191.44px;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:7731px;left:2332.8px;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:7731px;left:3342.75px;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:7731px;left:4091.14px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7731px;left:4389.88px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7731px;left:4852.71px;white-space:nowrap">2021); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7731px;left:5359.4px;letter-spacing:-0.44px;white-space:nowrap">formerly: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7731px;left:6065.16px;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:7947px;left:2332.8px;white-space:nowrap">UK </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:2578.72px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:2740px;letter-spacing:-0.33px;white-space:nowrap">Ireland </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:3284.48px;white-space:nowrap">Head </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:3703.81px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:3892.16px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Anti-Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:4913.62px;white-space:nowrap">Crime </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:5383.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7947px;left:5696.2px;letter-spacing:-0.88px;white-space:nowrap">MLRO.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:0px;white-space:nowrap">Rich </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:346.29px;letter-spacing:-2.15px;white-space:nowrap">Kircher, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:925.31px;white-space:nowrap">62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:8222.36px;left:1107.77px;white-space:nowrap">(3)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:0px;white-space:nowrap">Deputy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:564.43px;letter-spacing:-0.15px;white-space:nowrap">Money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:1111.99px;white-space:nowrap">Laundering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:0px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:889.98px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:1445.71px;white-space:nowrap">since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:1854.76px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8874px;left:0px;white-space:nowrap">26, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8874px;left:267.19px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:2332.8px;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:8226px;left:2988.02px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:3423.52px;text-rendering:optimizeLegibility;letter-spacing:-0.12px;white-space:nowrap">Anti-Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:4444.99px;white-space:nowrap">Crime </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:4915.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8226px;left:5227.57px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:2332.8px;white-space:nowrap">(Senior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:2886.86px;letter-spacing:-3.25px;white-space:nowrap">Team </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:3314.36px;white-space:nowrap">Lead), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:3795.48px;letter-spacing:-0.35px;white-space:nowrap">DWS; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:4230.97px;white-space:nowrap">Deputy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:4795.41px;white-space:nowrap">AML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:5164.99px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8442px;left:5720.72px;letter-spacing:-0.88px;white-space:nowrap">DBX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:2332.8px;white-space:nowrap">ETF </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:2631.28px;letter-spacing:-2.42px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:3028.81px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:3491.64px;letter-spacing:-0.31px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:4031.73px;white-space:nowrap">13, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:4298.91px;white-space:nowrap">2024); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:4805.6px;white-space:nowrap">Deputy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:5370.04px;white-space:nowrap">AML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8658px;left:5739.62px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8874px;left:2332.8px;letter-spacing:-0.33px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8874px;left:2893.54px;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:8874px;left:3281.76px;white-space:nowrap">US </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8874px;left:3518.36px;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:8874px;left:4287.14px;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:8874px;left:5133.17px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9090px;left:2332.8px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9090px;left:2922.72px;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:9090px;left:3135.42px;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:9090px;left:3523.63px;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:9090px;left:4373.88px;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:9090px;left:5383.84px;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:9306px;left:2332.8px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9306px;left:2631.54px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9306px;left:3094.37px;letter-spacing:-0.26px;white-space:nowrap">September </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9306px;left:3931.35px;white-space:nowrap">20, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9306px;left:4198.54px;white-space:nowrap">2024); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9306px;left:4705.23px;white-space:nowrap">Deputy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9306px;left:5269.67px;white-space:nowrap">AML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9306px;left:5639.25px;text-rendering:optimizeLegibility;letter-spacing:-1.86px;white-space:nowrap">Officer, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9522px;left:2332.8px;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:9522px;left:2721.01px;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:9522px;left:3649.49px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9522px;left:3948.23px;white-space:nowrap">(since </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9522px;left:4411.06px;letter-spacing:-0.29px;white-space:nowrap">November </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9522px;left:5212.89px;white-space:nowrap">13, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9522px;left:5480.08px;white-space:nowrap">2024); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738px;left:2332.8px;letter-spacing:-0.44px;white-space:nowrap">formerly: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738px;left:3038.56px;letter-spacing:-0.22px;white-space:nowrap">BSA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738px;left:3357.6px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738px;left:3518.88px;text-rendering:optimizeLegibility;white-space:nowrap">Sanctions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738px;left:4250.31px;white-space:nowrap">Compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738px;left:5140.29px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9738px;left:5668.69px;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:9738px;left:5914.69px;letter-spacing:-0.25px;white-space:nowrap">Putnam </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9954px;left:2332.8px;letter-spacing:-0.73px;white-space:nowrap">Investments.</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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">59 </div></div>
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		<div style="height:531.55px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.980px) 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,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;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:0px;left:379.95px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:708.57px;white-space:nowrap">serves </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1207.62px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1402.65px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:1621.58px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2149.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2338.33px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:2648.5px;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:3383.79px;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:3875.1px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4323.16px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4621.9px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4934.36px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5244.52px;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:0px;left:5613.93px;letter-spacing:-0.44px;white-space:nowrap">Germany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:0px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:448.07px;white-space:nowrap">Inc., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:790.84px;letter-spacing:-0.44px;white-space:nowrap">two </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:1108.56px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:1546.79px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:2380.78px;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:216px;left:3149.56px;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:216px;left:3995.6px;letter-spacing:-0.18px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:4817.37px;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:216px;left:5063.38px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:216px;left:5533.15px;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:432px;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:432px;left:850.25px;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:432px;left:1860.21px;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:432px;left:2608.59px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:432px;left:2907.33px;white-space:nowrap">acts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:432px;left:3238.07px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:432px;left:3433.1px;letter-spacing:-1.79px;white-space:nowrap">Administrator.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:0px;white-space:nowrap">*	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:288px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:499.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:625.15px;letter-spacing:-0.38px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:1076.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:1264.55px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:1648.63px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">respective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:2430.16px;text-rendering:optimizeLegibility;letter-spacing:0px;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:3122.03px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:3478.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:3837.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:4119.59px;letter-spacing:-0.66px;white-space:nowrap">Administrator </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:5151.95px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:5348.57px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:648px;left:5557.75px;text-rendering:optimizeLegibility;letter-spacing:-0.37px;white-space:nowrap">affiliates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:288px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:728.86px;white-space:nowrap">individuals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:1536.05px;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:864px;left:1809.83px;letter-spacing:-0.4px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:2646.37px;letter-spacing:-0.84px;white-space:nowrap">&#8220;interested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:3494.16px;letter-spacing:-0.39px;white-space:nowrap">persons&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:4176.11px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:4364.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:4646.76px;letter-spacing:-0.66px;white-space:nowrap">Administrator </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:5679.12px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:864px;left:6171.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:288px;white-space:nowrap">meaning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:955.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:1144.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:1426.54px;white-space:nowrap">1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:1832.15px;white-space:nowrap">Act. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:2154.01px;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:1080px;left:2932.37px;letter-spacing:-0.44px;white-space:nowrap">persons </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:3540.66px;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:1080px;left:4101.31px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:4329.39px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">compensation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1080px;left:5394.53px;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:1080px;left:5971.62px;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:1296px;left:288px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1296px;left:570.3px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1580.35px;left:0px;white-space:nowrap">(1)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1584px;left:288px;letter-spacing:-0.29px;white-space:nowrap">Address: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1584px;left:952.01px;white-space:nowrap">875 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1584px;left:1266.4px;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:1584px;left:1680.28px;letter-spacing:-0.55px;white-space:nowrap">Avenue, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1584px;left:2306.14px;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:1584px;left:2675.55px;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:1584px;left:3067.28px;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:1584px;left:3436.68px;letter-spacing:-2.55px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1584px;left:3784.38px;white-space:nowrap">10022.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:1868.35px;left:0px;white-space:nowrap">(2)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:288px;letter-spacing:0px;white-space:nowrap">Served </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:822.81px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:1017.84px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:1698.47px;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:1872px;left:2417.15px;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:1872px;left:2806.42px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:3115.97px;white-space:nowrap">22, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:3383.16px;white-space:nowrap">2013 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:3788.77px;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:1872px;left:3980.72px;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:1872px;left:4334.04px;white-space:nowrap">7, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1872px;left:4510px;white-space:nowrap">2020.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:2156.35px;left:0px;white-space:nowrap">(3)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2160px;left:288px;letter-spacing:-0.29px;white-space:nowrap">Address: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2160px;left:952.01px;white-space:nowrap">100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2160px;left:1266.4px;white-space:nowrap">Summer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2160px;left:1917.84px;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:2160px;left:2438.77px;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:2160px;left:3025.88px;text-rendering:optimizeLegibility;letter-spacing:-0.06px;white-space:nowrap">Massachusetts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2160px;left:4130.14px;white-space:nowrap">02110.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:2444.35px;left:0px;white-space:nowrap">(4)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:288px;letter-spacing:0px;white-space:nowrap">Served </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:822.81px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:1017.84px;letter-spacing:-0.66px;white-space:nowrap">Assistant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:1698.47px;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:2448px;left:2417.15px;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:2448px;left:2806.42px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:3115.97px;white-space:nowrap">14, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:3383.16px;white-space:nowrap">2006 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:3788.77px;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:2448px;left:3980.72px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:4772px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:5039.19px;white-space:nowrap">2010 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:5444.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2448px;left:5757.26px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:288px;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:2664px;left:1006.68px;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:2664px;left:1198.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:1480.94px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:1884.97px;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:2664px;left:2274.24px;letter-spacing:0.11px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:2869.96px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:3137.15px;white-space:nowrap">2006 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:3542.77px;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:2664px;left:3734.72px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:4044.27px;white-space:nowrap">13, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2664px;left:4311.46px;white-space:nowrap">2006.</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;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:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">60 </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: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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:-0.67px;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></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="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:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">61 </div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;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:149px;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, 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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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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:149px;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="font-family:Arial, Helvetica, sans-serif;font-size:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;font-weight:bold;position:absolute;top:280px;left:0px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:189px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;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:194px;font-weight:300;position:absolute;top:4660.8px;left:2889.43px;letter-spacing:-0.4px;white-space:nowrap">reports.</div></div>
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		<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>
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		<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-2</div></div>
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		<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-025796-15 </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">(2/25)</div></div>
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		<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>
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		<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>
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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) Not applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Code of Ethics.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.</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">There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.</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">A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Audit Committee Financial Expert.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Fund&#8217;s Board of Directors has determined that the Fund has at least one &#8220;audit committee financial expert&#8221; serving on its audit committee: Fiona Flannery. This audit committee member is &#8220;independent,&#8221; meaning that he is not an &#8220;interested person&#8221; of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member).</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">An &#8220;audit committee financial expert&#8221; is not an &#8220;expert&#8221; for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an &#8220;audit committee financial expert.&#8221; Further, the designation of a person as an &#8220;audit committee financial expert&#8221; does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the &#8220;audit committee financial expert&#8221; designation. Similarly, the designation of a person as an &#8220;audit committee financial expert&#8221; does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 4.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Principal Accountant Fees and Services.</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">The european equity Fund, Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">form n-csr disclosure re: AUDIT FEES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees that Ernst&nbsp;&amp; Young LLP (&#8220;EY&#8221;), the Fund&#8217;s Independent Registered Public Accounting Firm, billed to the Fund during the Fund&#8217;s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Services that the Fund&#8217;s Independent Registered Public Accounting Firm Billed to the Fund</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Audit Fees Billed to Fund</TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Audit&#45;Related<BR>
Fees Billed to Fund</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Tax Fees Billed to Fund</TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">All<BR>
Other Fees Billed to Fund</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2024</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$44,004</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$5,969</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$27,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2023</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$42,722</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$5,969</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-weight: normal">The above &#8220;Tax Fees&#8221; were billed for professional services rendered for tax preparation. &#8220;All Other Fees Billed to the Fund&#8221; were billed in connection with foreign withholdings tax reclaim filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Services that the Fund&#8217;s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees billed by EY to the Fund&#8217;s advisor, DWS International GmbH, or the administrator, DWS Investment Management Americas, Inc. (&#8220;DIMA&#8221;), and any entity controlling, controlled by or under common control with DWS International GmbH or DWS Investment Management Americas, Inc. (&#8220;Control Affiliate&#8221;) that provides ongoing services to the Fund (collectively, the Advisor Entities&#8221;), for engagements directly related to the Fund&#8217;s operations and financial reporting, during the Fund&#8217;s last two fiscal years.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="height: 69.25pt; vertical-align: bottom">
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 69.25pt; text-align: left">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 69.25pt; text-align: center">Audit&#45;Related<BR>
Fees Billed to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 69.25pt; text-align: center">Tax Fees Billed to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 69.25pt; text-align: center">All<BR>
Other Fees Billed to Adviser and Affiliated Fund Service Providers</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2024</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$637,276</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2023</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$424,143</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">The above &#8220;Tax Fees&#8221; were billed in connection with tax compliance services and agreed upon procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Non-Audit Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees that EY billed during the Fund&#8217;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#8217;s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund&#8217;s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY&#8217;s independence.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="height: 139.9pt; vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 139.9pt; text-align: left">Fiscal Year<BR>
Ended<BR>
December 31,</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 139.9pt; text-align: center">Total <BR>
Non&#45;Audit Fees Billed to Fund<BR>
(A)</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 139.9pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<BR>
(B)</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 139.9pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<BR>
(C)</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; height: 139.9pt; text-align: center">Total of (A), (B)<BR>
and (C)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2024</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$32,969</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$637,276</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$670,245</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">2023</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$5,969</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$424,143</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$420,112</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund&#8217;s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund&#8217;s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund&#8217;s Independent Registered Public Accounting Firm for the Advisor Entities with respect to operations and financial reporting of the Fund. The Audit Committee may, in its discretion, delegate all or a portion of its duties and responsibilities to a subcommittee of the Audit Committee. The Board and the Audit Committee have authorized any member of the Audit Committee to pre-approve any audit or non-audit services to be performed by the independent auditors, provided that any such approvals are presented to the Audit Committee at its next scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">According to each principal Independent Registered Public Accounting Firm, substantially all the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">In connection with the audit of the 2023 and 2024 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Audit Committee of Listed Registrants</B></FONT></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; font-family: Times New Roman, Times, Serif">The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of Fiona Flannery (Chair), Dr. Holger Hatje and Dr. Wolfgang Leoni.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investments.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial Statements and Financial Highlights for Open-End Management Investment Companies.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Proxy Disclosures for Open-End Management Investment Companies.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 10.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 11.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Statement Regarding Basis for Approval of Investment Advisory Contract.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">See Item 1(a)</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 12.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></FONT></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 12 proxy voting.htm; Date: 2025%2D01%2D03T11:15:24; Size: 0x00098E78 -->
<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Scope</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS investment advisors (&#8220;DWS&#8221;)<SUP>1</SUP> registered with the SEC have adopted and implemented the following Proxy Voting Policy and Guidelines &#8211; DWS Americas (&#8220;Policy and Guidelines&#8221;). The Policy and Guidelines are reasonably designed to ensure that proxies are voted in the best economic interest of DWS&#8217;s advisory clients<SUP>2 </SUP>with voting rights (i.e., equity securities) and in accordance with its fiduciary duties and local regulation. The Policy and Guidelines apply to DWS when on behalf of client accounts, it has taken on the responsibility to vote, or provide recommendations relating to proxies.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The guidelines attached as Attachment A represent a set of recommendations (the &#8220;Guidelines&#8221;) that were determined by the DWS Proxy Voting Sub-Committee (&#8220;the PVSC&#8221;). These Guidelines were developed and approved by the PVSC to provide DWS with a comprehensive list of recommendations that represent how DWS will generally vote proxies for its clients. The Guidelines are closely aligned with, although not identical to, those of its proxy voting agent, Institutional Shareholder Services (&#8220;ISS&#8221;). As a fiduciary, DWS owes its clients a duty of loyalty and duty of care. As a result, DWS has a fiduciary obligation to vote proxies in the best economic interest of clients taking into consideration reasonable costs without considering any relationship that it or its parent or affiliates may have with an issuer. In addition, the organizational structures and documents of the various DWS legal entities allow, where necessary
or appropriate, the execution by individual DWS subsidiaries of the proxy voting rights independently of any parent or affiliated company.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Capitalised terms have the meaning ascribed to them in the Glossary.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s Proxy Voting Responsibilities</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy votes are the property of DWS&#8217;s advisory clients. As such, DWS&#8217;s authority and responsibility to vote such proxies depend upon its contractual relationships with its clients or other delegated authority. DWS has delegated responsibility for effecting its advisory clients&#8217; proxy votes to ISS, an independent third-party proxy voting specialist. ISS analyses and votes DWS&#8217;s advisory clients&#8217; proxies in accordance with the Guidelines or DWS&#8217;s specific instructions. Where a client has given specific instructions as to how a proxy should be voted, DWS will notify ISS to carry out those instructions. Where no specific instruction exists, DWS will follow the procedures in voting the proxies set forth in this document. Certain Taft-Hartley clients may direct DWS to have ISS vote their proxies in accordance with Taft-Hartley Voting Guidelines.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>1 </SUP>These include DWS Investment Management Americas, Inc. (&#8220;DIMA&#8221;), DBX Advisors LLC (&#8220;DBX&#8221;) and RREEF Americas L.L.C. (&#8220;RREEF&#8221;) as well as DWS registered investment advisors based outside of the U.S. who provide services to U.S. accounts based on delegation from DIMA, DBX or RREEF.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>2 </SUP>For purposes of this document, &#8220;clients&#8221; refers to persons or entities: (i) for which DWS serves as investment advisor or sub-advisor; (ii) for which DWS votes proxies; and (iii) that have an economic or beneficial ownership interest in the portfolio securities of issuers soliciting such proxies.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Clients may in certain instances contract with their custodial agent and notify DWS that they wish to engage in securities lending transactions. In such cases, it is the responsibility of the custodian to deduct the number of shares that are on loan so that they do not get voted twice. DWS generally does not recall shares during a particular proxy vote but may recall shares under the limited circumstances described below. DWS maintains a list of U.S. and Canadian securities for certain clients that it does not intend to lend through a securities lending program during a given proxy voting season based on such factors as the overall ownership level to impact a vote, expected proxy votes on various matters or potential revenue associated with the security being out on loan over the period. DWS will also recall shares of securities on loan during a particular proxy vote for all products that have adopted an environmental, social and governance
(&#8220;ESG&#8221;) dedicated investment strategy. The handling of all recall requests is beyond DWS&#8217;s control and may not be satisfied in time for DWS to vote the shares in question. When shares remain on loan through a securities lending program, the portfolio management teams will not be able to participate in the votes.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">POLICIES</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Activities are Conducted in the Best Economic Interest of Clients</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS has adopted the following Policies and Guidelines to ensure that proxies are voted in accordance with the best economic interest of its clients, as determined by DWS in good faith after appropriate review. DWS believes that this responsibility includes consideration of the economic effect on companies of certain relevant ESG factors.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS Investment Platform</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Portfolio managers or research analysts in the DWS Investment Platform with appropriate standing (&#8220;Portfolio Management&#8221;)<SUP>3 </SUP>review recommendations for the U.S. accounts they manage from ISS on how to vote proxies based on its application of the Guidelines. Portfolio Management and members of the PVSC may request that the PVSC consider voting a particular proxy contrary to the Guidelines or recommendations from ISS based on its application of the Guidelines, if they believe that it may not be in the best economic interest of clients to vote the proxy in accordance with the Guidelines or ISS recommendations.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Proxy Voting Sub-Committee</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC is an internal working group established by the applicable DWS&#8217;s Investment Risk Oversight Committee pursuant to written Terms of Reference. The PVSC is responsible for overseeing DWS&#8217;s proxy voting activities, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adopting, monitoring and updating the Guidelines that provide how DWS will generally vote proxies pertaining to a comprehensive list of common proxy voting matters;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Making decisions on how to vote proxies where: (i) the issues are not covered by specific client instruction or the Guidelines; or (ii) where an exception to the Guidelines may be in the best economic interest of DWS&#8217;s clients;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Review recommendations raised by Portfolio Management, the PVSC and others to vote a particular proxy contrary to the Guidelines or recommendations from ISS based on its application of the Guidelines; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Monitoring DWS&#8217;s Proxy Vendor Oversight Group (&#8220;Proxy Vendor Oversight&#8221;) proxy voting activities (see below).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s Proxy Vendor Oversight, a function of DWS&#8217;s Operations Group, is responsible for coordinating with ISS to administer DWS&#8217;s proxy voting process and for voting proxies in accordance with any specific client instructions or, if there are none, the Guidelines, and overseeing ISS&#8217;s proxy responsibilities in this regard.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>3 </SUP>Portfolio Management also includes portfolio managers from DWS registered investment advisors based outside the U.S. who provided services to the U.S. accounts based on a delegation from DIMA, DBX or RREEF.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Availability of Proxy Voting Policies and Proxy Voting Record</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Copies of this Policy and Guidelines, as it may be updated from time to time are made available to clients as required by law and otherwise at DWS&#8217;s discretion. Clients may also obtain information on how their proxies were voted by DWS as required by law and otherwise at DWS&#8217;s discretion. Note, however, that DWS must not selectively disclose its investment company clients&#8217; proxy voting records. Proxy Vendor Oversight will make proxy voting reports available to advisory clients upon request. The investment companies&#8217; proxy voting records will be disclosed to shareholders by means of publicly available annual filings of each company&#8217;s proxy voting record for the 12-month periods ending June 30, if so required by relevant law.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Procedures</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The key aspects of DWS&#8217;s proxy voting process are delineated below.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The DWS Proxy Voting Guidelines</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Guidelines set forth the PVSC&#8217;s standard voting positions on a comprehensive list of common proxy voting matters. The PVSC has developed and continues to update the Guidelines based on consideration of current corporate governance principles, industry standards, client feedback, and the impact of the matter on issuers and the value of the investments.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC will review the Guidelines as necessary to support the best economic interest of DWS&#8217;s clients and, in any event, at least annually. The PVSC will make changes to the Guidelines, whether as a result of the annual review or otherwise, taking solely into account the best economic interest of clients. Before changing the Guidelines, the PVSC will thoroughly review and evaluate the proposed change and the reasons therefore, and the PVSC Chairperson(s) will ask PVSC members whether anyone outside or within the DWS organization (including Deutsche Bank and its affiliates) or any entity that identifies itself as an DWS advisory client has requested or attempted to influence the proposed change and whether any member has a conflict of interest with respect to the proposed change. If any such matter is reported to the PVSC Chairperson(s), the Chairperson(s) will promptly notify the Conflicts of Interest Management Sub-Committee and will
defer the approval, if possible. Lastly, the PVSC will fully document its rationale for approving any change to the Guidelines.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Guidelines may reflect a voting position that differs from the actual practices of the public company(ies) within the Deutsche Bank organization or of the investment companies for which DWS or an affiliate serves as investment advisor or sponsor. Investment companies, particularly closed-end investment companies, are different from traditional operating companies. These differences may call for differences in the actual practices of the investment company and the voting positions of the investment company on the same or similar matters. Further, the manner in which DWS votes proxies on behalf investment company proxies may differ from the voting recommendations made by a DWS-advised or sponsored investment company soliciting proxies from its shareholders.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Recommendations and Decisions Made on a Case-by-Case Basis</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will refer to Portfolio Management and members of the PVSC for review and recommendations on how to vote proxies prepared by ISS based upon the Guidelines. The proxies shall be voted on a case-by-case basis based on ISS&#8217;s application of the Guidelines. Portfolio Management and members of PVSC may request that the PVSC consider voting a particular proxy contrary to the Guidelines if they believe that it may not be in the best economic interest of clients to vote the proxy in accordance with the Guidelines.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Proxy Voting Decisions Made by the PVSC</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will refer to the PVSC only proxy proposals: (i) that are not covered by specific client instructions or the Guidelines; or (ii) that, in accordance with this Policy and Guidelines, have been appealed. The Proxy Vendor Oversight team will present to Portfolio Management and members of the PVSC all proposals voted on a case-by-case basis in accordance with the Guidelines which will include recommendations from ISS based on ISS&#8217;s application of the Guidelines and, in certain instances as outlined in the Guidelines or its Sustainability Proxy Voting Guidelines (&#8220;Sustainability&#8221;) Policy on social and sustainability issues. In addition, DWS may in certain circumstance consider the Coalition for Environmentally Responsible Economies (&#8220;CERES&#8221;) guidance on environmental and social matters contained in the CERES Roadmap 2030. Portfolio Management may appeal a recommendation when they believe that
it may not be in the best economic interest of the client to vote in accordance with the recommendation, and such appeal will be referred by the Proxy Vendor Oversight team to the PVSC for consideration.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The DWS Corporate Governance Center (&#8220;CGC&#8221;) provides support to the PVSC but does not make any voting recommendations or determinations. The CGC will research recommendations from ISS based on the Sustainability Policy or CERES Roadmap 2030 to assess whether such recommendations are in the best economic interest of clients and will inform the PVSC Chairperson(s) of any such ISS recommendations that the CGC believes may not be in the best economic interest of clients. The CGC will periodically provide a report to the PVSC that includes details of its analysis with respect to the ISS recommendations based on the Sustainability Policy or CERES Roadmap 2030 and how DWS voted on each proxy. The CGC may also, at the PVSC&#8217;s request, provide research and analysis related to other proxy matters.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Additionally, if Proxy Vendor Oversight, the PVSC Chairperson(s), any member of the PVSC or Portfolio Management believes that voting a particular proxy in accordance with the Guidelines may not be in the best economic interest of clients, that individual may bring the matter to the attention of the PVSC Chairperson(s) and/or Proxy Vendor Oversight.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If Proxy Vendor Oversight refers a proxy proposal to the PVSC (or Action Group) or the PVSC (or Action Group) determines that voting a particular proxy in accordance with the Guidelines is not in the best economic interest of clients, the PVSC (or Action Group) will evaluate and instruct the Proxy Vendor Oversight team to vote the proxy in accordance with its fiduciary duty and subject to the procedures below regarding conflicts. Proxy Vendor Oversight shall periodically report to the PVSC the details of any instructions received from any Action Group.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC endeavours to determine how to vote particular proxies prior to the voting deadline.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxies that Cannot Be Voted or Instances When DWS Abstains from Voting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In some cases, the PVSC may determine that it is in the best economic interest of its clients not to vote certain proxies, or that it may not be feasible to vote certain proxies. If the conditions below are met with regard to a proxy proposal, DWS will not vote on the issue:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Neither the Guidelines nor specific client instructions cover an issue;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>ISS does not make a recommendation on the issue; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is not sufficient time prior to the voting deadline to make a determination as to what voting decision would be in the client&#8217;s best interest.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, it is DWS&#8217;s policy not to vote proxies of issuers subject to laws of those jurisdictions that impose restrictions upon selling shares after proxies are voted, in order to preserve liquidity. In other cases, it may not be possible to vote certain proxies, despite good faith efforts to do so. For example, some jurisdictions do not provide adequate notice to shareholders so that proxies may be voted on a timely basis. Voting rights on securities that have been loaned to third-parties transfer to those third-parties, with loan termination often being the only way to attempt to vote proxies on the loaned securities. Lastly, the PVSC may determine that the costs to the client(s) associated with voting a particular proxy or group of proxies outweighs the economic benefits expected from voting the proxy or group of proxies.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">There may be instances when DWS holds a position in a private company requiring a voting decision. ISS does not provide research and is unable to provide a voting recommendation based on the Guidelines with respect to private companies. As a result, DWS will refer all private company proxies to portfolio management for a review based on information that is available to them. Portfolio management will submit any recommendations to vote &#8220;For&#8221; or &#8220;Against&#8221; proposals for private companies to the PVSC for consideration. DWS will vote to &#8220;Abstain&#8221; for proposals for private companies if portfolio management does not have a recommendation to vote &#8220;For&#8221; or &#8220;Against&#8221; based on the available information.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will coordinate with the PVSC Chairperson(s) regarding any specific proxies and any categories of proxies that will not or cannot be voted. The reasons for not voting any proxy shall be documented.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Conflict of Interest Procedures</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Procedures to Address Conflicts of Interest and Improper Influence</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Overriding Principle</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In the limited circumstances where the PVSC votes proxies,<SUP>4</SUP> the PVSC will vote those proxies in accordance with what it, in good faith, determines to be the best economic interest of DWS&#8217;s clients.<SUP>5</SUP></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Independence of the PVSC</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">As a matter of Compliance policy, the PVSC and Proxy Vendor Oversight are structured to be independent from other parts of Deutsche Bank. Members of the PVSC and the employee responsible for Proxy Vendor Oversight are employees of DWS. As such, they may not be subject to the supervision or control of any employees of Deutsche Bank Corporate and Investment Banking division (&#8220;CIB&#8221;). Their compensation cannot be based upon their contribution to any business activity outside of DWS without prior approval of Legal and Compliance. They can have no contact with employees of Deutsche Bank outside of DWS regarding specific clients, business matters, or initiatives without the prior approval of Legal and Compliance. They furthermore may not discuss proxy votes with any person outside of DWS (and within DWS only on a need-to-know basis).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Conflict Review Procedures</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The &#8220;Conflicts of Interest Management Sub-Committee&#8221; within DWS monitors for potential material conflicts of interest in connection with proxy proposals that are to be evaluated by the PVSC. The Conflicts of Interest Management Sub-Committee members include DWS Compliance, the chief compliance officers of the advisors and the DWS Funds. Promptly upon a determination that a proxy vote shall be presented to the PVSC, the PVSC Chairperson(s) shall notify the Conflicts of Interest Management Sub-Committee. The Conflicts of Interest Management Sub-Committee shall promptly collect and review any information deemed reasonably appropriate to evaluate, in its reasonable judgment, if DWS or any person participating in the proxy voting process has, or has the appearance of, a material conflict of interest. For the purposes of this policy, a conflict of interest shall be considered &#8220;material&#8221; to the extent that a reasonable person
could expect the conflict to influence, or appear to influence, the PVSC&#8217;s decision on the particular vote at issue. PVSC should provide the Conflicts of Interest Management Sub-Committee a reasonable amount of time (no less than 24 hours for the Americas/Europe and 48 hours for APAC) to perform all necessary and appropriate reviews. To the extent that a conflicts review cannot be sufficiently completed by the Conflicts of Interest Management Sub-Committee the proxies will be voted in accordance with the standard Guidelines.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>4 </SUP>As mentioned above, the PVSC votes proxies where: (i) neither a specific client instruction nor a Guideline directs how the proxy should be voted; or (ii) where voting in accordance with the Guidelines may not be in the best economic interest of clients. Further, the PVSC will review recommendations for proxies if Portfolio Management or a member of the PVSC recommends voting contrary to the ISS recommendation if they believe that it may not be in the best economic interest of the client to vote in accordance with the Guidelines or ISS recommendation based on its application of the Guidelines.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>5 </SUP>Proxy Vendor Oversight, who serves as the non-voting secretary of the PVSC, may receive routine calls from proxy solicitors and other parties interested in a particular proxy vote. Any contact that attempts to exert improper pressure or influence shall be reported to the Conflicts of Interest Management Sub-Committee.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The information considered by the Conflicts of Interest Management Sub-Committee may include without limitation information regarding: (i) DWS client relationships; (ii) any relevant personal conflict known by the Conflicts of Interest Management Sub-Committee or brought to the attention of that sub-committee; and (iii) any communications with members of the PVSC (or anyone participating or providing information to the PVSC) and any person outside or within the DWS organization (including Deutsche Bank and its affiliates) or any entity that identifies itself as an DWS advisory client regarding the vote at issue. In the context of any determination, the Conflicts of Interest Management Sub-Committee may consult with and shall be entitled to rely upon all applicable outside experts, including legal counsel.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Upon completion of the investigation, the Conflicts of Interest Management Sub-Committee will document its findings and conclusions. If the Conflicts of Interest Management Sub-Committee determines that: (i) DWS has a material conflict of interest that would prevent it from deciding how to vote the proxies concerned without further client consent; or (ii) certain individuals should be recused from participating in the proxy vote at issue, the Conflicts of Interest Management Sub-Committee will so inform the PVSC Chairperson(s).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If notified that DWS has a material conflict of interest as described above, the PVSC chairperson(s) will obtain instructions as to how the proxies should be voted either from: (i) if time permits, the affected clients; or (ii) in accordance with the standard Guidelines. If notified that certain individuals should be recused from the proxy vote at issue, the PVSC Chairperson(s) shall do so in accordance with the procedures set forth below.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Note: Any DWS employee who becomes aware of a potential, material conflict of interest in respect of any proxy vote to be made on behalf of clients shall notify Compliance or the Conflicts of Interest Management Sub-Committee. Compliance shall call a meeting of the Conflicts of Interest Management Sub-Committee to evaluate such conflict and determine a recommended course of action.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Procedures to be followed by the PVSC</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">At the beginning of any discussion regarding how to vote any proxy, the PVSC Chairperson(s) (or his or her delegate) will inquire as to whether any PVSC member (whether voting or ex officio) or any person participating in the proxy voting process has a personal conflict of interest or has knowledge of an actual or apparent conflict that has not been reported to the Conflicts of Interest Management Sub-Committee.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC Chairperson(s) also will inquire of these same parties whether they have actual knowledge regarding whether any Director, officer, or employee outside or within the DWS organization (including Deutsche Bank and its affiliates) or any entity that identifies itself as an DWS advisory client, has: (i) requested that DWS, Proxy Vendor Oversight (or any member thereof), or a PVSC member vote a particular proxy in a certain manner; (ii) attempted to influence DWS, Proxy Vendor Oversight (or any member thereof), a PVSC member or any other person in connection with proxy voting activities; or (iii) otherwise communicated with a PVSC member, or any other person participating or providing information to the PVSC regarding the particular proxy vote at issue and which incident has not yet been reported to the Conflicts of Interest Management Sub-Committee.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If any such incidents are reported to the PVSC Chairperson(s), the Chairperson(s) will promptly notify the Conflicts of Interest Management Sub-Committee and, if possible, will delay the vote until the Conflicts of Interest Management Sub-Committee can complete the conflicts review. If a delay is not possible, the Conflicts of Interest Management Sub-Committee will instruct the PVSC (i) whether anyone should be recused from the proxy voting process or (ii) whether DWS should vote the proxy in accordance with the standard guidelines, seek instructions as to how to vote the proxy at issue from ISS or, if time permits, the affected clients. These inquiries and discussions will be properly reflected in the PVSC&#8217;s minutes.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><I>Duty to Report.</I> Any DWS employee, including any PVSC member (whether voting or ex officio), that is aware of any actual or apparent conflict of interest relevant to, or any attempt by any person outside or within the DWS organization (including Deutsche Bank and its affiliates) or any entity that identifies itself as an DWS advisory client to influence how DWS votes its proxies has a duty to disclose the existence of the situation to the PVSC Chairperson(s) (or his or her designee) and the details of the matter to the Conflicts of Interest Management Sub-Committee. In the case of any person participating in the deliberations on a specific vote, such disclosure should be made before engaging in any activities or participating in any discussion pertaining to that vote.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Recusal of Members</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC will recuse from participating in a specific proxy vote any PVSC members (whether voting or ex officio) and/or any other person who: (i) are personally involved in a material conflict of interest; or (ii) who, as determined by the Conflicts of Interest Management Sub-Committee, have actual knowledge of a circumstance or fact that could affect their independent judgment, in respect of such vote. The PVSC will also exclude from consideration the views of any person (whether requested or volunteered) if the PVSC or any member thereof knows, or if the Conflicts of Interest Management Sub-Committee has determined, that such other person has a material conflict of interest with respect to the particular proxy or has attempted to influence the vote in any manner prohibited by these policies.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If, after excluding all relevant PVSC voting members pursuant to the paragraph above, there are three or more PVSC voting members remaining, those remaining PVSC members will determine how to vote the proxy in accordance with these Policies and Guidelines. If there are fewer than three PVSC voting members remaining, the PVSC Chairperson(s) will vote the proxy in accordance with the standard Guidelines or will obtain instructions as to how to have the proxy voted from, if time permits, the affected clients and otherwise from ISS.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Affiliated Investment Companies, Rule 12d1-4 and Affiliated Public Companies</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Investment Companies</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For investment companies for which DWS or an affiliate serves as investment advisor or principal underwriter, such proxies are voted in the same proportion as the vote of all other shareholders (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221; voting). In addition, if a registered investment company (including an exchange traded fund) advised by DWS or an affiliate together with DWS advisory clients, in aggregate, (i) hold more than 25% of the outstanding voting securities of an investment company that is not a registered closed-end fund or business development company, or (ii) hold more than 10% of the outstanding voting securities of an investment company that is a registered closed-end fund or business development company, then DWS will vote its holdings in such registered investment company&#8217;s securities in the same proportion as the vote of all other holders of such securities (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221; voting)
as required by Rule 12d1-4 of the 1940 Act. Master Fund proxies solicited from feeder Funds are voted in accordance with applicable provisions of Section 12 of 1940 Act.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Affiliated Public Companies</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For proxies solicited by non-investment company issuers of or within the DWS or Deutsche Bank organization (e.g., shares of DWS or Deutsche Bank), these proxies will be voted in the same proportion as the vote of other shareholders (i.e., &#8220;mirror&#8221; or &#8220;echo&#8221; voting). In markets where mirror voting is not permitted, DWS will &#8220;Abstain&#8221; from voting such shares.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Note: With respect to affiliated registered investment companies that invest in the DWS Central Cash Management Government Fund (registered under the 1940 Act), the affiliated registered investment companies are not required to engage in echo voting with respect to proxies of the DWS Central Cash Management Government Fund and the investment advisor will use these Guidelines and may determine, with respect to proxies of the DWS Central Cash Management Government Fund, to vote contrary to the positions in the Guidelines, consistent with the Fund&#8217;s best interest.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Procedures that Limit Conflicts of Interest</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS and other entities in the Deutsche Bank organization have adopted a number of policies, procedures, and internal controls that are designed to avoid various conflicts of interest, including those that may arise in connection with proxy voting, including but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Code of Conduct&#8211; DB Group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of Interest Policy &#8211; DWS Group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Code of Ethics &#8211; DWS Group;</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC expects that these policies, procedures, and internal controls will greatly reduce the chance that the PVSC (or its members) would be involved in, aware of, or influenced by an actual or apparent conflict of interest.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">RECORDKEEPING</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">At a minimum, the following records must be properly maintained and readily accessible in order to evidence compliance with this Policy.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS will maintain a record of each proxy vote cast by DWS that includes among other things, company name, meeting date, proposals presented, vote cast, and shares voted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Proxy Vendor Oversight maintains records for each of the proxy ballots it votes. Specifically, the records include, but are not limited to:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The proxy statement (and any additional solicitation materials) and relevant portions of annual statements;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Any additional information considered in the voting process that may be obtained from an issuing company, its agents, or proxy research firms;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Analyst worksheets created for stock option plan and share increase analyses; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Proxy Edge print-screen of actual vote election.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS will: (i) retain this Policy and the Guidelines; (ii) maintain records of requests from Portfolio Management and members of the PVSC to appeal a recommendation on how to vote a proxy; (iii) maintain minutes of the meeting of the PVSC; (iv) maintain records of client requests for proxy voting information; and (v) retain any documents prepared by Proxy Vendor Oversight, the CGC or the PVSC that were material to making a voting decision or that memorialized the basis for a proxy voting decision.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The PVSC also will create and maintain appropriate records documenting its compliance with this Policy, including records of its deliberations and decisions regarding conflicts of interest and their resolution.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>With respect to DWS&#8217;s investment company clients, ISS will create and maintain records of each company&#8217;s proxy voting record for the 12-month periods ending June 30. DWS will compile the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report (and with respect to which the company was entitled to vote):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The name of the issuer of the portfolio security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The Council on Uniform Securities Identification Procedures (&#8220;CUSIP&#8221;) number for the portfolio security (if the number is available through reasonably practicable means);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The shareholder meeting date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A brief identification of the matter voted on;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the matter was proposed by the issuer or by a security holder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company cast its vote on the matter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of Directors); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company cast its vote for or against Management.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Note: This list is intended to provide guidance only in terms of the records that must be maintained in accordance with this policy. In addition, please note that records must be maintained in accordance with the Records Management Policy - Deutsche Bank Group and applicable policies and procedures thereunder.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">With respect to electronically stored records, &#8220;properly maintained&#8221; is defined as complete, authentic (unalterable), usable and backed-up. At a minimum, records should be retained for a period of not less than six years (or longer, if necessary to comply with applicable regulatory requirements), the first three years in an appropriate DWS office.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">OVERSIGHT RESPONSIBILITIES</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Vendor Oversight will review a reasonable sampling of votes based on its procedures on a regular basis to ensure that ISS has cast the votes in a manner consistent with the Guidelines. Proxy Vendor Oversight will provide the PVSC with a quarterly report of its review and identify any issues encountered during the period. Proxy Vendor Oversight will also perform a post season review once a year on certain proposals to assess whether ISS voted consistent with the Guidelines.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, the PVSC will, in cooperation with Proxy Vendor Oversight and DWS Compliance, consider, on at least an annual basis, whether ISS has the capacity and competence to adequately analyze the matters for which it is responsible. This includes whether ISS has effective polices, and methodologies and a review of ISS&#8217;s policies and procedures with respect to conflicts.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC also monitors the proxy voting process by reviewing summary proxy information presented by ISS to determine, among other things, whether any changes should be made to the Guidelines. This review will take place at least quarterly and is documented in the PVSC&#8217;s meeting minutes.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">ANNUAL REVIEW</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The PVSC, in cooperation with Proxy Vendor Oversight and DWS Compliance, will review and document, no less frequently than annually, the adequacy of the Guidelines, including whether the Guidelines continue to be reasonably designed to ensure that DWS votes in the best interest of its clients.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">GLOSSARY</P>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Term</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Definition</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>Action Group</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">A sub-group of the PVSC (as defined below) that will include the Chairperson(s) and at least one other member of the PVSC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>ISS</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Institutional Shareholder Services, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>PVSC</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Proxy Voting Sub-Committee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>SEC</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Securities and Exchange Commission</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><B>1940 Act</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0">Investment Company Act of 1940, as amended</TD></TR>
  </TABLE>
<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">LIST OF ANNEXES AND ATTACHMENTS</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Attachment A &#8211; DWS Proxy Voting Guidelines &#8211; DWS Americas</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Attachment A</P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS</P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Guidelines &#8211; DWS Americas</P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Effective April 18, 2024</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">TABLE OF CONTENTS</P>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="width: 572px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>BOARD OF DIRECTORS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Independence</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Composition</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Responsiveness</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Accountability</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Problematic Takeover Defenses, Capital Structure and Governance Structure</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Problematic Audit-Related Practices</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Problematic Compensation Practices</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Problematic Pledging of Company Stock</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Climate Accountability</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Governance Failures</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Voting on Director Nominees in Contested Elections</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Vote-No Campaigns</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Contests/Proxy Access</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Other Board Related Proposals</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Adopt Anti-Hedging/Pledging/Speculative Investments Policy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Board Refreshment</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Term/Tenure Limits</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Age Limits</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Board Size</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Classification/Declassification of the Board</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">CEO Succession Planning</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Cumulative Voting</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Director and Officer Indemnification, Liability Protection and Exculpation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Establish/Amend Nominee Qualifications</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Establish Other Board Committee Proposals</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Filling Vacancies/Removal of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Independent Board Chair</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Majority of Independent Directors/Establishment of Independent Committees</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Majority Vote Standard for the Election of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Access</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Require More Nominees than Open Seats</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Engagement Policy (Shareholder Advisory Committee)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>AUDIT-RELATED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Auditor Indemnification and Limitation of Liability</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Auditor Ratification</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals Limiting Non-Audit Services</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals on Audit Firm Rotation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>SHAREHOLDER RIGHTS &amp; DEFENSES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Advance Notice Requirements for Shareholder Proposals/Nominations</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amend Bylaws without Shareholder Consent</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Control Share Acquisition Provisions</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Control Share Cash-Out Provisions</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Disgorgement Provisions</TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Fair Price Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Freeze-Out Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Greenmail</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Litigation Rights</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Federal Forum Selection Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Exclusive Forum Provisions for State Law Matters</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Fee shifting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Net Operating Loss (NOL) Protective Amendments</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Poison Pills (Shareholder Rights Plans)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Management Proposals to Ratify a Poison Pill</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Voting Disclosure, Confidentiality, and Tabulation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reimbursing Proxy Solicitation Expenses</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reincorporation Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Ability to Act by Written Consent</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Ability to Call Special Meetings</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Stakeholder Provisions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">State Antitakeover Statutes</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Supermajority Vote Requirements</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Virtual Shareholder Meetings</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>CAPITAL RESTRUCTURING</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Capital</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Adjustments to Par Value of Common Stock</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Common Stock Authorization</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Dual Class Structure</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Issue Stock for Use with Rights Plan</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Preemptive Rights</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Preferred Stock Authorization</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Recapitalization Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reverse Stock Splits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Share Repurchase Programs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Share Repurchase Programs Shareholder Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Stock Distributions: Splits and Dividends</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Tracking Stock</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Restructuring</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Appraisal Rights</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Asset Purchases</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Asset Sales</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Bundled Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Conversion of Securities</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Formation of Holding Company</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Joint Ventures</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Liquidations</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Mergers and Acquisitions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Private Placements/Warrants/Convertible Debentures</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reorganization/Restructuring Plan (Bankruptcy)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Special Purpose Acquisition Corporations (SPACs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Spin-offs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Value Maximization Shareholder Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>COMPENSATION</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Executive Pay Evaluation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Advisory Votes on Executive Compensation&#8212;Management Proposals (Say-on-Pay)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Frequency of Advisory Vote on Executive Compensation (&quot;Say When on Pay&quot;)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Equity-Based and Other Incentive Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Further Information on certain EPSC Factors:</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Egregious Factors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Specific Treatment of Certain Award Types in Equity Plan Evaluations</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Other Compensation Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">401(k) Employee Benefit Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Employee Stock Ownership Plans (ESOPs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Employee Stock Purchase Plans&#8212;Qualified Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Employee Stock Purchase Plans&#8212;Non-Qualified Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Option Exchange Programs/Repricing Options</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Stock Plans in Lieu of Cash</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Transfer Stock Option (TSO) Programs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Director Compensation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Ratification of Director Pay Programs</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Equity Plans for Non-Employee Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Non-Employee Director Retirement Plans</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals on Compensation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Bonus Banking/Bonus Banking &#8220;Plus&#8221;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Compensation Consultants-Disclosure of Board or Company&#8217;s Utilization</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Disclosure/Setting Levels or Types of Compensation for Executives and Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Golden Coffins/Executive Death Benefits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Hold Equity Past Retirement or for a Significant Period of Time</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pay Disparity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pay for Performance/Performance-Based Awards</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pay for Superior Performance</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pre-Arranged Trading Plans (10b5-1 Plans)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Prohibit Outside CEOs from Serving on Compensation Committees</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Recoupment of Incentive or Stock Compensation in Specified Circumstances</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Severance and Golden Parachute Agreements</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Share Buyback Impact on Incentive Program Metrics</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Supplemental Executive Retirement Plans (SERPs)</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Tax Gross-Up Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>ROUTINE / MISCELLANEOUS</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Adjourn Meeting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amend Quorum Requirements</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Amend Minor Bylaws</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change Company Name</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change Date, Time, or Location of Annual Meeting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Other Business</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>SOCIAL AND ENVIRONMENTAL ISSUES</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Approach</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Endorsement of Principles</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Welfare</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Welfare Policies</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Testing</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Animal Slaughter</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Consumer Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Genetically Modified Ingredients</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reports on Potentially Controversial Business/Financial Practices</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Product Safety and Toxic/Hazardous Materials</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Tobacco-Related Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Climate Change</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Say on Climate (SoC) Management Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Say on Climate (SoC) Shareholder Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Climate Change/Greenhouse Gas (GHG) Emissions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Energy Efficiency</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Renewable Energy</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Diversity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Board Diversity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Equality of Opportunity</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Gender Identity, Sexual Orientation, and Domestic Partner Benefits</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Gender, Race / Ethnicity Pay Gap</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Racial Equity and/or Civil Rights Audit Guidelines</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Environment and Sustainability</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Facility and Workplace Safety</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Environmental Proposals and Community Impact Assessments</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Hydraulic Fracturing</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Operations in Protected Areas</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Recycling</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Sustainability Reporting</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Water Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">General Corporate Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Charitable Contributions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Data Security, Privacy, and Internet Issues</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Environmental, Social, and Governance (ESG) Compensation-Related Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Human Rights, Human Capital Management, and International Operations</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Human Rights Proposals</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Mandatory Arbitration</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Operations in High Risk Markets</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Outsourcing/Offshoring</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Sexual Harassment</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Weapons and Military Sales</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Political Activities</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Lobbying</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Political Contributions</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Political Expenditures and Lobbying Congruency</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Political Ties</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>REGISTERED INVESTMENT COMPANY PROXIES</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Election of Directors</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Closed End Fund - Unilateral Opt-In to Control Share Acquisition Statutes</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Converting Closed-end Fund to Open-end Fund</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Proxy Contests</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Investment Advisory Agreements</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Approving New Classes or Series of Shares</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Preferred Stock Proposals</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">1940 Act Policies</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Changing a Fundamental Restriction to a Nonfundamental Restriction</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change Fundamental Investment Objective to Nonfundamental</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Name Change Proposals</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Change in Fund's Subclassification</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Business Development Companies&#8212;Authorization to Sell Shares of Common Stock at a Price below Net Asset Value</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Disposition of Assets/Termination/Liquidation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Changes to the Charter Document</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Changing the Domicile of a Fund</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Authorizing the Board to Hire and Terminate Subadvisors Without Shareholder Approval</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Distribution Agreements</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Master-Feeder Structure</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Mergers</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Shareholder Proposals for Mutual Funds</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Establish Director Ownership Requirement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Reimburse Shareholder for Expenses Incurred</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">Terminate the Investment Advisor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>INTERNATIONAL PROXY VOTING</B></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><B>Appendix I</B></TD></TR>
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<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>NOTE:</B> Because of the unique oversight structure and regulatory scheme applicable to closed-end and open-end investment companies, except as otherwise noted, these voting guidelines are not applicable to holdings of shares of closed-end and open-end investment companies (except Real Estate Investment Trusts).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In voting proxies that are noted case-by-case, DWS will vote such proxies based on recommendations from ISS based on its application of the Guidelines.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for director nominees<SUP>6</SUP>, except under the following circumstances (with new nominees considered on case-by-case basis):</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Independence</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Recommendation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against<SUP>7</SUP> or withhold from non-independent directors when (See Appendix 1 for Classification of Directors):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Independent directors comprise 50 percent or less of the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The non-independent director serves on the audit, compensation, or nominating committee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>6 </SUP>A &quot;new nominee&quot; is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>7</SUP> In general, companies with a plurality vote standard use &#8220;Withhold&#8221; as the contrary vote option in director elections; companies with a majority vote standard use &#8220;Against&#8221;. However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Composition</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Attendance at Board and Committee Meetings</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from directors (except nominees who served only part of the fiscal year<SUP>8</SUP>) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Medical issues/illness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Family emergencies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Missing only one meeting (when the total of all meetings is three or fewer).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, DWS&#8217;s policy is to generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, DWS&#8217;s policy is to generally vote against or withhold from the director(s) in question.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Overboarded Directors</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from individual directors who:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Sit on more than four public company boards; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Are CEOs of public companies who sit on the boards of more than one public company besides their own&#8212;withhold only at their outside board<SUP>9</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Gender Diversity</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Racial and/or Ethnic Diversity: </B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies in the Russell 3000 or S&amp;P 1500 indices, DWS&#8217;s policy is to generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members<SUP>10</SUP>. An exception will be made if (i) there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year; or (ii) there are no new nominees proposed for election to the board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>8</SUP> Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>9</SUP> Although all of a CEO&#8217;s subsidiary boards with publicly-traded common stock will be counted as separate boards, DWS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (&gt;50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>10 </SUP>Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Combined Chair/CEO</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote case-by-case for new nominees who are up for election to serve as a combined Chair and CEO, taking into considerations the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A majority independent board and/or the presence of independent directors on a key board committees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A clearly defined lead independent director serving as an appropriate counterbalance to a combined CEO/chair role.</TD></TR></TABLE>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">DWS&#8217;s policy is to generally vote for an incumbent director who is a combined Chair and CEO up for reelection.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Responsiveness</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Disclosed outreach efforts by the board to shareholders in the wake of the vote;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Rationale provided in the proxy statement for the level of implementation;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The subject matter of the proposal;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The level of support for and opposition to the resolution in past meetings;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Actions taken by the board in response to the majority vote and its engagement with shareholders;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Other factors as appropriate.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board failed to act on takeover offers where the majority of shares are tendered; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The company's response, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition; and</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Disclosure of specific and meaningful actions taken to address shareholders' concerns;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other recent compensation actions taken by the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the issues raised are recurring or isolated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Accountability</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B><I>Problematic Takeover Defenses, Capital Structure and Governance Structure</I></B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Poison Pills</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from all nominees (except new nominees, who should be considered case-by-case) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>&#9632;</SUP></TD><TD>The company has a poison pill with a deadhand or slowhand feature<SUP>11</SUP>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has a long-term poison pill, (with a term of over one year) that was not approved by the public shareholders.<SUP>12</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on nominees if the board adopts an initial short-term pill (with a term of one year or less) without shareholder approval, taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The disclosed rationale for the adoption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The trigger;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s market capitalization (including absolute level and sudden changes);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A commitment to put any renewal to a shareholder vote; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other factors as relevant</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Unequal Voting Rights</B>:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for directors of a company employing a common stock structure with unequal voting rights.<SUP>13</SUP></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Classified Board Structure: </B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold directors individually, committee members, or the entire board (except new nominees, who should be considered case-by-case), if the company&#8217;s board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold / against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>11</SUP> If the short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, DWS will generally still withhold or vote against nominees at the next shareholder meeting following its adoption.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>12</SUP>Approval prior to, or in connection, with a company&#8217;s becoming publicly traded or in connection with a de-SPAC transaction, is sufficient.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>13</SUP>This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights (&#8220;loyalty shares&#8221;).</P>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Removal of Shareholder Discretion on Classified Boards</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold directors individually, committee members, or the entire board (except new nominees, who should be considered case-by-case), if the company has opted into, or failed to opt out of, state laws requiring a classified board structure.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Governance Structure</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies that hold or held their first annual meeting of public shareholders after February 1, 2015, DWS&#8217;s policy is to generally vote against or withhold from directors individually, committee member, or the entire board (except new nominees, who should be considered case-by-case) if, prior to or in connection with the company&#8217;s public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Supermajority vote requirements to amend the bylaws or charter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A classified board structure; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other egregious provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Unless the adverse provision is reversed or removed, DWS&#8217;s policy is to generally vote case-by-case on director nominees in subsequent years.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Unilateral Bylaw/Charter Amendments</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure by the company of any significant engagement with shareholders regarding the amendment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's existing governance provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on share-holders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years DWS&#8217;s policy is generally to vote case-by-case on director nominees.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against (except new nominees, who should be considered case-by-case) if the directors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Classified the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adopted supermajority vote requirements to amend the bylaws or charter; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Eliminated shareholders' ability to amend bylaws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adopted a fee-shifting provision; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adopted another provision deemed egregious.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Restricting Binding Shareholder Proposals</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from the members of the governance committee if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s governing documents impose undue restrictions on shareholders ability to amend the bylaws.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of Rule 14a-8 under the Securities Exchange Act of 1934. DWS&#8217;s policy is to generally vote against or withhold on an ongoing basis in such cases.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Submission of management proposals to approve or ratify requirements in excess of the requirements under Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as insufficient restoration of shareholders&#8217; rights. DWS&#8217;s policy is to generally vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Director Performance Evaluation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from (the members of the governance committee) if the board lack mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three- and five-year total shareholder returns in the bottom half of a company&#8217;s four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company&#8217;s operational metrics and other factors as warranted. Problematic provisions include but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A classified board structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A supermajority vote requirement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inability of shareholders to call special meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inability of shareholders to act by written consent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A multi-class capital structure; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A non-shareholder-approved poison pill.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Management Proposals to Ratify Existing Charter or Bylaw Provisions</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of a shareholder proposal addressing the same issue on the same ballot;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's rationale for seeking ratification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of actions to be taken by the board should the ratification proposal fail;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of shareholder engagement regarding the board&#8217;s ratification request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of impairment to shareholders' rights caused by the existing provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The history of management and shareholder proposals on the provision at the company&#8217;s past meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the current provision was adopted in response to the shareholder proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Previous use of ratification proposals to exclude shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Audit-Related Practices</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from the members of the Audit Committee if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The non-audit fees paid to the auditor are excessive;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company receives an adverse opinion on the company&#8217;s financial statements from its auditor; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on members of the Audit Committee and potentially the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company&#8217;s efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Compensation Practices</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, DWS&#8217;s policy is to generally vote against or withhold from the members of the Compensation Committee and potentially the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is an unmitigated misalignment between CEO pay and company performance (pay for performance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company maintains significant problematic pay practices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board exhibits a significant level of poor communication and responsiveness to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company&#8217;s declared frequency of say on pay; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e., two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Problematic Pledging of Company Stock</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The following factors will be considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other relevant factors.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Climate Accountability</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain<SUP>14</SUP>, DWS&#8217;s policy is to generally vote case-by case on the election of the incumbent chair of the responsible committee (or other directors) in cases where DWS determines that the company is not taking the minimum steps needed to understand, assess and mitigate the risks related to climate change to the company and the larger economy which may lead to regulatory risks.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Minimum steps to understand and mitigate those risks are considered to be the following.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Board governance measures;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Corporate strategy;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Risk management analyses; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Metrics and targets.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B><I>Governance Failures</I></B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on directors individually, committee members, or the entire board, due to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Material failures of governance, stewardship, risk oversight<SUP>15</SUP>, or fiduciary responsibilities at the company, including failures to adequately manage or mitigate environmental, social and governance (ESG) risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Failure to replace management as appropriate; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Egregious actions related to a director&#8217;s service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.</TD></TR></TABLE>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>14</SUP>Companies defined as &#8220;significant GHG emitters&#8221; will be those on the current Climate Action 100+ Focus Group list.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>15</SUP> Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock.</P>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Voting on Director Nominees in Contested Elections</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Vote-No Campaigns</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In cases where companies are targeted in connection with public &#8220;vote-no&#8221; campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Proxy Contests/Proxy Access </B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on the election of directors in contested elections, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Long-term financial performance of the company relative to its industry;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management&#8217;s track record;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Background to the contested election;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Nominee qualifications and any compensatory arrangements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategic plan of dissident slate and quality of the critique against management;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Likelihood that the proposed goals and objectives can be achieved (both slates); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stock ownership positions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In the case of candidates nominated pursuant to proxy access, DWS&#8217;s policy is to generally vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Board-Related Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Adopt Anti-Hedging/Pledging/Speculative Investments Policy</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals seeking a policy that prohibits named executive officers from engaging in derivative or speculative transactions involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan. However, the company&#8217;s existing policies regarding responsible use of company stock will be considered.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Board Refreshment</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS believes Board refreshment is best implemented through an ongoing program of individual director evaluations, conducted annually, to ensure the evolving needs of the board are met and to bring in fresh perspectives, skills, and diversity as needed.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Term/Tenure Limits</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on management proposals regarding director term/tenure limits, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The rationale provided for adoption of the term/tenure limit;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The robustness of the company&#8217;s board evaluation process;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the limit is of sufficient length to allow for a broad range of director tenures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the limit would disadvantage independent directors compared to non-independent directors; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the board will impose the limit evenly, and not have the ability to waive it in a discriminatory manner.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals asking for the company to adopt director term/tenure limits, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of the shareholder proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence of problematic issues at the company combined with, or exacerbated by, a lack of board refreshment.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Age Limits</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against management and shareholder proposals to limit the tenure of independent directors through mandatory retirement ages. DWS&#8217;s policy is to generally vote for proposals to remove mandatory age limits.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Board Size</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals seeking to fix the board size or designate a range for the board size. DWS&#8217;s policy is to generally vote against proposals that give management the ability to alter the size of the board outside of a specified range without shareholder approval.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Classification/Declassification of the Board</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to classify (stagger) the board. DWS&#8217;s policy is to generally vote for proposals to repeal classified boards and to elect all directors annually.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>CEO Succession Planning</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The reasonableness/scope of the request; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s existing disclosure on its current CEO succession planning process.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Cumulative Voting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against management proposals to eliminate cumulate voting, and for shareholder proposals to restore or provide for cumulative voting, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has proxy access<SUP>16</SUP>, thereby allowing shareholders to nominate directors to the company&#8217;s ballot; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has adopted a majority vote standard, with a carve-out for plurality voting in situations where there are more nominees than seats, and a director resignation policy to address failed elections.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals for cumulative voting at controlled companies (insider voting power &gt; 50%).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Director and Officer Indemnification, Liability Protection and Exculpation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals on director and officer indemnification, liability protection and exculpation<SUP>17</SUP>.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>16 </SUP>A proxy access right that meets the recommended guidelines.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>17</SUP>Indemnification: the condition of being secured against loss or damage.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Limited liability: a person&#8217;s financial liability is limited to the fixed sum, or personal financial assets are not at risk if the individual loses a lawsuit that results in financial award/damages to the plaintiff.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Exculpation: to eliminate or limit the personal liability of a director or officer to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director or officer.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to consider the stated rationale for the proposed change. DWS will also consider, among other factors, the extent to which the proposal would:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Eliminate directors' and officers' liability for monetary damages for violating the duty of care;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Eliminate directors&#8217; and officers&#8217; liability for monetary damages for violating the duty of loyalty;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Expand coverage beyond just legal expenses to liability for acts that are more serious violations of fiduciary obligation than mere carelessness; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Expand the scope of indemnification to provide for mandatory indemnification of company officials in connection with acts that previously the company was permitted to provide indemnification for, at the discretion of the company's board (i.e., &quot;permissive indemnification&quot;), but that previously the company was not required to indemnify.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for those proposals providing such expanded coverage in cases when a director&#8217;s or officer&#8217;s legal defense was unsuccessful if both of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the individual was found to have acted in good faith and in a manner that the individual reasonably believed was in the best interests of the company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If only the individual&#8217;s legal expenses would be covered.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Establish/Amend Nominee Qualifications</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals that establish or amend director qualifications. Votes should be based on the reasonableness of the criteria and the degree to which they may preclude dissident nominees from joining the board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder resolutions seeking a director nominee who possesses a particular subject matter expertise, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s board committee structure, existing subject matter expertise, and board nomination provisions relative to that of its peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s existing board and management oversight mechanisms regarding the issue for which board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure and performance relating to the issue for which board oversight is sought and any significant related controversies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Establish Other Board Committee Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS&#8217;s policy is to generally vote against shareholder proposals to establish a new board committee, as such proposals seek a specific oversight mechanism/structure that potentially limits a company&#8217;s flexibility to determine an appropriate oversight mechanism for itself. However, the following factors will be considered:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Existing oversight mechanisms (including current committee structure) regarding the issue for which board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Level of disclosure regarding the issue for which board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company performance related to the issue for which board oversight is sought;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Board committee structure compared to that of other companies in its industry sector; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Filling Vacancies/Removal of Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals that provide that directors may be removed only for cause.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS&#8217;s policy is to generally vote for proposals to restore shareholders&#8217; ability to remove directors with or without cause.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS&#8217;s policy is to generally vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS&#8217;s policy is to generally vote for proposals that permit shareholders to elect directors to fill board vacancies.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Independent Board Chair</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and rationale of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current board leadership structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's governance structure and practices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company performance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other relevant factors that may be applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The following factors will increase the likelihood of a &#8220;for&#8221; recommendation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A majority non-independent board and/or the presence of non-independent directors on key board committees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A weak or poorly defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence that the board has failed to oversee and address material risks facing the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence that the board has failed to intervene when management&#8217;s interests are contrary to shareholders' interests.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Majority of Independent Directors/Establishment of Independent Committees</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold by DWS&#8217;s definition of Independent Director.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors unless they currently meet that standard.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Majority Vote Standard for the Election of Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management proposals to adopt a majority of votes cast standard for directors in uncontested elections. DWS&#8217;s policy is to generally vote against such proposals if no carve-out for a plurality vote standard in contested elections is included.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for precatory and binding shareholder resolutions requesting that the board change the company&#8217;s bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Companies are strongly encouraged to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Access</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management and shareholder proposals for proxy access with the following provisions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Ownership threshold:</B> maximum requirement not more than three percent (3%) of the voting power;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Ownership duration:</B> maximum requirement not longer than three (3) years of continuous ownership for each member of the nominating group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Aggregation:</B> minimal or no limits on the number of shareholders permitted to form a nominating group; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Cap:</B> cap on nominees of generally twenty-five percent (25%) of the board.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS will review for reasonableness any other restrictions on the right of proxy access. DWS&#8217;s policy is to generally vote against proposals that are more restrictive than these guidelines.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Require More Nominees than Open Seats</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals that would require a company to nominate more candidates than the number of open board seats.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Engagement Policy (Shareholder Advisory Committee)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals requesting that the board establish an internal mechanism/process, which may include a committee, in order to improve communications between directors and shareholders, unless the company has the following features, as appropriate:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Established a communication structure that goes beyond the exchange requirements to facilitate the exchange of information between shareholders and members of the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Effectively disclosed information with respect to this structure to its shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company has not ignored majority-supported shareholder proposals or a majority withhold vote on a director nominee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has an independent chair or a lead director. This individual must be made available for periodic consultation and direct communication with major shareholders.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">AUDIT-RELATED</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Auditor Indemnification and Limitation of Liability</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on the issue of auditor indemnification and limitation of liability. Factors to be assessed include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The terms of the auditor agreement&#8212;the degree to which these agreements impact shareholders' rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The motivation and rationale for establishing the agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The quality of the company&#8217;s disclosure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s historical practices in the audit area.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from members of an audit committee in situations where there is persuasive evidence that the audit committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Auditor Ratification</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to ratify auditors unless any of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An auditor has a financial interest in or association with the company, and is therefore not independent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company&#8217;s financial position;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Poor accounting practices are identified that rise to a serious level of concern, such as fraud or misapplication of GAAP; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fees for non-audit services (&#8220;Other&#8221; fees) are excessive.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Non-audit fees are excessive if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-audit (&#8220;other&#8221;) fees &gt; audit fees + audit-related fees + tax compliance/preparation fees</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tax compliance and preparation include the preparation of original and amended tax returns and refund claims, and tax payment planning. All other services in the tax category, such as tax advice, planning, or consulting, should be added to &#8220;Other&#8221; fees. If the breakout of tax fees cannot be determined, add all tax fees to &#8220;Other&#8221; fees.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In circumstances where &quot;Other&quot; fees include fees related to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence, and spin-offs) and the company makes public disclosure of the amount and nature of those fees that are an exception to the standard &quot;non-audit fee&quot; category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals Limiting Non-Audit Services</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals on Audit Firm Rotation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals asking for audit firm rotation, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The tenure of the audit firm;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The length of rotation specified in the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any significant audit-related issues at the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of Audit Committee meetings held each year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of financial experts serving on the committee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has a periodic renewal process where the auditor is evaluated for both audit quality and competitive price.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">SHAREHOLDER RIGHTS &amp; DEFENSES</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Advance Notice Requirements for Shareholder Proposals/Nominations</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on advance notice proposals, giving support to those proposals which allow shareholders to submit proposals/nominations as close to the meeting date as reasonably possible and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory, and shareholder review.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">To be reasonable, the company&#8217;s deadline for shareholder notice of a proposal/nominations must be no earlier than 120 days prior to the anniversary of the previous year&#8217;s meeting and have a submittal window of no shorter than 30 days from the beginning of the notice period. The submittal window is the period under which shareholders must file their proposals/nominations prior to the deadline.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In general, support additional efforts by companies to ensure full disclosure in regard to a proponent&#8217;s economic and voting position in the company so long as the informational requirements are reasonable and aimed at providing shareholders with the necessary information to review such proposals.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amend Bylaws without Shareholder Consent</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals giving the board exclusive authority to amend the bylaws.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals giving the board the ability to amend the bylaws in addition to shareholders, taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any impediments to shareholders' ability to amend the bylaws (i.e., supermajority voting requirements);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure and historical voting turnout;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the board could amend bylaws adopted by shareholders; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether shareholders would retain the ability to ratify any board-initiated amendments.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control Share Acquisition Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental to shareholders.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to amend the charter to include control share acquisition provisions. DWS&#8217;s policy is to generally vote for proposals to restore voting rights to the control shares.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control share acquisition statutes function by denying shares their voting rights when they contribute to ownership in excess of certain thresholds. Voting rights for those shares exceeding ownership limits may only be restored by approval of either a majority or supermajority of disinterested shares. Thus, control share acquisition statutes effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement if the bidder continues buying up a large block of shares.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control Share Cash - Out Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to opt out of control share cash-out statutes.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Control share cash-out statutes give dissident shareholders the right to &quot;cash-out&quot; of their position in a company at the expense of the shareholder who has taken a control position. In other words, when an investor crosses a preset threshold level, remaining shareholders are given the right to sell their shares to the acquirer, who must buy them at the highest acquiring price.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disgorgement Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to opt out of state disgorgement provisions.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disgorgement provisions require an acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge, or pay back, to the company any profits realized from the sale of that company's stock purchased 24 months before achieving control status. All sales of company stock by the acquirer occurring within a certain period of time (between 18 months and 24 months) prior to the investor's gaining control status are subject to these recapture-of-profits provisions.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Fair Price Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to adopt fair price provisions (provisions that stipulate that an acquirer must pay the same price to acquire all shares as it paid to acquire the control shares), evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Freeze-Out Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership threshold in a company to wait a specified period of time before gaining control of the company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Greenmail</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company&#8217;s ability to make greenmail payments.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on anti-greenmail proposals when they are bundled with other charter or bylaw amendments.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Greenmail payments are targeted share repurchases by management of company stock from individuals or groups seeking control of the company. Since only the hostile party receives payment, usually at a substantial premium over the market value of its shares, the practice discriminates against all other shareholders.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Litigation Rights</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Federal Forum Selection Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Federal forum selection provisions require that U.S federal courts be the sole forum for shareholders to litigate claims arising under federal securities law.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for federal forum selection provisions in the charter or bylaws that specify &quot;the district courts of the United States&quot; as the exclusive forum for federal securities law matters, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against provisions that restrict the forum to a particular federal district court; unilateral adoption (without a shareholder vote) of such a provision will generally be considered a one-time failure under the Unilateral Bylaw/Charter Amendments policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Exclusive Forum Provisions for State Law Matters</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Exclusive forum provisions in the charter or bylaws restrict shareholders&#8217; ability to bring derivative lawsuits against the company, for claims arising out of state corporate law, to the courts of a particular state (generally the state of incorporation).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for charter or bylaw provisions that specify courts located within the state of Delaware as the exclusive forum for corporate law matters for Delaware corporations, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For states other than Delaware, DWS&#8217;s policy is to generally vote case-by-case on exclusive forum provisions, taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's stated rationale for adopting such a provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of past harm from duplicative shareholder lawsuits in more than one forum;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The breadth of application of the charter or bylaw provision, including the types of lawsuits to which it would apply and the definition of key terms; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance features such as shareholders' ability to repeal the provision at a later date (including the vote standard applied when shareholders attempt to amend the charter or bylaws) and their ability to hold directors accountable through annual director elections and a majority vote standard in uncontested elections.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against provisions that specify a state other than the state of incorporation as the exclusive forum for corporate law matters, or that specify a particular local court within the state; unilateral adoption of such provision will generally be considered a one-time failure under the Unilateral Bylaw/Charter Amendments policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Fee shifting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Fee-shifting provisions in the charter or bylaws require that a shareholder who sues a company unsuccessfully pay all litigation expenses of the defendant corporation and its directors and officers.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against provisions that mandate fee-shifting whenever plaintiffs are not completely successful on the merits (i.e., including cases where the plaintiffs are partially successful).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Unilateral adoption of a fee-shifting provision will generally be considered an ongoing failure under the Unilateral Bylaw/Charter Amendments policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Net Operating Loss (NOL) Protective Amendments</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to adopt a protective amendment for the stated purpose of protecting a company's net operating losses (NOL) if the effective term of the protective amendment would exceed the shorter of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case, considering the following factors, for management proposals to adopt an NOL protective amendment that would remain in effect for the shorter of three years (or less) and the exhaustion of the NOL:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The ownership threshold (NOL protective amendments generally prohibit stock ownership transfers that would result in a new 5-percent holder or increase the stock ownership percentage of an existing 5-percent holder);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The value of the NOLs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder protection mechanisms (sunset provision or commitment to cause expiration of the protective amendment upon exhaustion or expiration of the NOL);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's existing governance structure including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other factors that may be applicable.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Poison Pills (Shareholder Rights Plans)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company has: (1) A shareholder-approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future specifying that the board will only adopt a shareholder rights plan if either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders have approved the adoption of the plan; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board, in its exercise of its fiduciary responsibilities, determines that it is in the best interest of shareholders under the circumstances to adopt a pill without the delay in adoption that would result from seeking stockholder approval (i.e., the &#8220;fiduciary out&#8221; provision). A poison pill adopted under this fiduciary out will be put to a shareholder ratification vote within 12 months of adoption or expire. If the pill is not approved by a majority of the votes cast on this issue, the plan will immediately terminate.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the shareholder proposal calls for a time period of less than 12 months for shareholder ratification after adoption, DWS&#8217;s policy is to generally vote for the proposal, but add the caveat that a vote within 12 months would be considered sufficient implementation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Management Proposals to Ratify a Poison Pill</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan. Rights plans should contain the following attributes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No lower than a 20 percent trigger, flip-in or flip-over;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A term of no more than three years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No deadhand, slowhand, no-hand, or similar feature that limits the ability of a future board to redeem the pill;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder redemption feature (qualifying offer clause); if the board refuses to redeem the pill 90 days after a qualifying offer is announced, 10 percent of the shares may call a special meeting or seek a written consent to vote on rescinding the pill.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company&#8217;s existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to adopt a poison pill for the stated purpose of protecting a company's net operating losses (NOL) if the term of the pill would exceed the shorter of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote case-by-case on management proposals for poison pill ratification, considering the following factors, if the term of the pill would be the shorter of three years (or less) and the exhaustion of the NOL:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The ownership threshold to transfer (NOL pills generally have a trigger slightly below 5 percent);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The value of the NOLs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder protection mechanisms (sunset provision, or commitment to cause expiration of the pill upon exhaustion or expiration of NOLs);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's existing governance structure including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other factors that may be applicable.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Voting Disclosure, Confidentiality, and Tabulation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder rights. Specific issues covered under the policy include, but are not limited to, confidential voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker non-votes in the company's vote-counting methodology.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">While a variety of factors may be considered in each analysis, the guiding principles are: transparency, consistency, and fairness in the proxy voting process. The factors considered, as applicable to the proposal, may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's stated confidential voting policy (or other relevant policies) and whether it ensures a &quot;level playing field&quot; by providing shareholder proponents with equal access to vote information prior to the annual meeting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's vote standard for management and shareholder proposals and whether it ensures consistency and fairness in the proxy voting process and maintains the integrity of vote results;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company's disclosure regarding its vote counting method and other relevant voting policies with respect to management and shareholder proposals are consistent and clear;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any recent controversies or concerns related to the company's proxy voting mechanics;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any unintended consequences resulting from implementation of the proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other factors that may be relevant.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against management proposals to ratify provisions of the company&#8217;s existing charter or bylaws, unless these governance provisions align with best practice.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition, voting against/withhold from individual directors, members of the governance committee, or the full board may be warranted, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of a shareholder proposal addressing the same issue on the same ballot;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board's rationale for seeking ratification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of actions to be taken by the board should the ratification proposal fail;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of shareholder engagement regarding the board&#8217;s ratification request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of impairment to shareholders' rights caused by the existing provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The history of management and shareholder proposals on the provision at the company&#8217;s past meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the current provision was adopted in response to the shareholder proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Previous use of ratification proposals to exclude shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reimbursing Proxy Solicitation Expenses</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to reimburse proxy solicitation expenses.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">When voting in conjunction with support of a dissident slate, DWS&#8217;s policy is to generally vote for the reimbursement of all appropriate proxy solicitation expenses associated with the election.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals calling for the reimbursement of reasonable costs incurred in connection with nominating one or more candidates in a contested election where the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The election of fewer than 50 percent of the directors to be elected is contested in the election;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>One or more of the dissident&#8217;s candidates is elected;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders are not permitted to cumulate their votes for directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The election occurred, and the expenses were incurred, after the adoption of this bylaw.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reincorporation Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Management or shareholder proposals to change a company's state of incorporation should be evaluated case-by-case, giving consideration to both financial and corporate governance concerns including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Reasons for reincorporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Comparison of company's governance practices and provisions prior to and following the reincorporation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Comparison of corporation laws of original state and destination state.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for reincorporation when the economic factors outweigh any neutral or negative governance changes.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Ability to Act by Written Consent</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B> DWS&#8217;s policy is to generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders' current right to act by written consent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The consent threshold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inclusion of exclusionary or prohibitive language;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Investor ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder support of, and management's response to, previous shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An unfettered<SUP>18</SUP> right for shareholders to call special meetings at a 10 percent threshold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A majority vote standard in uncontested director elections;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No non-shareholder-approved pill; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An annually elected board.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>18 </SUP>&quot;Unfettered&quot; means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Ability to Call Special Meetings</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against management or shareholder proposals to restrict or prohibit shareholders&#8217; ability to call special meetings.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholders&#8217; current right to call special meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Minimum ownership threshold necessary to call special meetings (10 percent preferred);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The inclusion of exclusionary or prohibitive language;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Investor ownership structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Shareholder support of, and management&#8217;s response to, previous shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Stakeholder Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating a merger or business combination.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">State Antitakeover Statutes</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, and anti-greenmail provisions).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Supermajority Vote Requirements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to require a supermajority shareholder vote.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>DWS&#8217;s policy is to generally vote for management or shareholder proposals to reduce supermajority vote requirements. However, for companies with shareholder(s) who have significant ownership levels, DWS&#8217;s policy is to generally vote case-by-case, taking into account:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Ownership structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Quorum requirements; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Vote requirements.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Virtual Shareholder Meetings</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only<SUP>19</SUP> meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>19 </SUP>Virtual-only shareholder meeting&#8221; refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Scope and rationale of the proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Concerns identified with the company&#8217;s prior meeting practices.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">CAPITAL / RESTRUCTURING</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Capital</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Adjustments to Par Value of Common Stock</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an anti-takeover device or some other negative corporate governance action.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote for management proposals to eliminate par value.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Common Stock Authorization</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>if share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to 50% of current authorized shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is 50% to 100% of the current authorized, vote for an increase of up to 100% of current authorized shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is greater than current authorized shares, vote for an increase of up to the current share usage; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposed increases, even if within the above ratios, if the proposal or the company&#8217;s prior or ongoing use of authorized shares is problematic, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has a non-shareholder approved poison pill (including an NOL pill); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">However, DWS&#8217;s policy is to generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In, or subsequent to, the company&#8217;s most recent 10-k filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A government body has in the past year required the company to increase capital ratios.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies incorporated in states that allow increases in authorized capital without shareholder approval, DWS&#8217;s policy is to generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>twice the amount needed to support the transactions on the ballot, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>the allowable increase as calculated for general issuances above.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Dual Class Structure</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to create a new class of common stock unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company discloses a compelling rationale for the dual-class capital structure, such as:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's auditor has concluded that there is substantial doubt about the company's ability to continue as a going concern; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The new class of shares will be transitory;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The new class is intended for financing purposes with minimal or no dilution to current shareholders in both the short term and long term; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The new class is not designed to preserve or increase the voting power of an insider or significant shareholder.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Issue Stock for Use with Rights Plan</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B> DWS&#8217;s policy is to generally vote against proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved shareholder rights plan (poison pill).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Preemptive Rights</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B> DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals that seek pre-emptive rights, taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The size of the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The shareholder base; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The liquidity of the stock.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Preferred Stock Authorization</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to increase the number of authorized shares of preferred stock that are to be used for general corporate purposes as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to 50% of current authorized shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is 50% to 100% of the current authorized, vote for an increase up to 100% of current authorized shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If share usage is greater than current authorized shares, vote for an increase of up to the current share usage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If no preferred shares are currently issued and outstanding, vote against the request, unless the company discloses a specific use for the shares.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposed increases, even if within the above ratios, if the proposal or the company&#8217;s prior or ongoing use of authorized shares is problematic, including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the shares requested are blank check preferred shares that can be used for antitakeover purposes<SUP>20</SUP>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company seeks to increase a class of non-convertible preferred shares entitled to more than one vote per share on matters that do not solely affect the rights of preferred stockholders &#8220;supervoting shares&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company seeks to increase a class of convertible preferred shares entitled to a number of votes greater than the number of common shares into which they are convertible (&#8220;supervoting shares&#8221;) on matters that do not solely affect the rights of preferred stockholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The stated intent of the increase in the general authorization is to allow the company to increase an existing designated class of supervoting preferred shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has a non-shareholder approved poison pill (including NOL pill); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>20 </SUP>To be acceptable, appropriate disclosure would be needed that the shares are &#8220;declawed&#8221;; i.e., representation by the board that it will not, without prior stockholder approval, issue or use the preferred stock for any defensive or anti-takeover purpose or for the purpose of implementing any stockholder rights plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">However, DWS&#8217;s policy is to generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>In, or subsequent to, the company&#8217;s most recent 10-k filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>A government body has in the past year required the company to increase capital ratios.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For companies incorporated in states that allow increases in authorized capital without shareholder approval, DWS&#8217;s policy is to generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Authorization Requests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>twice the amount needed to support the transactions on the ballot, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>the allowable increase as calculated for general issuances above.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recapitalization Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on recapitalizations (reclassifications of securities), taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>More simplified capital structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Enhanced liquidity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness of conversion terms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Impact on voting power and dividends;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Reasons for the reclassification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives considered.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reverse Stock Splits</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management proposals to implement a reverse stock split if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of authorized shares will be proportionately reduced; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The effective increase in authorized shares is equal to or less than the allowable increase calculated in accordance with ISS's Common Stock Authorization policy.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals that do not meet either of the above conditions, taking into consideration the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stock exchange notification to the company of a potential delisting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of substantial doubt about the company's ability to continue as a going concern without additional financing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's rationale; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other factors as applicable.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For U.S. domestic Issuers incorporated outside the U.S. and listed solely on a U.S. exchange, DWS&#8217; policy is to generally vote for resolutions to authorize the issuance of common shares up to 20% of currently issued common share capital, where not tied to a specific transaction or financing proposal.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, DWS&#8217; policy is to generally vote for resolutions to authorize the issuance of common shares up to 50% of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Renewal of such mandates should be sought at each year&#8217;s annual meeting.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on share issuances for a specific transaction or financing proposal.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Share Repurchase Programs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, DWS&#8217;s policy is to generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open-market repurchases, in the absence of company-specific concerns regarding:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Greenmail,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The use of buybacks to inappropriately manipulate incentive compensation metrics,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Threats to the company's long-term viability, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other company-specific factors as warranted.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from insiders at a premium to market price.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Share Repurchase Programs Shareholder Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals prohibiting executives from selling shares of company stock during periods in which the company has announced that it may or will be repurchasing shares of its stock. DWS&#8217;s policy is to generally vote for the proposal when there is a pattern of abuse by executives exercising options or selling shares during periods of share buybacks.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Stock Distributions: Splits and Dividends</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management proposals to increase the common share authorization for stock split or stock dividend, provided that the effective increase in authorized shares is equal to or is less than the allowable increase calculated in accordance with ISS's Common Stock Authorization policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tracking Stock</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on the creation of tracking stock, weighing the strategic value of the transaction against such factors as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adverse governance changes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excessive increases in authorized capital stock;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Unfair method of distribution;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Diminution of voting rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adverse conversion features;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Negative impact on stock option plans; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Alternatives such as spin-off.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Restructuring</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Appraisal Rights</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to restore or provide shareholders with rights of appraisal.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Asset Purchases</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on asset purchase proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Purchase price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial and strategic benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the deal was negotiated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives for the business; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-completion risk.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Asset Sales</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on asset sales, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Impact on the balance sheet/working capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential elimination of diseconomies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Anticipated financial and operating benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Anticipated use of funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Value received for the asset;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the deal was negotiated; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Bundled Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on bundled or &#8220;conditional&#8221; proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders&#8217; best interests, vote against the proposals. If the combined effect is positive, support such proposals.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Conversion of Securities</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals regarding conversion of securities. When evaluating these proposals, the investor should review the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties, and conflicts of interest.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote for the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan, after evaluating:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Dilution to existing shareholders' positions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Terms of the offer - discount/premium in purchase price to investor, including any fairness opinion; termination penalties; exit strategy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial issues - company's financial situation; degree of need for capital; use of proceeds; effect of the financing on the company's cost of capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management's efforts to pursue other alternatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Control issues - change in management; change in control, guaranteed board and committee seats; standstill provisions; voting agreements; veto power over certain corporate actions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflict of interest - arm's length transaction, managerial incentives.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Formation of Holding Company</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals regarding the formation of a holding company, taking into consideration the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The reasons for the change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any financial or tax benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulatory benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Increases in capital structure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Changes to the articles of incorporation or bylaws of the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Absent compelling financial reasons to recommend for the transaction, DWS&#8217;s policy is to generally vote against the formation of a holding company if the transaction would include either of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Increases in common or preferred stock in excess of the allowable maximum (see discussion under &#8220;Capital&#8221;); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adverse changes in shareholder rights.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on going private transactions, taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Offer price/premium;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the deal was negotiated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives/offers considered; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-completion risk.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote case-by-case on going dark transactions, determining whether the transaction enhances shareholder value by taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has attained benefits from being publicly-traded (examination of trading volume, liquidity, and market research of the stock); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Balanced interests of continuing vs. cashed-out shareholders, taking into account the following:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Are all shareholders able to participate in the transaction?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Will there be a liquid market for remaining shareholders following the transaction?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Does the company have strong corporate governance?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Will insiders reap the gains of control following the proposed transaction?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Does the state of incorporation have laws requiring continued reporting that may benefit shareholders?</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Joint Ventures</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to form joint ventures, taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Percentage of assets/business contributed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Percentage ownership;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial and strategic benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other alternatives; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Non-completion risk.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Liquidations</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on liquidations, taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management&#8217;s efforts to pursue other alternatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Appraisal value of assets; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The compensation plan for executives managing the liquidation.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for the liquidation if the company will file for bankruptcy if the proposal is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Mergers and Acquisitions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Valuation</I> - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Market reaction</I> - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Strategic rationale</I> - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Negotiations and process</I> - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation &quot;wins&quot; can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Conflicts of interest</I> - Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented in the &quot;ISS Transaction Summary&quot; section of this report is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Governance</I> - Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Private Placements/Warrants/Convertible Debentures</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals regarding private placements, warrants, and convertible debentures taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Dilution to existing shareholders' position: The amount and timing of shareholder ownership dilution should be weighed against the needs and proposed shareholder benefits of the capital infusion. Although newly issued common stock, absent pre-emptive rights, is typically dilutive to existing shareholders, share price appreciation is often the necessary event to trigger the exercise of &quot;out of the money&quot; warrants and convertible debt. In these instances from a value standpoint, the negative impact of dilution is mitigated by the increase in the company's stock price that must occur to trigger the dilutive event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Terms of the offer (discount/premium in purchase price to investor, including any fairness opinion, conversion features, termination penalties, exit strategy):</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The terms of the offer should be weighed against the alternatives of the company and in light of company's financial condition. Ideally, the conversion price for convertible debt and the exercise price for warrants should be at a premium to the then prevailing stock price at the time of private placement.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">When evaluating the magnitude of a private placement discount or premium, consider factors that influence the discount or premium, such as, liquidity, due diligence costs, control and monitoring costs, capital scarcity, information asymmetry, and anticipation of future performance.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Financial issues:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The company's financial condition;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Degree of need for capital;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Use of proceeds;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Effect of the financing on the company's cost of capital;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Current and proposed cash burn rate; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Going concern viability and the state of the capital and credit markets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Management's efforts to pursue alternatives and whether the company engaged in a process to evaluate alternatives: A fair, unconstrained process helps to ensure the best price for shareholders. Financing alternatives can include joint ventures, partnership, merger, or sale of part or all of the company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Control issues:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Change in management;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Change in control;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Guaranteed board and committee seats;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Standstill provisions;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Voting agreements;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Veto power over certain corporate actions; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Minority versus majority ownership and corresponding minority discount or majority control premium.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Conflicts of interest should be viewed from the perspective of the company and the investor; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Were the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with shareholder interests?</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Market reaction:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The market's response to the proposed deal. A negative market reaction is a cause for concern. Market reaction may be addressed by analysing the one-day impact on the unaffected stock price.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for the private placement, or for the issuance of warrants and/or convertible debentures in a private placement, if it is expected that the company will file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reorganization/Restructuring Plan (Bankruptcy)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to common shareholders on bankruptcy plans of reorganization, considering the following factors including, but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Estimated value and financial prospects of the reorganized company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Percentage ownership of current shareholders in the reorganized company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether shareholders are adequately represented in the reorganization process (particularly through the existence of an Official Equity Committee);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The cause(s) of the bankruptcy filing, and the extent to which the plan of reorganization addresses the cause(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Existence of a superior alternative to the plan of reorganization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance of the reorganized company.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Special Purpose Acquisition Corporations (SPACs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on SPAC mergers and acquisitions taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Valuation</I> - Is the value being paid by the SPAC reasonable? SPACs generally lack an independent fairness opinion and the financials on the target may be limited. Compare the conversion price with the intrinsic value of the target company provided in the fairness opinion. Also, evaluate the proportionate value of the combined entity attributable to the SPAC IPO shareholders versus the pre-merger value of SPAC. Additionally, a private company discount may be applied to the target, if it is a private entity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Market reaction</I> - How has the market responded to the proposed deal? A negative market reaction may be a cause for concern. Market reaction may be addressed by analysing the one-day impact on the unaffected stock price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Deal timing</I> - A main driver for most transactions is that the SPAC charter typically requires the deal to be complete within 18 to 24 months, or the SPAC is to be liquidated. Evaluate the valuation, market reaction, and potential conflicts of interest for deals that are announced close to the liquidation date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Negotiations and process</I> - What was the process undertaken to identify potential target companies within specified industry or location specified in charter? Consider the background of the sponsors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Conflicts of interest</I> - How are sponsors benefiting from the transaction compared to IPO shareholders? Potential conflicts could arise if a fairness opinion is issued by the insiders to qualify the deal rather than a third party or if management is encouraged to pay a higher price for the target because of an 80 percent rule (the charter requires that the fair market value of the target is at least equal to 80 percent of net assets of the SPAC). Also, there may be sense of urgency by the management team of the SPAC to close the deal since its charter typically requires a transaction to be completed within the 18-24 month timeframe.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Voting agreements</I> - Are the sponsors entering into enter into any voting agreements/tender offers with shareholders who are likely to vote against the proposed merger or exercise conversion rights?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Governance</I> - What is the impact of having the SPAC CEO or founder on key committees following the proposed merger?</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on SPAC extension proposals taking into account the length of the requested extension, the status of any pending transaction(s) or progression of the acquisition process, any added incentive for non-redeeming shareholders, and any prior extension requests.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Length of request:</I> Typically, extension requests range from two to six months, depending on the progression of the SPAC's acquisition process.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Pending transaction(s) or progression of the acquisition process:</I> Sometimes an initial business combination was already put to a shareholder vote, but, for varying reasons, the transaction could not be consummated by the termination date and the SPAC is requesting an extension. Other times, the SPAC has entered into a definitive transaction agreement, but needs additional time to consummate or hold the shareholder meeting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Added incentive for non-redeeming shareholders:</I> Sometimes the SPAC sponsor (or other insiders) will contribute, typically as a loan to the company, additional funds that will be added to the redemption value of each public share as long as such shares are not redeemed in connection with the extension request. The purpose of the &quot;equity kicker&quot; is to incentivize shareholders to hold their shares through the end of the requested extension or until the time the transaction is put to a shareholder vote, rather than electing redemption at the extension proposal meeting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><I>Prior extension requests:</I> Some SPACs request additional time beyond the extension period sought in prior extension requests.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Spin-offs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on spin-offs, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Tax and regulatory advantages;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Planned use of the sale proceeds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Valuation of spinoff;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fairness opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Benefits to the parent company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Conflicts of interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Managerial incentives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Corporate governance changes; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Changes in the capital structure.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Value Maximization Shareholder Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals seeking to maximize shareholder value by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Hiring a financial advisor to explore strategic alternatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Selling the company; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Liquidating the company and distributing the proceeds to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">These proposals should be evaluated based on the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Prolonged poor performance with no turnaround in sight;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Signs of entrenched board and management (such as the adoption of takeover defenses);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategic plan in place for improving value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Likelihood of receiving reasonable value in a sale or dissolution; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company actively exploring its strategic options, including retaining a financial advisor.</TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">COMPENSATION</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Executive Pay Evaluation</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Advisory Votes on Executive Compensation&#8212;Management Proposals (Say-on-Pay)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to vote against Advisory Votes on Executive Compensation (Say-on-Pay or &#8220;SOP&#8221;) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is an unmitigated misalignment between CEO pay and company performance (pay for performance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company maintains significant problematic pay practices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board exhibits a significant level of poor communication and responsiveness to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from the members of the Compensation Committee and potentially the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The situation is egregious.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Frequency of Advisory Vote on Executive Compensation (&quot;Say When on Pay&quot;)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on say on Golden Parachute proposals, including consideration of existing change-in-control arrangements maintained with named executive officers but also considering new or extended arrangements.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Features that may result in an &#8220;against&#8221; recommendation include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Single- or modified-single-trigger cash severance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Single-trigger acceleration of unvested equity awards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Full acceleration of equity awards granted shortly before the change in control;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Acceleration of performance awards above the target level of performance without compelling rationale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excessive cash severance (generally &gt;3x base salary and bonus);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excise tax gross-ups triggered and payable; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Excessive golden parachute payments (on an absolute basis or as a percentage of transaction equity value);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent amendments that incorporate any problematic features (such as those above) or recent actions (such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recent amendment(s) that incorporate problematic features will tend to carry more weight on the overall analysis. However, the presence of multiple legacy problematic features will also be closely scrutinized.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In cases where the golden parachute vote is incorporated into a company's advisory vote on compensation (management say-on-pay), DWS will evaluate the say-on-pay proposal in accordance with these guidelines, which may give higher weight to that component of the overall evaluation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Equity-Based and Other Incentive Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on certain equity-based compensation plans<SUP>21</SUP> depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an &quot;Equity Plan Scorecard&quot; (EPSC) approach with three pillars:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Plan Cost:</B> The total estimated cost of the company&#8217;s equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">SVT based only on new shares requested plus shares remaining for future grants.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Plan Cost:</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Quality of disclosure around vesting upon a change in control (CIC);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Discretionary vesting authority;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Liberal share recycling on various award types;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Lack of minimum vesting period for grants made under the plan; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Dividends payable prior to award vesting.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD><B>Grant Practices:</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The company&#8217;s three-year burn rate relative to its industry/market cap peers;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Vesting requirements in CEO's recent equity grants (3-year look-back);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The proportion of the CEO's most recent equity grants/awards subject to performance conditions;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Whether the company maintains a sufficient claw-back policy; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Whether the company maintains sufficient post-exercise/vesting share-holding requirements.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>21 </SUP>Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors (&quot;overriding factors&quot;) apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Awards may vest in connection with a liberal change-of-control definition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it &#8211; for NYSE and Nasdaq listed companies &#8211; or by not prohibiting it when the company has a history of repricing &#8211; for non-listed companies);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan is excessively dilutive to shareholders' holdings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The plan contains an evergreen (automatic share replenishment) feature; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other plan features are determined to have a significant negative impact on shareholder interests.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Further Information on certain EPSC Factors:</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Value Transfer (SVT)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The cost of the equity plans is expressed as Shareholder Value Transfer (SVT), which is measured using a binomial option pricing model that assesses the amount of shareholders&#8217; equity flowing out of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market value, and includes the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two measures, in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For omnibus plans, unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption is made that all awards to be granted will be the most expensive types.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For proposals that are not subject to the Equity Plan Scorecard evaluation, Shareholder Value Transfer is reasonable if it falls below a company-specific benchmark. The benchmark is determined as follows: The top quartile performers in each industry group (using the Global Industry Classification Standard: GICS) are identified. Benchmark SVT levels for each industry are established based on these top performers&#8217; historic SVT. Regression analyses are run on each industry group to identify the variables most strongly correlated to SVT. The benchmark industry SVT level is then adjusted upwards or downwards for the specific company by plugging the company-specific performance measures, size and cash compensation into the industry cap equations to arrive at the company&#8217;s benchmark.<SUP>22</SUP></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>22 </SUP>For plans evaluated under the Equity Plan Scorecard policy, the company's SVT benchmark is considered along with other factors.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Three-Year Value-Adjusted Burn Rate</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">A &#8220;Value-Adjusted Burn Rate&#8221; is used for stock plan valuations. Value-Adjusted Burn Rate benchmarks will be calculated as the greater of: (1) an industry-specific threshold based on three-year burn rates within the company's GICS group segmented by S&amp;P 500, Russell 3000 index (less the S&amp;P 500) and non-Russell 3000 index; and (2) a de minimis threshold established separately for each of the S&amp;P 500, the Russell 3000 index less the S&amp;P 500, and the non-Russell 3000 index. Year-over-year burn-rate benchmark changes will be limited to a predetermined range above or below the prior year's burn-rate benchmark.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Value-Adjusted Burn rate is calculated as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Value-Adjusted Burn Rate = ((# of options * option&#8217;s dollar value using a Black-Scholes model) + (# of full-value awards * stock price)) / (Weighted average common shares * stock price).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Egregious Factors</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Liberal Change in Control Definition</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against equity plans if the plan has a liberal definition of change in control and the equity awards could vest upon such liberal definition of change in control, even though an actual change in control may not occur. Examples of such a definition include, but are not limited to, announcement or commencement of a tender offer, provisions for acceleration upon a &#8220;potential&#8221; takeover, shareholder approval of a merger or other transactions, or similar language.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Repricing Provisions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against plans that expressly permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval. &quot;Repricing&quot; typically includes the ability to do any of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Amend the terms of outstanding options or SARs to reduce the exercise price of such outstanding options or SARs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Cancel outstanding options or SARs in exchange for options or SARs with an exercise price that is less than the exercise price of the original options or SARs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Cancel underwater options in exchange for stock awards; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Provide cash buyouts of underwater options.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against or withhold from members of the Compensation Committee who approved repricing (as defined above or otherwise determined by ISS), without prior shareholder approval, even if such repricings are allowed in their equity plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against plans that do not expressly prohibit repricing or cash buyout of underwater options without shareholder approval if the company has a history of repricing/buyouts without shareholder approval, and the applicable listing standards would not preclude them from doing so.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Problematic Pay Practices or Significant Pay-for-Performance Disconnect</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the equity plan on the ballot is a vehicle for problematic pay practices, DWS&#8217;s policy is to generally vote against the plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against an equity plan if the plan is determined to be a vehicle for pay-for-performance misalignment. Considerations in voting against the equity plan may include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Severity of the pay-for-performance misalignment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether problematic equity grant practices are driving the misalignment; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether equity plan awards have been heavily concentrated to the CEO and/or the other NEOs.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B> DWS&#8217;s policy is to generally vote case-by-case on amendments to cash and equity incentive plans.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Addresses administrative features only; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Seeks approval for Section 162(m) purposes only and the plan administering committee consists entirely of independent directors. Note that if the company is presenting the plan to shareholders for the first time for any reason (including after the company&#8217;s initial public offering), or if the proposal is bundled with other material plan amendments, then the recommendation will be case-by-case (see below).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Seeks approval for Section 162(m) purposes only, and the plan administering committee does not consist entirely of independent directors.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on all other proposals to amend c ash incentive plans. This includes plans presented to shareholders for the first time after the company's IPO and/or proposals that bundle material amendment(s) other than those for Section 162(m) purposes.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on all other proposals to amend equity incentive plans, considering the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the proposal requests additional shares and/or the amendments include a term extension or addition of full value awards as an award type, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of the amendments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the plan is being presented to shareholders for the first time (including after the company's IPO), whether or not additional shares are being requested, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of any amendments; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If there is no request for additional shares and the amendments do not include a term extension or addition of full value awards as an award type, then the recommendation will be based entirely on an analysis of the overall impact of the amendments, and the EPSC evaluation will be shown only for informational purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In the first two case-by-case evaluation scenarios, the EPSC evaluation/score is the more heavily weighted consideration.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Specific Treatment of Certain Award Types in Equity Plan Evaluations</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Dividend Equivalent Rights</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Options that have Dividend Equivalent Rights (DERs) associated with them will have a higher calculated award value than those without DERs under the binomial model, based on the value of these dividend streams. The higher value will be applied to new shares, shares available under existing plans, and shares awarded but not exercised per the plan specifications. DERS transfer more shareholder equity to employees and non-employee directors and this cost should be captured.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For Real Estate Investment Trusts (REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP) units in the share count for the purposes of determining: (1) market capitalization in the Shareholder Value Transfer (SVT) analysis and (2) shares outstanding in the burn rate analysis.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Compensation Plans</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">401(k) Employee Benefit Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to implement a 401(k) savings plan for employees.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Employee Stock Ownership Plans (ESOPs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation: </B>DWS&#8217;s policy is to generally vote for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding shares).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Employee Stock Purchase Plans&#8212;Qualified Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on qualified employee stock purchase plans. DWS&#8217;s policy is to generally vote for employee stock purchase plans where all of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Purchase price is at least 85 percent of fair market value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Offering period is 27 months or less; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The number of shares allocated to the plan is 10 percent or less of the outstanding shares.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against qualified employee stock purchase plans where when the plan features do not meet all of the above criteria.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Employee Stock Purchase Plans&#8212;Non-Qualified Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on nonqualified employee stock purchase plans. DWS&#8217;s policy is to generally vote for nonqualified employee stock purchase plans with all the following features:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Broad-based participation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company matching contribution up to 25 percent of employee&#8217;s contribution, which is effectively a discount of 20 percent from market value; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>No discount on the stock price on the date of purchase when there is a company matching contribution.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against nonqualified employee stock purchase plans when the plan features do not meet all of the above criteria. If the matching contribution or effective discount exceeds the above, DWS may evaluate the SVT cost of the plan as part of the assessment.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Option Exchange Programs/Repricing Options</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on management proposals seeking approval to exchange/reprice options taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Historic trading patterns--the stock price should not be so volatile that the options are likely to be back &#8220;in-the-money&#8221; over the near term;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Rationale for the re-pricing--was the stock price decline beyond management's control;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Is this a value-for-value exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Are surrendered stock options added back to the plan reserve;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Timing--repricing should occur at least one year out from any precipitous drop in company's stock price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Option vesting--does the new option vest immediately or is there a black-out period;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Term of the option--the term should remain the same as that of the replaced option;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Exercise price--should be set at fair market or a premium to market; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Participants--executive officers and directors must be excluded.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">If the surrendered options are added back to the equity plans for re-issuance, then also take into consideration the company&#8217;s total cost of equity plans and its three-year average burn rate.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In addition to the above considerations, evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing to conduct an exchange program at this point in time. Repricing underwater options after a recent precipitous drop in the company&#8217;s stock price demonstrates poor timing and warrants additional scrutiny. Also, consider the terms of the surrendered options, such as the grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three years) so as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly, the exercise price of surrendered options should be above the 52-week high for the stock price.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals to put option repricings to a shareholder vote.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Stock Plans in Lieu of Cash</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on plans that provide participants with the option of taking all or a portion of their cash compensation in the form of stock.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for non-employee director-only equity plans that provide a dollar-for-dollar cash-for-stock exchange.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on plans which do not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for new or additional shares for such equity program will be considered using the binomial option pricing model. In an effort to capture the total cost of total compensation, DWS will not make any adjustments to carve out the in-lieu-of cash compensation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Transfer Stock Option (TSO) Programs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">One-time Transfers: DWS&#8217;s policy is to generally vote against or withhold from compensation committee members if they fail to submit one-time transfers to shareholders for approval.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on one-time transfers. DWS&#8217;s policy is to generally vote for such proposals if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Executive officers and non-employee directors are excluded from participating;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stock options are purchased by third-party financial institutions at a discount to their fair value using option pricing models such as Black-Scholes or a Binomial Option Valuation or other appropriate financial models; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There is a two-year minimum holding period for sale proceeds (cash or stock) for all participants.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Additionally, management should provide a clear explanation of why options are being transferred to a third-party institution and whether the events leading up to a decline in stock price were beyond management's control. A review of the company's historic stock price volatility should indicate if the options are likely to be back &#8220;in-the-money&#8221; over the near term.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Ongoing TSO program: DWS&#8217;s policy is to generally vote against equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award types under a stock plan, the ongoing TSO program, structure and mechanics must be disclosed to shareholders. The specific criteria to be considered in evaluating these proposals include, but not limited, to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Eligibility;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Vesting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Bid-price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Term of options;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Cost of the program and impact of the TSOs on company&#8217;s total option expense; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Option repricing policy.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amendments to existing plans that allow for introduction of transferability of stock options should make clear that only options granted post-amendment shall be transferable.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Director Compensation</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Ratification of Director Pay Programs</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on management proposals seeking ratification of non-employee director compensation, based on the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the equity plan under which non-employee director grants are made is on the ballot, whether or not it warrants support; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An assessment of the following qualitative factors:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The relative magnitude of director compensation as compared to companies of a similar profile;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The presence of problematic pay practices relating to director compensation;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Director stock ownership guidelines and holding requirements;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Equity award vesting schedules;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The mix of cash and equity-based compensation;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Meaningful limits on director compensation;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The availability of retirement benefits or perquisites; and</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">The quality of disclosure surrounding director compensation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Equity Plans for Non-Employee Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on compensation plans for non-employee directors, based on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The total estimated cost of the company&#8217;s equity plans relative to industry/market cap peers, measured by the company&#8217;s estimated Shareholder Value Transfer (SVT) based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s three-year burn rate relative to its industry/market cap peers (in certain circumstances); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of any egregious plan features (such as an option repricing provision or liberal CIC vesting risk).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">On occasion, non-employee director stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases, DWS&#8217;s policy is to generally vote case-by-case on the plan taking into consideration the following qualitative factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The relative magnitude of director compensation as compared to companies of a similar profile;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The presence of problematic pay practices relating to director compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Director stock ownership guidelines and holding requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Equity award vesting schedules;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The mix of cash and equity-based compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Meaningful limits on director compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The availability of retirement benefits or perquisites; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The quality of disclosure surrounding director compensation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Non-Employee Director Retirement Plans</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against retirement plans for non-employee directors. DWS&#8217;s policy is to generally vote for shareholder proposals to eliminate retirement plans for non-employee directors.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals on Compensation</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Bonus Banking/Bonus Banking &#8220;Plus&#8221;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results for the performance metrics on which the bonus was earned (whether for the named executive officers or a wider group of employees), taking into account the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s past practices regarding equity and cash compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has a holding period or stock ownership requirements in place, such as a meaningful retention ratio (at least 50 percent for full tenure); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has a rigorous claw-back policy in place.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Compensation Consultants&#8212;Disclosure of Board or Company&#8217;s Utilization</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals seeking disclosure regarding the company, board, or compensation committee&#8217;s use of compensation consultants, such as company name, business relationship(s), and fees paid.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disclosure/Setting Levels or Types of Compensation for Executives and Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation (such as types of compensation elements or specific metrics) to be used for executive or directors.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on all other shareholder proposals regarding executive and director pay, taking into account relevant factors, including but not limited to: company performance, pay level and design versus peers, history of compensation concerns or pay-for-performance disconnect, and/or the scope and prescriptive nature of the proposal.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Golden Coffins/Executive Death Benefits</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Hold Equity Past Retirement or for a Significant Period of Time</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals asking companies to adopt policies requiring senior executive officers to retain a portion of net shares acquired through compensation plans. The following factors will be taken into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The percentage/ratio of net shares required to be retained;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The time period required to retain the shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has equity retention, holding period, and/or stock ownership requirements in place and the robustness of such requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has any other policies aimed at mitigating risk taking by executives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Executives' actual stock ownership and the degree to which it meets or exceeds the proponent&#8217;s suggested holding period/retention ratio or the company&#8217;s existing requirements; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Problematic pay practices, current and past, which may demonstrate a short-term versus long-term focus.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pay Disparity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals calling for an analysis of the pay disparity between corporate executives and other non-executive employees. The following factors will be considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure of its executive compensation setting process, including how the company considers pay disparity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If any problematic pay practices or pay-for-performance concerns have been identified at the company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of shareholder support for the company's pay programs.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals calling for the company to use the pay disparity analysis or pay ratio in a specific way to set or limit executive pay.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pay for Performance/Performance-Based Awards</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals requesting that a significant amount of future long-term incentive compensation awarded to senior executives shall be performance-based and requesting that the board adopt and disclose challenging performance metrics to shareholders, based on the following analytical steps:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>First, vote for shareholder proposals advocating the use of performance-based equity awards, such as performance contingent options or restricted stock, indexed options or premium-priced options, unless the proposal is overly restrictive or if the company has demonstrated that it is using a &#8220;substantial&#8221; portion of performance-based awards for its top executives. Standard stock options and performance-accelerated awards do not meet the criteria to be considered as performance-based awards. Further, premium-priced options should have a meaningful premium to be considered performance-based awards; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Second, assess the rigor of the company&#8217;s performance-based equity program. If the bar set for the performance-based program is too low based on the company&#8217;s historical or peer group comparison, generally vote for the proposal. Furthermore, if target performance results in an above target payout, vote for the shareholder proposal due to program&#8217;s poor design. If the company does not disclose the performance metric of the performance-based equity program, vote for the shareholder proposal regardless of the outcome of the first step to the test.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for the shareholder proposal if the company does not meet both of the above two steps.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pay for Superior Performance</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals that request the board establish a pay-for-superior performance standard in the company's executive compensation plan for senior executives. These proposals generally include the following principles:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Set compensation targets for the plan&#8217;s annual and long-term incentive pay components at or below the peer group median;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Deliver a majority of the plan&#8217;s target long-term compensation through performance-vested, not simply time-vested, equity awards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Provide the strategic rationale and relative weightings of the financial and non-financial performance metrics or criteria used in the annual and performance-vested long-term incentive components of the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Establish performance targets for each plan financial metric relative to the performance of the company&#8217;s peer companies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Limit payment under the annual and performance-vested long-term incentive components of the plan to when the company&#8217;s performance on its selected financial performance metrics exceeds peer group median performance.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Consider the following factors in evaluating this proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>What aspects of the company&#8217;s annual and long-term equity incentive programs are performance driven?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the annual and long-term equity incentive programs are performance driven, are the performance criteria and hurdle rates disclosed to shareholders or are they benchmarked against a disclosed peer group?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Can shareholders assess the correlation between pay and performance based on the current disclosure?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>What type of industry and stage of business cycle does the company belong to?</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pre-Arranged Trading Plans (10b5-1 Plans)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals calling for the addition of certain safeguards in prearranged trading plans (10b5-1 plans) for executives. Safeguards may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Adoption, amendment, or termination of a 10b5-1 Plan must be disclosed in a Form 8-K;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Amendment or early termination of a 10b5-1 Plan is allowed only under extraordinary circumstances, as determined by the board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Request that a certain number of days that must elapse between adoption or amendment of a 10b5-1 Plan and initial trading under the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Reports on Form 4 must identify transactions made pursuant to a 10b5-1 Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>An executive may not trade in company stock outside the 10b5-1 Plan; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Trades under a 10b5-1 Plan must be handled by a broker who does not handle other securities transactions for the executive.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Prohibit Outside CEOs from Serving on Compensation Committees</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B>: DWS&#8217;s policy is to generally vote against proposals seeking a policy to prohibit any outside CEO from serving on a company&#8217;s compensation committee, unless the company has demonstrated problematic pay practices that raise concerns about the performance and composition of the committee.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recoupment of Incentive or Stock Compensation in Specified Circumstances</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to recoup incentive cash or stock compensation made to senior executives if it is later determined that the figures upon which incentive compensation is earned turn out to have been in error, or if the senior executive has breached company policy or has engaged in misconduct that may be significantly detrimental to the company's financial position or reputation, or if the senior executive failed to manage or monitor risks that subsequently led to significant financial or reputational harm to the company. Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation. However, such policies may be narrow given that not all misconduct or negligence may result in significant financial restatements.
Misconduct, negligence or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may have long-lasting impact.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In considering whether to support such shareholder proposals, DWS will take into consideration the following factors:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the company has adopted a formal recoupment policy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The rigor of the recoupment policy focusing on how and under what circumstances the company may recoup incentive or stock compensation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has chronic restatement history or material financial problems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s policy substantially addresses the concerns raised by the proponent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of recoupment of incentive or stock compensation from senior executives or lack thereof; or</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any other relevant factors.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Severance and Golden Parachute Agreements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals requiring that executive severance (including change-in-control related) arrangements or payments be submitted for shareholder ratification.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Factors that will be considered include, but not limited to:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s severance or change-in-control agreements in place, and the presence of problematic features (such as excessive severance entitlements, single triggers, excise tax gross-ups, etc.);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any existing limits on cash severance payouts or policies which require shareholder ratification of severance payments exceeding a certain level;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any recent severance-related controversies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal is overly prescriptive, such as requiring shareholder approval of severance that does not exceed market norms.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Share Buyback Impact on Incentive Program Metrics</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting the company exclude the impact of share buybacks from the calculation of incentive program metrics, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The frequency and timing of the company's share buybacks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The use of per-share metrics in incentive plans;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The effect of recent buybacks on incentive metric results and payouts; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there is any indication of metric result manipulation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Supplemental Executive Retirement Plans (SERPs)</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote unless the company&#8217;s executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals requesting to limit the executive benefits provided under the company&#8217;s supplemental executive retirement plan (SERP) by limiting covered compensation to a senior executive&#8217;s annual salary or those pay elements covered for the general employee population.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tax Gross-Up Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals calling for companies to adopt a policy of not providing tax gross-up payments to executives, except in situations where gross-ups are provided pursuant to a plan, policy, or arrangement applicable to management employees of the company, such as a relocation or expatriate tax equalization policy.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating accelerated vesting of unvested equity.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The following factors will be considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current treatment of equity upon employment termination and/or in change-in-control situations (i.e., vesting is double triggered and/or pro rata, does it allow for the assumption of equity by acquiring company, the treatment of performance shares, etc.); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current employment agreements, including potential poor pay practices such as gross-ups embedded in those agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards to senior executives upon a voluntary termination of employment or in the event of a change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between the award date and the change in control).</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">ROUTINE / MISCELLANEOUS</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Adjourn Meeting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support the proposal.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals that relate specifically to soliciting votes for a merger or transaction if supporting that merger or transaction. DWS&#8217;s policy is to generally vote against proposals if the wording is too vague or if the proposal includes &quot;other business.&quot;</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amend Quorum Requirements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding, taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The new quorum threshold requested;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The rationale presented for the reduction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The market capitalization of the company (size, inclusion in indices);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s ownership structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Previous voter turnout or attempts to achieve quorum;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any provisions or commitments to restore quorum to a majority of shares outstanding, should voter turnout improve sufficiently; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Other factors as appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">In general, a quorum threshold kept as close to a majority of shares outstanding as is achievable is preferred.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on directors who unilaterally lower the quorum requirements below a majority of the shares outstanding, taking into consideration the factors listed above.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Amend Minor Bylaws</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for bylaw or charter changes that are of a housekeeping nature (updates or corrections).</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change Company Name</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation:</B> DWS&#8217;s policy is to generally vote for proposals to change the corporate name unless there is compelling evidence that the change would adversely impact shareholder value.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change Date, Time, or Location of Annual Meeting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for management proposals to change the date, time, or location of the annual meeting unless the proposed change is unreasonable.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals to change the date, time, or location of the annual meeting unless the current scheduling or location is unreasonable.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Other Business</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to approve other business when it appears as a voting item.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">SOCIAL AND ENVIRONMENTAL ISSUES</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy will consider the Coalition for Environmentally Responsible Economies (&#8220;CERES&#8221;) guidance on certain environmental and social matters contained in the CERES Roadmap 2030 as well as the recommendations of the ISS Sustainability Proxy Voting Guidelines &#8220;Sustainability&#8221; Policy on social and sustainability issues. DWS will rely on ISS to identify shareholder proposals addressing CERES Roadmap 2030 to examine theses proxy items and to provide DWS with a voting recommendation based on ISS&#8217;s application of the Guidelines including any factors set forth in the Guidelines. DWS will generally vote such proxies in accordance with ISS&#8217;s recommendations for topics covered under CERES Roadmap 2030.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Approach</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for social and environmental shareholder proposals that are in the best economic interest of clients. DWS&#8217;s general policy is to vote for disclosure reports that seek additional information particularly when it appears companies have not adequately addressed shareholders' social, workforce, and environmental concerns. In determining vote recommendations on shareholder social, workforce, and environmental proposals, DWS will analyze the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal itself is well framed and reasonable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether adoption of the proposal would have either a positive or negative impact on the company&#8217;s short-term or long-term share value</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s analysis and voting recommendation to shareholders is persuasive</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which the company&#8217;s stated position on the issues could affect its reputation or sales, or leave it vulnerable to boycott or selective purchasing</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the subject of the proposal is best left to the discretion of the board</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the issues presented in the proposal are best dealt with through legislation, government regulation, or company-specific action</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s approach compared with its peers or any industry standard practices for addressing the issue(s) raised by the proposal</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has already responded in an appropriate or sufficient manner to the issue(s) raised by the proposal</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there are significant controversies, fines, penalties or litigation associated with the company&#8217;s practices related to the issue(s) raised in the proposal</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>If the proposal requests increased disclosure or greater transparency, whether sufficient information is publicly available to shareholders and whether it would be unduly burdensome for the company to compile and avail the requested information to shareholders in a more comprehensive or amalgamated fashion</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether implementation of the proposal would achieve the objectives sought in the proposal</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Endorsement of Principles</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals seeking a company's endorsement of principles that support a particular public policy position. Endorsing a set of principles may require a company to take a stand on an issue that is beyond its own control and may limit its flexibility with respect to future developments. Management and the board should be afforded the flexibility to make decisions on specific public policy positions based on their own assessment of the most beneficial strategies for the company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Welfare</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Welfare Policies</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals seeking a report on a company&#8217;s animal welfare standards, or animal welfare-related risks, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has already published a set of animal welfare standards and monitors compliance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s standards are comparable to industry peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are no recent significant fines, litigation, or controversies related to the company&#8217;s and/or its suppliers' treatment of animals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Testing</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to phase out the use of animals in product testing, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company is conducting animal testing programs that are unnecessary or not required by regulation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company is conducting animal testing when suitable alternatives are commonly accepted and used by industry peers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are recent, significant fines or litigation related to the company&#8217;s treatment of animals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Animal Slaughter</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at company and/or supplier operations unless such methods are required by legislation or generally accepted as the industry standard.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting a report on the feasibility of implementing CAK methods at company and/or supplier operations considering the availability of existing research conducted by the company or industry groups on this topic and any fines or litigation related to current animal processing procedures at the company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Consumer Issues</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Genetically Modified Ingredients</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting that a company voluntarily label genetically engineered (GE) ingredients in its products.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals asking for a report on the feasibility of labeling products containing GE ingredients, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential impact of such labelling on the company's business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The quality of the company&#8217;s disclosure on GE product labelling, related voluntary initiatives, and how this disclosure compares with industry peer disclosure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company&#8217;s current disclosure on the feasibility of GE product labelling.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals seeking a report on the social, health, and environmental effects of genetically modified organisms (GMOs).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to phase out GE ingredients from the company's products, or proposals asking for reports outlining the steps necessary to eliminate GE ingredients from the company&#8217;s products.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reports on Potentially Controversial Business/Financial Practices</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for requests for reports on a company&#8217;s potentially controversial business or financial practices or products, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has adequately disclosed mechanisms in place to prevent abuses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has adequately disclosed the financial risks of the products/practices in question;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been subject to violations of related laws or serious controversies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Peer companies&#8217; policies/practices in this area.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals requesting that companies implement specific price restraints on pharmaceutical products taking into account whether the company fails to adhere to legislative guidelines or industry norms in its product pricing practices.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting that a company report on its product pricing or access to medicine policies, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential for reputational, market, and regulatory risk exposure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Existing disclosure of relevant policies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Deviation from established industry norms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Relevant company initiatives to provide research and/or products to disadvantaged consumers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal focuses on specific products or geographic regions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential burden and scope of the requested report; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, litigation, or fines at the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting that a company report on the financial and legal impact of its prescription drug reimportation policies unless such information is already publicly disclosed.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting that companies adopt specific policies to encourage or constrain prescription drug reimportation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Product Safety and Toxic/Hazardous Materials</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting that a company report on its policies, initiatives/procedures, and oversight mechanisms related to toxic/hazardous materials or product safety in its supply chain, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already discloses similar information through existing reports such as a supplier code of conduct and/or a sustainability report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has formally committed to the implementation of a toxic/hazardous materials and/or product safety and supply chain reporting and monitoring program based on industry norms or similar standards within a specified time frame; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has not been recently involved in relevant significant controversies, fines, or litigation.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for resolutions requesting that companies develop a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose the potential financial and legal risks associated with utilizing certain materials, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure regarding its product safety policies, initiatives, and oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current regulations in the markets in which the company operates; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, litigation, or fines stemming from toxic/hazardous materials at the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against resolutions requiring that a company reformulate its products.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Tobacco-Related Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on resolutions regarding the advertisement of tobacco products, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent related fines, controversies, or significant litigation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company complies with relevant laws and regulations on the marketing of tobacco;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s advertising restrictions deviate from those of industry peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company entered into the Master Settlement Agreement, which restricts marketing of tobacco to youth; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether restrictions on marketing to youth extend to foreign countries.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals regarding second-hand smoke, considering;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company complies with all laws and regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree that voluntary restrictions beyond those mandated by law might hurt the company&#8217;s competitiveness; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The risk of any health-related liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against resolutions to cease production of tobacco-related products, to avoid selling products to tobacco companies, to spin-off tobacco-related businesses, or prohibit investment in tobacco equities. Such business decisions are better left to company management or portfolio managers.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals regarding tobacco product warnings. Such decisions are better left to public health authorities.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Climate Change</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Say on Climate (SoC) Management Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on management proposals that request shareholders to approve the company&#8217;s transition action plan<SUP>23</SUP>, taking into account the completeness and rigor of the plan.</P>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>23 </SUP>Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Information that will be considered where available includes the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The extent to which the company&#8217;s climate related disclosures are in line with TCFD recommendations and meet other market standards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of its operational and supply chain Green House Gas (GHG) emissions (Scopes 1, 2, and 3);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The completeness and rigor of company&#8217;s short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2 and 3 if relevant);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has sought and received third-party approval that its targets are science-based;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has made a commitment to be &#8220;net zero&#8221; for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company&#8217;s climate data has received third-party assurance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Disclosure of how the company&#8217;s lobbying activities and its capital expenditures align with company strategy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there are specific industry decarbonization challenges; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s related commitment, disclosure, and performance compared to its industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Say on Climate (SoC) Shareholder Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals that request the company to disclose a report on providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The completeness and rigor of the company&#8217;s climate-related disclosure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s actual GHG emissions performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent, significant violations, fines litigation, or controversy related to its GHG emissions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal&#8217;s request is unduly burdensome (scope or timeframe) or overly prescriptive.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Climate Change/Greenhouse Gas (GHG) Emissions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's level of disclosure compared to industry peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already discloses current, publicly available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's level of disclosure is comparable to that of industry peers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company provides disclosure of year-over-year GHG emissions performance data;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether company disclosure lags behind industry peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's actual GHG emissions performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current GHG emission policies, oversight mechanisms, and related initiatives; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Energy Efficiency</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting that a company report on its energy efficiency policies, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company complies with applicable energy efficiency regulations and laws, and discloses its participation in energy efficiency policies and programs, including disclosure of benchmark data, targets, and performance measures; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proponent requests adoption of specific energy efficiency goals within specific timelines.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Renewable Energy</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for requests for reports on the feasibility of developing renewable energy resources unless the report would be duplicative of existing disclosure or irrelevant to the company&#8217;s line of business.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals seeking increased investment in renewable energy resources taking into consideration whether the terms of the resolution are overly restrictive.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals that call for the adoption of renewable energy goals, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and structure of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current level of disclosure on renewable energy use and GHG emissions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's disclosure of policies, practices, and oversight implemented to manage GHG emissions and mitigate climate change risks.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Diversity</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Board Diversity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for requests for reports on a company's efforts to diversify the board, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The gender and racial minority representation of the company&#8217;s board is reasonably inclusive in relation to companies of similar size and business; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The board already reports on its nominating procedures and gender and racial minority initiatives on the board and within the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals asking a company to increase the gender and racial minority representation on its board, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree of existing gender and racial minority diversity on the company&#8217;s board and among its executive officers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of gender and racial minority representation that exists at the company&#8217;s industry peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s established process for addressing gender and racial minority board representation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal includes an overly prescriptive request to amend nominating committee charter language;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The independence of the company&#8217;s nominating committee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company uses an outside search firm to identify potential director nominees; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has had recent controversies, fines, or litigation regarding equal employment practices.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Equality of Opportunity</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting a company disclose its diversity policies or initiatives, or proposals requesting disclosure of a company&#8217;s comprehensive workforce diversity data, including requests for EEO-1 data, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company publicly discloses equal opportunity policies and initiatives in a comprehensive manner;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already publicly discloses comprehensive workforce diversity data; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has no recent significant EEO-related violations or litigation.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals requesting nondiscrimination in salary, wages and all benefits.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals calling for action on equal employment opportunity and antidiscrimination.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals seeking information on the diversity efforts of suppliers and service providers.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Gender Identity, Sexual Orientation and Domestic Partner Benefits</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals seeking to amend a company&#8217;s EEO statement or diversity policies to prohibit discrimination based on sexual orientation and/or gender identity, unless the change would be unduly burdensome.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Generally, vote for proposals to extend company benefits to domestic partners.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals seeking reports on a company&#8217;s initiatives to create a workplace free of discrimination on the basis of sexual orientation or gender identity.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals that seek to eliminate protection already afforded to gay and lesbian employees.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Gender, Race / Ethnicity Pay Gap</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on requests for reports on a company's pay data by gender or race /ethnicity, or a report on a company&#8217;s policies and goals to reduce any gender, or race /ethnicity pay gaps, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy on fair and equitable compensation practices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to gender, race, or ethnicity pay gap issues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure regarding gender, race, or ethnicity pay gap policies or initiatives is compared to its industry peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Local laws regarding categorization of race and/or ethnicity and definitions of ethnic and/or racial minorities.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Racial Equity and/or Civil Rights Audit Guidelines</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's established process or framework for addressing racial inequity and discrimination internally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company adequately discloses workforce diversity and inclusion metrics and goals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has issued a public statement related to its racial justice efforts in recent years; or has committed to internal policy review;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s track record in recent years of racial justice measures and outreach externally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Environment and Sustainability</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Facility and Workplace Safety</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for requests for workplace safety reports, including reports on accident risk reduction efforts, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure of its workplace health and safety performance data, health and safety management policies, initiatives, and oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature of the company&#8217;s business, specifically regarding company and employee exposure to health and safety risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or violations related to workplace health and safety; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's workplace health and safety performance relative to industry peers.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on resolutions requesting that a company report on or implement safety/security risk procedures associated with their operations and/or facilities, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s compliance with applicable regulations and guidelines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure regarding its security and safety policies, procedures, and compliance monitoring; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The existence of recent, significant violations, fines, or controversy regarding the safety and security of the company&#8217;s operations and/or facilities.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Environmental Proposals and Community Impact Assessments</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for requests for reports on policies and/or the potential (community) social and/or environmental impact of company operations, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current disclosure of applicable policies and risk assessment report(s) and risk management procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The impact of regulatory non-compliance, litigation, remediation, or reputational loss that may be associated with failure to manage the company&#8217;s operations in question, including the management of relevant community and stakeholder relations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature, purpose, and scope of the company&#8217;s operations in the specific region(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which company policies and procedures are consistent with industry norms; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of the resolution.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Hydraulic Fracturing</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations, including measures the company has taken to manage and mitigate the potential community and environmental impacts of those operations, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current level of disclosure of relevant policies and oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current level of such disclosure relative to its industry peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential relevant local, state, or national regulatory developments; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Controversies, fines, or litigation related to the company's hydraulic fracturing operations.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Operations in Protected Areas</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for requests for reports on potential environmental damage as a result of company operations in protected regions, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Operations in the specified regions are not permitted by current laws or regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company does not currently have operations or plans to develop operations in these protected regions; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure of its operations and environmental policies in these regions is comparable to industry peers.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals asking companies to prepare reports or adopt policies on operations that include mining, drilling or logging in environmentally sensitive areas.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals seeking to curb or reduce the sale of products manufactured from materials extracted from environmentally sensitive areas such as old growth forests.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Recycling</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to report on an existing recycling program or adopt a new recycling program, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature of the company&#8217;s business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The current level of disclosure of the company's existing related programs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The timetable and methods of program implementation prescribed by the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s ability to address the issues raised in the proposal; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>How the company's recycling programs compare to similar programs of its industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Sustainability Reporting</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic, and environmental sustainability, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company already discloses similar information through existing reports or policies such as an environment, health, and safety (EHS) report; a comprehensive code of corporate conduct; and/or a diversity report; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has formally committed to the implementation of a reporting program based on Global Reporting Initiative (GRI) guidelines or a similar standard within a specified time frame.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Water Issues</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting a company report on, or adopt a new policy on, water-related risks and concerns, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current disclosure of relevant policies, initiatives, oversight mechanisms, and water usage metrics;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether or not the company's existing water-related policies and practices are consistent with relevant internationally recognized standards and national/local regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The potential financial impact or risk to the company associated with water-related concerns or issues; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent, significant company controversies, fines, or litigation regarding water use by the company and its suppliers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">General Corporate Issues</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Charitable Contributions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals restricting a company from making charitable contributions.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Charitable contributions are generally useful for assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross negligence, management should determine which, and if, contributions are in the best interests of the company.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Data Security, Privacy, and Internet Issues</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting the disclosure or implementation of data security, privacy, or information access and management policies and procedures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The level of disclosure of company policies and procedures relating to data security, privacy, freedom of speech, information access and management, and Internet censorship;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Engagement in dialogue with governments or relevant groups with respect to data security, privacy, or the free flow of information on the Internet;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of business involvement and of investment in countries whose governments censor or monitor the Internet and other telecommunications;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Applicable market-specific laws or regulations that may be imposed on the company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Controversies, fines, or litigation related to data security, privacy, freedom of speech, or Internet censorship.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Environmental, Social, and Governance (ESG) Compensation-Related Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals seeking a report or additional disclosure on the company&#8217;s approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope and prescriptive nature of the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure regarding its environmental and social performance and governance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which the board or compensation committee already discloses information on whether it has considered related environmental or social criteria; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has significant controversies or regulatory violations regarding social and/or environmental issues.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Human Rights, Human Capital Management, and International Operations</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Human Rights Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting a report on company or company supplier labor and/or human rights standards and policies unless such information is already publicly disclosed.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals to implement company or company supplier labor and/or human rights standards and policies, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which existing relevant policies and practices are disclosed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether or not existing relevant policies are consistent with internationally recognized standards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether company facilities and those of its suppliers are monitored and how;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Company participation in fair labor organizations or other internationally recognized human rights initiatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The scope of the request; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Deviation from industry sector peer company standards and practices.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting that a company conduct an assessment of the human rights risks in its operations or in its supply chain, or report on its human rights risk assessment process, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree to which existing relevant policies and practices are disclosed, including information on the implementation of these policies and any related oversight mechanisms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s industry and whether the company or its suppliers operate in countries or areas where there is a history of human rights concerns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or litigation regarding human rights involving the company or its suppliers, and whether the company has taken remedial steps; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the proposal is unduly burdensome or overly prescriptive.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Mandatory Arbitration</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on requests for a report on a company&#8217;s use of mandatory arbitration on employment-related claims, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's current policies and practices related to the use of mandatory arbitration agreements on workplace claims;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to the use of mandatory arbitration agreements on workplace claims; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's disclosure of its policies and practices related to the use of mandatory arbitration agreements compared to its peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Operations in High Risk Markets</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on requests for a report on a company&#8217;s potential financial and reputational risks associated with operations in &#8220;high-risk&#8221; markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The nature, purpose, and scope of the operations and business involved that could be affected by social or political disruption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current disclosure of applicable risk assessment(s) and risk management procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Compliance with U.S. sanctions and laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Consideration of other international policies, standards, and laws; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been recently involved in recent, significant controversies, fines, or litigation related to its operations in &quot;high-risk&quot; markets.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Outsourcing/Offshoring</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals calling for companies to report on the risks associated with outsourcing/plant closures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Controversies surrounding operations in the relevant market(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The value of the requested report to shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current level of disclosure of relevant information on outsourcing and plant closure procedures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s existing human rights standards relative to industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Sexual Harassment</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on requests for a report on company actions taken to strengthen policies and oversight to prevent workplace sexual harassment, or a report on risks posed by a company&#8217;s failure to prevent workplace sexual harassment, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current policies, practices, oversight mechanisms related to preventing workplace sexual harassment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to workplace sexual harassment issues; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure regarding workplace sexual harassment policies or initiatives compared to its industry peers.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Weapons and Military Sales</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against reports on foreign military sales or offsets, taking into account when such disclosures may involve sensitive and confidential information. Moreover, companies must comply with government controls and reporting on foreign military sales.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals seeking a report on the renouncement of future landmine production.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals requesting a report on the involvement, policies, and procedures related to depleted uranium and nuclear weapons.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals that call for outright restrictions on foreign military sales.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for shareholder proposals asking companies to review and amend, if necessary, the company&#8217;s code of conduct and statements of ethical criteria for military production related contract bids, awards and execution.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Political Activities</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Lobbying</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting information on a company&#8217;s lobbying (including direct, indirect, and grassroots lobbying) activities, policies, or procedures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s current disclosure of relevant lobbying policies, and management and board oversight;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure regarding trade associations or other groups that it supports, or is a member of, that engage in lobbying activities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or litigation regarding the company&#8217;s lobbying-related activities.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Political Contributions</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for proposals requesting greater disclosure of a company's political contributions and trade association spending policies and activities, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's policies, and management and board oversight related to its direct political contributions and payments to trade associations or other groups that may be used for political purposes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's disclosure regarding its support of, and participation in, trade associations or other groups that may make political contributions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies, fines, or litigation related to the company's political contributions or political activities.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals barring a company from making political contributions. Businesses are affected by legislation at the federal, state, and local level; barring political contributions can put the company at a competitive disadvantage.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals to publish in newspapers and other media a company's political contributions. Such publications could present significant cost to the company without providing commensurate value to shareholders.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Political Expenditures and Lobbying Congruency</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting greater disclosure of a company&#8217;s alignment of political contributions, lobbying and electioneering spending with a company&#8217;s publicly stated values and policies, unless the terms of the proposal are unduly restrictive. Additionally, DWS will consider whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company's policies, management, board oversight, governance processes and level of disclosure related to direct political contributions, lobbying activities, and payments to trade associations, political action committees, or other groups that may be used for political purposes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company&#8217;s disclosure regarding: the reasons for its support of candidates for public offices; the reasons for support of and participation in trade associations or other groups that may make political contributions; and other political activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Any incongruencies identified between a company&#8217;s direct and indirect political expenditures and its publicly stated values and priorities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Recent significant controversies related to the company&#8217;s direct and indirect lobbying, political contributions or political activities.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals requesting comparison of a company&#8217;s political spending to objectives that can mitigate material risk for the company, such as limiting global warming.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Political Ties</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against proposals asking a company to affirm political nonpartisanship in the workplace, considering whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>There are no recent, significant controversies, fines, or litigation regarding the company&#8217;s political contributions or trade association spending; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibit coercion.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote against shareholder proposals calling for the disclosure of prior government service of the company&#8217;s key executives and whether such service had a bearing on the business of the company.</P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">REGISTERED INVESTMENT COMPANY PROXIES</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Election of Directors</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on the election of directors and trustees.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Closed End Fund - Unilateral Opt-In to Control Share Acquisition Statutes</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">For closed-end management investment companies (CEFs), DWS&#8217;s policy is to generally vote on a case-by-case basis for nominating/governance committee members (or other directors on a case-by-case basis) at CEFs that have not provided a compelling rationale for opting-in to a Control Share Acquisition Statute, nor submitted a by-law amendment to a shareholder vote.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Converting Closed-end Fund to Open-end Fund</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on conversion proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past performance as a closed-end fund;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Market in which the fund invests;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Measures taken by the board to address the discount; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past shareholder activism, board activity, and votes on related proposals.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Proxy Contests</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proxy contests, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past performance relative to its peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Market in which the fund invests;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Measures taken by the board to address the issues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Past shareholder activism, board activity, and votes on related proposals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategy of the incumbents versus the dissidents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Independence of directors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Experience and skills of director candidates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Governance profile of the company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Evidence of management entrenchment.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Investment Advisory Agreements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on investment advisory agreements, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Proposed and current fee schedules;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fund category/investment objective;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Performance benchmarks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Share price performance as compared with peers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Resulting fees relative to peers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Assignments (where the advisor undergoes a change of control).</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Approving New Classes or Series of Shares</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on the establishment of new classes or series of shares.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Preferred Stock Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on the authorization for or increase in preferred shares, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Stated specific financing purpose;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Possible dilution for common shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Whether the shares can be used for antitakeover purposes.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">1940 Act Policies</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on policies under the Investment Advisor Act of 1940, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential competitiveness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulatory developments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current and potential returns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current and potential risk.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote for these amendments as long as the proposed changes do not fundamentally alter the investment focus of the fund and do comply with the current SEC interpretation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Changing a Fundamental Restriction to a Nonfundamental Restriction</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to change a fundamental restriction to a non-fundamental restriction, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The fund's target investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The reasons given by the fund for the change; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The projected impact of the change on the portfolio.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change Fundamental Investment Objective to Nonfundamental</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to change a fund&#8217;s fundamental investment objective to non-fundamental.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Name Change Proposals</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on name change proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Political/economic changes in the target market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Consolidation in the target market; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current asset composition.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Change in Fund's Subclassification</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on changes in a fund's sub-classification, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Potential competitiveness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Current and potential returns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Risk of concentration; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Consolidation in target industry.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Business Development Companies&#8212;Authorization to Sell Shares of Common Stock at a Price below Net Asset Value</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals authorizing the board to issue shares below Net Asset Value (NAV) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proposal to allow share issuances below NAV has an expiration date no more than one year from the date shareholders approve the underlying proposal, as required under the Investment Company Act of 1940;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The sale is deemed to be in the best interests of shareholders by (1) a majority of the company's independent directors and (2) a majority of the company's directors who have no financial interest in the issuance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The company has demonstrated responsible past use of share issuances by either:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Outperforming peers in its 8-digit GICS group as measured by one- and three-year median TSRs; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Providing disclosure that its past share issuances were priced at levels that resulted in only small or moderate discounts to NAV and economic dilution to existing non-participating shareholders.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Disposition of Assets/Termination/Liquidation</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to dispose of assets, to terminate or liquidate, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Strategies employed to salvage the company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The fund&#8217;s past performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The terms of the liquidation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Changes to the Charter Document</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on changes to the charter document, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The degree of change implied by the proposal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The efficiencies that could result;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The state of incorporation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulatory standards and implications.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Changing the Domicile of a Fund</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on re-incorporations, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Regulations of both states;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Required fundamental policies of both states; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The increased flexibility available.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Authorizing the Board to Hire and Terminate Subadvisors Without Shareholder Approval</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals authorizing the board to hire or terminate subadvisors without shareholder approval if the investment advisor currently employs only one subadvisor.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Distribution Agreements</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on distribution agreement proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Fees charged to comparably sized funds with similar objectives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The proposed distributor&#8217;s reputation and past performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The competitiveness of the fund in the industry; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The terms of the agreement.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Master-Feeder Structure</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on the establishment of a master-feeder structure.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Mergers</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on merger proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Resulting fee structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Performance of both funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Continuity of management personnel; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Changes in corporate governance and their impact on shareholder rights.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder Proposals for Mutual Funds</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Establish Director Ownership Requirement</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Reimburse Shareholder for Expenses Incurred</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote for the reimbursement of the proxy solicitation expenses.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Terminate the Investment Advisor</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>General Recommendation</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">DWS&#8217;s policy is to generally vote case-by-case on proposals to terminate the investment advisor, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>Performance of the fund&#8217;s Net Asset Value (NAV);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The fund&#8217;s history of shareholder relations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9632;</TD><TD>The performance of other funds under the advisor&#8217;s management.</TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">INTERNATIONAL PROXY VOTING</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The above guidelines pertain to issuers organized in the United States. Proxies solicited by other issuers are voted in accordance with international guidelines or the recommendation of ISS and in accordance with applicable law and regulation.</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Appendix I</P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Classification of Directors &#8211; U.S.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Director</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.1.</TD><TD>Current employee or current officer<SUP>1</SUP> of the company or one of its affiliates<SUP>2</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Independent Non-Executive Director</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Board Identification</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.1.</TD><TD>Director identified as not independent by the board.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Controlling/Significant Shareholder</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.2.</TD><TD>Beneficial owner of more than 50 percent of the company's voting power (this may be aggregated if voting power is distributed among more than one member of a group).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Current Employment at Company or Related Company</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.3.</TD><TD>Non-officer employee of the firm (including employee representatives).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.4.</TD><TD>Officer<SUP>1</SUP>, former officer, or general or limited partner of a joint venture or partnership with the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Former Employment</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.5.</TD><TD>Former CEO of the company.<SUP>3, 4</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.6.</TD><TD>Former non-CEO officer<SUP>1</SUP> of the company or an affiliate<SUP>2</SUP> within the past five years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.7.</TD><TD>Former officer<SUP>1</SUP> of an acquired company within the past five years.<SUP>4</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.8.</TD><TD>Officer<SUP>1</SUP> of a former parent or predecessor firm at the time the company was sold or split off within the past five years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.9.</TD><TD>Former interim officer if the service was longer than 18 months. If the service was between 12 and 18 months, an assessment of the interim officer&#8217;s employment agreement will be made.<SUP>5</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Family Members</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.10.</TD><TD>Immediate family member<SUP>6</SUP> of a current or former officer<SUP>1</SUP> of the company or its affiliates<SUP>2</SUP> within the last five years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.11.</TD><TD>Immediate family member<SUP>6</SUP> of a current employee of company or its affiliates<SUP>2</SUP> where additional factors raise concern (which may include, but are not limited to, the following: a director related to numerous employees; the company or its affiliates employ relatives of numerous board members; or a non-Section 16 officer in a key strategic role).</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Professional, Transactional, and Charitable Relationships</U></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Director who (or whose immediate family member<SUP>6</SUP>) currently provides professional services<SUP>7</SUP> in excess of the $10,000 per year to the company, an affiliate<SUP>2</SUP> or an individual officer of the company or</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.12.</TD><TD>(an affiliate; or who is (or whose immediate family member<SUP>6</SUP> is) a partner, employee or controlling shareholder of, an organization which provides services.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in">Director who (or whose immediate family member<SUP>6</SUP>) currently has any material transactional relationship<SUP>8</SUP> with the company or its affiliates<SUP>2</SUP>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.13.</TD><TD>; or who is (or whose immediate family member<SUP>6</SUP> is) a partner in, or a controlling shareholder or an executive officer of, an organization which has the material transactional relationship<SUP>8</SUP> (excluding investments in the company through a private placement).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.14.</TD><TD>Director who (or whose immediate family member<SUP>6</SUP>) is) a trustee, director, or employee of a charitable or non-profit organization that receives material grants or endowments<SUP>8</SUP> from the company or its affiliates<SUP>2</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><U>Other Relationships</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.15.</TD><TD>Party to a voting agreement<SUP>9</SUP> to vote in line with management on proposals being brought to shareholder vote.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.16.</TD><TD>Has (or an immediate family member<SUP>6</SUP> has) an interlocking relationship as defined by the SEC involving members of the board of directors or its Compensation Committee.<SUP>10</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.17.</TD><TD>Founder<SUP>11</SUP> of the company but not currently an employee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.18.</TD><TD>Director with pay comparable to Named Executive Officers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.19.</TD><TD>Any material<SUP>12</SUP> relationship with the company.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Director</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.1.</TD><TD>No material<SUP>12</SUP> connection to the company other than a board seat.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Footnotes:</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>1 </SUP>The definition of officer will generally follow that of a &#8220;Section 16 officer&#8221; (officers subject to Section 16 of the Securities and Exchange Act of 1934) and includes the chief executive, operating, financial, legal, technology, and accounting officers of a company (including the president, treasurer, secretary, controller, or any vice president in charge of a principal business unit, division, or policy function). Current interim officers are included in this category. For private companies, the equivalent positions are applicable. A non-employee director serving as an officer due to statutory requirements (e.g., corporate secretary) will generally be classified as a Non-Independent Non-Executive Director under 2.19: &#8220;Any material relationship with the company.&#8221; However, if the company provides explicit disclosure that the director is not receiving additional compensation exceeding $10,000 per year for
serving in that capacity, then the director will be classified as an Independent Director.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>2 </SUP>&#8220;Affiliate&#8221; includes a subsidiary, sibling company, or parent company. 50 percent control ownership is used by the parent company as the standard for applying its affiliate designation. The manager/advisor of an externally managed issuer (EMI) is considered an affiliate.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>3 </SUP>Includes any former CEO of the company prior to the company&#8217;s initial public offering (IPO).</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>4 </SUP>When there is a former CEO of a special purpose acquisition company (SPAC) serving on the board of an acquired company, DWS will generally classify such directors as independent unless determined otherwise taking into account the following factors: the applicable listing standards determination of such director&#8217;s independence; any operating ties to the firm; and the existence of any other conflicting relationships or related party transactions.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>5 </SUP>ISS will look at the terms of the interim officer&#8217;s employment contract to determine if it contains severance pay, long-term health and pension benefits, or other such standard provisions typically contained in contracts of permanent, non-temporary CEOs. DWS will also consider if a formal search process was under way for a full-time officer at the time.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>6 </SUP>&#8220;Immediate family member&#8221; follows the SEC&#8217;s definition of such and covers spouses, parents, children, stepparents, step-children, siblings, in-laws, and any person (other than a tenant or employee) sharing the household of any director, nominee for director, executive officer, or significant shareholder of the company.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>7 </SUP>Professional services can be characterized as advisory in nature, generally involve access to sensitive company information or to strategic decision-making, and typically have a commission- or fee-based payment structure. Professional services generally include but are not limited to the following: investment banking/financial advisory services, commercial banking (beyond deposit services), investment services, insurance services, accounting/audit services, consulting services, marketing services, legal services, property management services, realtor services, lobbying services, executive search services, and IT consulting services. The following would generally be considered transactional relationships and not professional services: deposit services, IT tech support services, educational services, and construction services. The case of participation in a banking syndicate by a non-lead bank should be considered a transactional
(and hence subject to the associated materiality test) rather than a professional relationship. &#8220;Of Counsel&#8221; relationships are only considered immaterial if the individual does not receive any form of compensation (in excess of $10,000 per year) from, or is a retired partner of, the firm providing the professional service. The case of a company providing a professional service to one of its directors or to an entity with which one of its directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance services and marketing services are assumed to be professional services unless the company explains why such services are not advisory.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>8 </SUP>A material transactional relationship, including grants to non-profit organizations, exists if the company makes annual payments to, or receives annual payments from, another entity, exceeding the greater of: $200,000 or 5 percent of the recipient&#8217;s gross revenues, for a company that follows NASDAQ listing standards; or the greater of $1,000,000 or 2 percent of the recipient&#8217;s gross revenues, for a company that follows NYSE listing standards. For a company that follows neither of the preceding standards, DWS will apply the NASDAQ-based materiality test. (The recipient is the party receiving the financial proceeds from the transaction).</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>9 </SUP>Dissident directors who are parties to a voting agreement pursuant to a settlement or similar arrangement may be classified as Independent Directors if an analysis of the following factors indicates that the voting agreement does not compromise their alignment with all shareholders&#8217; interests: the terms of the agreement; the duration of the standstill provision in the agreement; the limitations and requirements of actions that are agreed upon; if the dissident director nominee(s) is subject to the standstill; and if there any conflicting relationships or related party transactions.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>10 </SUP>Interlocks include: executive officers serving as directors on each other&#8217;s compensation or similar committees (or, in the absence of such a committee, on the board); or executive officers sitting on each other&#8217;s boards and at least one serves on the other&#8217;s compensation or similar committees (or, in the absence of such a committee, on the board).</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>11 </SUP>The operating involvement of the founder with the company will be considered; if the founder was never employed by the company, DWS may deem him or her an Independent Director.</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>12 </SUP>For purposes of DWS&#8217;s director independence classification, &#8220;material&#8221; will be defined as a standard of relationship (financial, personal or otherwise) that a reasonable person might conclude could potentially influence one&#8217;s objectivity in the boardroom in a manner that would have a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.</P>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Portfolio Managers of Closed-End Management Investment Companies.</B></FONT></TD></TR>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>Portfolio Manager Disclosure: </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">As of the date of this report, the following individual handles the day-to-day management of the Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Juan Barriobero de la Pisa, CFA, CESGA, Director, Senior Portfolio Manager Equity and Portfolio Manager of the Fund</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0">DWS Head of Spanish Equities from 2007-2019 and Executive Member of the Board at DWS Spain 2016-2018.</LI>

<LI STYLE="margin: 0">Joined DWS in 1999 and the Fund in 2020.</LI>

<LI STYLE="margin: 0">Degree in European Economic Sciences (ICADE E4), University Pontificia de Comillas.</LI>

</UL>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Compensation of Portfolio Managers</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Advisor and its affiliates are part of DWS. The brand DWS represents DWS Group GmbH &amp; Co. KGaA (&#8220;DWS Group&#8221;) and any of its subsidiaries such as DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. DWS seeks to offer its investment professionals competitive short-term and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short and long-term performance against industry and portfolio benchmarks. As employees of DWS, portfolio managers are paid on a total compensation basis, which includes Fixed Pay (base salary) and Variable Compensation, as set forth below. The compensation information below is provided as of the Fund&#8217;s most recent annual report date December 31, 2024.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fixed Pay (<B>FP</B>) is the key and primary element of compensation for the majority of DWS employees and reflects the value of the individual&#8217;s role and function within the organization.&nbsp; It rewards factors that an employee brings to the organization such as skills and experience, while reflecting regional and divisional (i.e. DWS) specifics. FP levels play a significant role in ensuring competitiveness of the Advisor and its affiliates in the labor market, thus benchmarking provides a valuable input when determining FP levels. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Variable Compensation (<B>VC</B>) is a discretionary compensation element that enables DWS Group to provide additional reward to employees for their performance and behaviors, while reflecting DWS Group&#8217;s affordability and financial situation. VC aims to: </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 12pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Recognize that every employee contributes to the DWS&#8217;s success through the franchise component of Variable Compensation (<B>Franchise Component</B>), and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 12pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Reflect individual performance, investment performance, behaviours and culture through discretionary individual VC (<B>Individual Component). </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Employee seniority as well as divisional and regional specifics determine which VC elements are applicable for a given employee and the conditions under which they apply.&nbsp; Both Franchise and Individual Components may be awarded in shares or other share-based instruments and other deferral arrangements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">VC can be delivered via cash, restricted equity awards, and/or restricted incentive awards or restricted compensation. Restricted compensation may include: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 12pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">notional fund investments</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 12pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">restricted equity, notional equity, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 12pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">restricted cash, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 12pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">or such other form as DWS may decide in its sole discretion</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">VC comprises a greater proportion of total compensation as an employee&#8217;s seniority and total compensation level increase. Proportion of VC delivered via a long-term incentive award, which is subject to performance conditions and forfeiture provisions, will increase significantly as the amount of the VC increases.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Additional forfeiture and claw back provisions, including complete forfeiture and claw back of VC may apply in certain events if an employee is designated a Material Risk Taker.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">For key investment professionals, in particular, a portion of any long-term incentives will be in the form of notional investments aligned, where possible, to the funds they manage.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">In general, each of the Advisor and its advisory affiliates seek to offer their investment professionals competitive short-term and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short and long-term performance against industry and portfolio benchmarks. <FONT STYLE="color: windowtext">To evaluate their investment professionals in light of and consistent with the compensation principles set forth above, the Advisor and its affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar peer group universe with respect to a fund, iMoneyNet peer group with respect to a money market fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type.&nbsp; The ultimate goal of this process is to evaluate the degree to which investment professionals deliver
investment performance that meets or exceeds their clients&#8217; risk and return objectives. When determining total compensation, the Advisor and its affiliates consider a number of quantitative, qualitative and other factors:</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Quantitative measures (e.g. one-, three- and five-year pre-tax returns versus the appropriate Morningstar peer group universe for a fund, or versus the appropriate iMoneyNet peer group for a money market fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type, taking risk targets into account) are utilized to measure performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Qualitative measures (e.g. adherence to, as well as contributions to, the enhancement of the investment process) are included in the performance review. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other factors (e.g. non-investment related performance, teamwork, adherence to compliance rules, risk management and &quot;living the values&quot; of the Advisor and its affiliates) are included as part of a discretionary component of the review process, giving management the ability to consider additional markers of performance on a subjective basis. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Furthermore, it is important to note that DWS Group functions within a controlled environment based upon the risk limits established by DWS Group&#8217;s Risk division, in conjunction with DWS Group management. Because risk consideration is inherent in all business activities, performance assessment factors in an employee&#8217;s ability to assess and manage risk.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Fund Ownership of Portfolio Managers</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following table shows the dollar range of Fund shares owned beneficially and of record by each member of the Fund&#8217;s portfolio management team as well as in all US registered Funds advised by DWS International GmbH as a group (the &#8220;Family of Funds&#8221;), including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans. This information is provided as of the Fund&#8217;s most recent annual report date December 31, 2024.</P>

<P STYLE="font: 12pt 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>
    <TD STYLE="vertical-align: bottom; width: 37%; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Name of <U><BR>
</U>Portfolio Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dollar Range of</P>
    <P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fund Shares Owned</P></TD>
    <TD STYLE="vertical-align: top; width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Dollar Range of All in the Family of Funds Shares Owned</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">Juan Barriobero de la Pisa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Conflicts of Interest</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In addition to managing the assets of the Fund, the Fund&#8217;s portfolio managers may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, for each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by each portfolio manager. Total assets attributed to each portfolio manager in the tables below include total assets of each account managed by them, although the manager may only manage a portion of such account&#8217;s assets. For Funds subadvised by subadvisors unaffiliated with DWS International GmbH, total assets of Funds managed may only include assets allocated to the portfolio manager and not the total assets of each Fund managed.
The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of the Fund&#8217;s most recent annual report date December 31, 2024.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Other SEC Registered Investment Companies Managed:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Name of Portfolio Manager</B></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Number of&nbsp;&nbsp;Registered Investment Companies </B></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total Assets of Registered Investment Companies</B></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total Assets of Performance- Based Fee Accounts</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Juan Barriobero de la Pisa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Other Pooled Investment Vehicles Managed:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Name of Portfolio Manager</B></TD>
    <TD STYLE="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"><B>Number of Pooled Investment Vehicles</B></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total Assets of Pooled Investment Vehicles</B></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>&nbsp;Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </B></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total Assets of Performance- Based Fee Accounts</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Juan Barriobero de la Pisa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$52,814,390</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Other Accounts Managed:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Name of Portfolio Manager</B></TD>
    <TD STYLE="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"><B>Number of Other Accounts</B></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total Assets of Other Accounts</B></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Number of Other Accounts with Performance- Based Fee </B></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total Assets of Performance- Based Fee Accounts</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Juan Barriobero de la Pisa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In addition to the accounts above, an investment professional may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds. The Advisor or Subadvisor, as applicable, has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions on the ability of portfolio managers and other &#8220;access persons&#8221; to invest in securities that may be recommended or traded in the Funds and other client accounts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Certain investments may be appropriate for the Fund and also for other clients advised by the Advisor and their affiliates, including other client accounts managed by the Fund&#8217;s portfolio management team. Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more than one but less than all clients. Likewise, because clients of the Advisor and their affiliates may have differing investment strategies, a particular security may be bought for one or more clients when one or more other clients are selling the security. The investment results achieved for the Fund may differ from the
results achieved for other clients of the Advisor and their affiliates. In addition, purchases or sales of the same security may be made for two or more clients on the same day. In such event, such transactions will be allocated among the clients in a manner believed by the Advisor and their affiliates to be most equitable to each client, generally utilizing a pro rata allocation methodology. In some cases, the allocation procedure could potentially have an adverse effect or positive effect on the price or amount of the securities purchased or sold by the Fund. Purchase and sale orders for the Fund may be combined with those of other clients of the Advisor and their affiliates in the interest of achieving the most favorable net results to the Fund and the other clients.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">To the extent that a portfolio manager has responsibilities for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The Advisor and their affiliates attempt to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing similar investment models across multiple client accounts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it manages. The Advisor and its affiliates will not determine allocations based on whether it receives a performance-based fee from the client. Additionally, the Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts with like strategies. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Advisor and its affiliates and the investment team of each Fund may manage other mutual funds and separate accounts on a long only or a long-short basis. The simultaneous management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long positions (and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the same time. The Advisor has adopted procedures that it believes are reasonably designed to mitigate these and other potential conflicts of interest. Included in these procedures are specific guidelines developed to provide fair and equitable treatment for all clients whose accounts are managed by each Fund&#8217;s portfolio management team. The Advisor and the portfolio management team have established monitoring procedures, a protocol for supervisory reviews,
as well as compliance oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed.</TD></TR></TABLE>

<P STYLE="color: blue; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Advisor is owned by the DWS Group, a multinational global financial services firm that is a majority owned subsidiary of Deutsche Bank AG. Therefore, the Advisor is affiliated with a variety of entities that provide, and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment management services to institutional and individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees (the &#8220;Firm&#8221;) are engaged in businesses and have interests in addition to managing asset management accounts, such wide ranging activities involve real, potential or apparent conflicts of interest. These interests and activities include potential advisory, transactional and financial activities
and other interests in securities and companies that may be directly or indirectly purchased or sold by the Firm for its clients&#8217; advisory accounts. The Advisor may take investment positions in securities in which other clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor and its affiliates are purchasing or selling for their client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities in which the Firm is undertaking the same or differing strategy in other businesses or other client accounts. These are considerations of which advisory clients should be aware and which will cause conflicts that could be to the disadvantage of the Advisor and its affiliate&#8217;s advisory clients, including the Fund. The Advisor has instituted business and compliance policies, procedures and disclosures that are designed to identify, monitor and mitigate conflicts of interest and,
as appropriate, to report them to a Fund&#8217;s Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10.45pt 0 0 0.25in; text-align: justify">&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 Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 14.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></FONT></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>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="height: 58pt; 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: 58pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 58pt">
    <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: 58pt">
    <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: 58pt">
    <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: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 58pt">
    <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: 12.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&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: 12.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&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: 12.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.54 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">617,392</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 1 through February 29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,449</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">568,943</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,551</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">539,892</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,820</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-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">July 1 through July 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">8,180</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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,180</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">509,892</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1 through August 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.89 </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">5,500</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">n/a</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">September 1 through September 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">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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.26 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 1 through October 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92 </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">8,000</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">na/</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">November 1 through November 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">5,000</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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 15.75pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 15.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</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">0</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">n/a</FONT></TD></TR>
  <TR STYLE="height: 7.65pt; 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: 7.65pt">&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: 7.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 7.65pt; 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: 7.65pt; 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: 7.65pt; 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">145,500</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.81 </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">145,500</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: 7.15pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 7.15pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 7.15pt; 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: 7.15pt"><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: 7.15pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 7.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-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 177,321 shares between August 1, 2023 and July 31, 2024.</FONT></TD></TR>
  <TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt">&nbsp;</TD></TR>
  <TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 12.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-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. Repurchases will be made when the Fund&rsquo;s shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-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 Courier New, Courier, Monospace; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 15.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Submission of Matters to a Vote of Security Holders.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&#8217;s Board. 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. 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.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 16.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Controls and Procedures.</B></FONT></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: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Chief Executive and Financial Officers concluded that the Registrant&#8217;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.</FONT></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: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
  <TR STYLE="height: 24.3pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 24.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; height: 24.3pt; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt; height: 24.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">There have been no changes in the registrant&#8217;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal controls over financial reporting.</FONT></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: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>Item 17.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><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; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>

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

<!-- Field: Include-Text; File: Securities Lending Activities %2D EEA Dec 2024.docx; Date: 2025%2D03%2D05T12:50:05; Size: 0x00006B14 -->
<P STYLE="font: 10pt/12.1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Securities Lending Activities </B></FONT></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During The European Equity Fund, Inc&rsquo;s most recent fiscal year ending December 31, 2024, Fidelity Agency Lending (&ldquo;FAL&rdquo;) served as the fund&rsquo;s securities lending agent.</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a securities lending agent, FAL is responsible for the implementation and administration of a fund&rsquo;s securities lending program. Pursuant to its respective Securities Lending Agency Agreement (&ldquo;Securities Lending Agreement&rdquo;) with the fund, FAL, as a general matter, performs various services, including the following:</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">lend available securities to institutions that are approved borrowers </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">determine whether a loan shall be made and negotiate and establish the terms and conditions of the loan with the borrower </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ensure that all dividends and other distributions paid with respect to loaned securities are credited to the fund&rsquo;s relevant account</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">receive and hold, on the fund&rsquo;s behalf, or transfer to a fund account, upon instruction by the fund, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">mark-to-market the market value of loaned securities relative to the market value of the collateral each business day</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtain additional collateral, as needed, in order to maintain the value of the collateral relative to the market value of the loaned securities at the levels required by the Securities Lending Agreement </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at the termination of a loan, return the collateral to the borrower upon the return of the loaned securities </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in accordance with the terms of the Securities Lending Agreement, invest cash collateral in permitted investments, including investments managed by the fund&rsquo;s investment adviser </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain records relating to the fund&rsquo;s securities lending activity and provide to the fund a monthly statement describing, among other things, the loans made during the period, the income derived from the loans (or losses incurred) and the amounts of any fees or payments paid with respect to each loan </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">FAL is compensated for the above-described services from its securities lending revenue split. The table below shows the income the fund earned and the fees and compensation it paid to service providers in connections with its securities lending activities during its most recent fiscal year.</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 9.85pt 0 0"><B>The European Equity Fund, Inc. </B></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 9.85pt 0 0"><B>Securities Lending Activities - Income and Fees for Fiscal Year 2024</B></P>

<P STYLE="font: 10pt/5.4pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="height: 9.95pt; vertical-align: bottom">
    <TD STYLE="width: 90%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.45pt; padding-right: 2.45pt; padding-left: 0.35pt; height: 9.95pt">
    <P STYLE="font: 10pt/90% Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0 3pt"><B>Gross income from securities lending activities </B></P>
    <P STYLE="font: 10pt/90% Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0 3pt">(including income from cash collateral reinvestment)</P></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 7.8pt; height: 9.95pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48,843</FONT></TD></TR>
  <TR STYLE="height: 11.2pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; height: 11.2pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Fees and/or compensation for securities lending activities and related services</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 11.2pt; text-align: right; line-height: 107%">&nbsp;</TD></TR>
  <TR STYLE="height: 11.2pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; height: 11.2pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Fees paid to securities lending agent from a revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 11.2pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3,156</FONT></TD></TR>
  <TR STYLE="height: 13.8pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; height: 13.8pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 13.8pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$484</FONT></TD></TR>
  <TR STYLE="height: 11.2pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; height: 11.2pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Administrative fees not included in revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 11.2pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0</FONT></TD></TR>
  <TR STYLE="height: 11.2pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; height: 11.2pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Indemnification fee not included in revenue split</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 11.2pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0</FONT></TD></TR>
  <TR STYLE="height: 11.2pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; height: 11.2pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Rebate (paid to borrower)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 11.2pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">$13,605</FONT></TD></TR>
  <TR STYLE="height: 11.2pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.65pt; padding-left: 39pt; height: 11.2pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">Other fees not included in revenue split </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 11.2pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">$0</FONT></TD></TR>
  <TR STYLE="height: 11.2pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; padding-left: 3pt; height: 11.2pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%"><B>Aggregate fees/compensation for securities lending activities and related services</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 11.2pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">$17,245</FONT></TD></TR>
  <TR STYLE="height: 9.95pt; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; padding-left: 3pt; height: 9.95pt; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%"><B>Net income from securities lending activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 9.05pt; height: 9.95pt; text-align: right; line-height: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 90%">$31,598</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>
<!-- Field: /Include-Text -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>Item 18.</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>Recovery of Erroneously Awarded Compensation.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>Item 19.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><B>Exhibits.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">(a)(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><A HREF="codeofethics.htm" STYLE="-sec-extract: exhibit">Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><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 COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><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>
  <TR STYLE="height: 0px">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 77%">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</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 Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">The European Equity Fund, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">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</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">2/28/2025</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">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">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</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">2/28/2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">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 Executive</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">2/28/2025</TD></TR>
  </TABLE>

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

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 96pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 211.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DWS</B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Executive
and Principal Financial Officer Code of Ethics</B></P>

<P STYLE="font: 28pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>For the Registered
Investment Companies Listed on Appendix A</B></P>

<P STYLE="color: #333399; font: italic bold 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #333399; font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #333399; font: italic bold 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #333399; font: italic bold 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Effective Date</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>January 31, 2005</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Date Last Reviewed</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>April 24, 2024</B></P>

<P STYLE="color: #333399; font: italic bold 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0">Table of Contents</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">I.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">II.&nbsp;&nbsp;&nbsp;Purposes of the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">III.&nbsp;&nbsp;&nbsp;Responsibilities of Covered Officers</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Honest and Ethical Conduct</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;Conflicts of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Use of Personal Fund Shareholder Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Public Communications</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">E.&nbsp;&nbsp;&nbsp;Compliance with Applicable Laws, Rules and Regulations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IV.&nbsp;&nbsp;&nbsp;Violation Reporting</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;How to Report</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Process for Violation Reporting to the Fund Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Sanctions for Officer Code Violations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">V.&nbsp;&nbsp;&nbsp;Waivers from the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VI.&nbsp;&nbsp;&nbsp;Amendments to the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VII.&nbsp;&nbsp;&nbsp;Regulatory Filings and Reporting</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VIII.&nbsp;&nbsp;&nbsp;Acknowledgement and Certification of Adherence to the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IX.&nbsp;&nbsp;&nbsp;Scope of Responsibilities</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">X.&nbsp;&nbsp;&nbsp;Recordkeeping</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">XI.&nbsp;&nbsp;&nbsp;Confidentiality</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">Appendices</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">Appendix A: List of Covered Officers under the Code and Related Funds</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 24pt">Appendix B: Acknowledgement and Certification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 12.25pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">I.</TD><TD>Overview</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">This Principal
Executive Officer and Principal Financial Officer Code of Ethics (the &#8220;Officer Code&#8221;) sets
forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive
Officer(s)<FONT STYLE="font-size: 11pt"><SUP>[1]</SUP></FONT> and Principal Financial Officer(s)<FONT STYLE="font-size: 11pt"><SUP>[2]</SUP></FONT>
(each a &#8220;Covered Officer&#8221; and together, the &#8220;Covered Officers&#8221;) of the registered
investment companies<FONT STYLE="font-size: 11pt"><SUP>[3]</SUP></FONT> advised by DWS (each a &#8220;Fund&#8221;
and together, the &#8220;Funds&#8221;) they serve. A list of Covered Officers and Funds is included on
Appendix A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Boards
of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406
of the Sarbanes-Oxley Act of 2002 and the Securities and Exchange Commission&#8217;s (the &#8220;SEC&#8221;)
rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">DWS includes
various subsidiaries including DWS Investment Management Americas, Inc., DWS International GmbH, DWS Distributors,
Inc. or their affiliates. All Covered Officers are also employees of DWS. Thus, in addition to adhering
to the Officer Code, the Covered Officers must also comply with DWS policies and procedures, such as the
DWS Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the
Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).<FONT STYLE="font-size: 11pt"><SUP>[4]</SUP></FONT>
In addition, such individuals must also comply with other applicable Fund policies and procedures.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of each
Fund&#8217;s Board (or committee thereof), is primarily responsible for implementing and enforcing this
Officer Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability
to particular circumstances.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer and his or her contact information can be found in Appendix A. Any questions about the Officer
Code should be directed to the DWS Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">II.</TD><TD>Purposes of the Officer Code</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The purposes
of the Officer Code are to deter wrongdoing and to:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">promote honest
and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts
of interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">promote full,
fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with
or submit to the SEC (and in other public communications from the Funds) and that are within the Covered
Officer&#8217;s responsibilities;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">promote compliance
with applicable laws, rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">encourage the
prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">establish accountability
for adherence to the Officer Code.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">III.</TD><TD>Responsibilities of Covered Officers</TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Honest and Ethical Conduct</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">It is the
duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere
to and require adherence to the Officer Code and any other applicable policies and procedures designed
to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction,
putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while
maintaining confidentiality of information where required by law, DWS policy or Fund policy.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers
also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without
misrepresenting or being misleading about material facts or allowing their independent judgment to be
subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance
of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets
and resources entrusted to them.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers
may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations
of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that
encourages the exchange of information, including concerns of the type that this Officer Code is designed
to address.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">B.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Conflicts of Interest</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">A &#8220;conflict
of interest&#8221; occurs when a Covered Officer&#8217;s personal interests interfere with the interests
of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position
with a Fund for personal or private gain to themselves, their family, or any other person. Similarly,
Covered Officers may not use their personal influence or personal relationships to influence decisions
or other Fund business or operational matters where they would benefit personally at the Fund&#8217;s
expense or to the Fund&#8217;s detriment. Covered Officers may not cause the Fund to take action, or refrain
from taking action, for their personal benefit at the Fund&#8217;s expense or to the Fund&#8217;s detriment.
Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position
of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate
family member who is an employee of a Fund service provider or is otherwise associated with the Fund;
or having an ownership interest in, or having any consulting or employment relationship with, any Fund
service provider other than DWS or its affiliates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Certain conflicts
of interest covered by this Officer Code arise out of the relationships between Covered Officers and the
Fund that already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers
Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase
or sale of securities or other property) with the Fund because of their status as &#8220;affiliated persons&#8221;
of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations
of existing statutory and regulatory prohibitions on individual behavior could be considered a violation
of this Officer Code.</P>

<P STYLE="color: navy; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">As to conflicts
arising from, or as a result of the advisory relationship (or any other relationships) between the Fund
and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that,
subject to DWS&#8217;s fiduciary duties to the Fund, the Covered Officers will in the normal course of
their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies
and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes
that the participation of the Covered Officers in such activities is inherent in the contract relationship
between the Fund and DWS and is consistent with the expectation of the Board of the performance by the
Covered Officers of their duties as officers of the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers
should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered
Officer&#8217;s duties to the Fund and his or her personal interests beyond those contemplated or anticipated
by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance
of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered
Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly
to the Fund&#8217;s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS
Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter
to the DWS Compliance Officer).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">When actual,
apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel
aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation
against the person reporting the matter.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Upon receipt
of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a
conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to
be appropriate in his or her sole discretion and may use all reasonable resources, including retaining
or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<FONT STYLE="font-size: 11pt"><SUP>[5]</SUP></FONT>
The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with
the Fund&#8217;s Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate
Fund service provider.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After full
review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no
conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines
that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests
of the Fund, and will report the conflict and its resolution to the Fund&#8217;s Board (or committee thereof).
If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance
Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict
exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund&#8217;s
Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter
to the Fund&#8217;s Board (or committee thereof) if the DWS Compliance Officer is directly involved in
the conflict or under similar appropriate circumstances.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After responding
to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with
the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating
those involved on conflicts of interests (including how to detect and avoid them, if appropriate).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Appropriate
resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family,
friends or other persons.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Solely because
a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved
by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from
the Officer Code&#8217;s requirements.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Any questions
about conflicts of interests, including whether a particular situation might be a conflict or an appearance
of one, should be directed to the DWS Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">C.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Use of Personal Fund Shareholder Information</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">A Covered
Officer may not use or disclose personal information about Fund shareholders, except in the performance
of his or her duties for the Fund. Each Covered Officer also must abide by the Funds&#8217; and DWS&#8217;s
privacy policies under SEC Regulation S-P.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">D.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Public Communications</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">In connection
with his or her responsibilities for or involvement with a Fund&#8217;s public communications and disclosure
documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must
provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund&#8217;s
Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations
that is fair, accurate, complete, objective, relevant, timely and understandable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Further, within
the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure
documents or other public Fund communications will, to the extent appropriate within their area of responsibility,
endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents.
Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate
creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities
as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure
requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each
Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes
and procedures, including DWS&#8217;s Disclosure Controls and Procedures, which govern the process by
which Fund disclosure documents are created and reviewed.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">To the extent
that Covered Officers participate in the creation of a Fund&#8217;s books or records, they must do so
in a way that promotes the accuracy, fairness and timeliness of those records.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">E.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compliance with Applicable Laws, Rules and Regulations</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">In connection
with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each
Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund
policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds
(&#8220;Applicable Laws&#8221;). These requirements do not impose on Covered Officers any additional substantive
duties. Additionally, Covered Officers should promote compliance with Applicable Laws.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">If a Covered
Officer knows of any material violations of Applicable Laws or suspects that such a violation may have
occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">IV.</TD><TD>Violation Reporting</TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in">A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Overview</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Each Covered
Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or
suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer
Code.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Examples of
violations of the Officer Code include, but are not limited to, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unethical or dishonest behavior </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Obvious lack of adherence to policies surrounding
review and approval of public communications and regulatory filings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Failure to report violations of the Officer
Code</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Known or obvious deviations from Applicable
Laws</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Failure to acknowledge and certify adherence
to the Officer Code</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 117pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The DWS Compliance
Officer has the authority to take any and all action he or she considers appropriate in his or her sole
discretion to investigate known or suspected Officer Code violations, including consulting with the Fund&#8217;s
Board, the independent Board members, a Board committee, the Fund&#8217;s legal counsel and/or counsel
to the independent Board members. The Compliance Officer also has the authority to use all reasonable
resources to investigate violations, including retaining or engaging legal counsel, accounting firms or
other consultants, subject to applicable law.<FONT STYLE="font-size: 11pt"><SUP>[6]</SUP></FONT> The costs
associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s
Board (or committee thereof). Otherwise, such costs will be borne by DWS.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">How to Report</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Any known
or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">Process for Violation Reporting to the Fund Board</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The DWS Compliance
Officer will promptly report any violations of the Officer Code to the Fund&#8217;s Board (or committee
thereof).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt">D.</TD><TD STYLE="text-align: justify">Sanctions for Officer Code Violations</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Violations
of the Officer Code will be taken seriously. In response to reported or otherwise known violations, DWS
and the relevant Fund&#8217;s Board may impose sanctions within the scope of their respective authority
over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions
imposed by a Fund&#8217;s Board could include termination of association with the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">V.</TD><TD>Waivers from the Officer Code</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A Covered Officer
may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance
Officer.<FONT STYLE="font-size: 11pt"><SUP>[7]</SUP></FONT> The request must include the rationale for
the request and must explain how the waiver would be in furtherance of the standards of conduct described
in and underlying purposes of the Officer Code. The DWS Compliance Officer will present this information
to the Fund&#8217;s Board (or committee thereof). The Board (or committee) will determine whether to grant
the requested waiver. If the Board (or committee) grants the requested waiver, the DWS Compliance Officer
thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report
to the Fund&#8217;s Board (or committee thereof) regarding such activities, as appropriate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will coordinate and facilitate with the Principal Financial Officer(s) any required public disclosures
of any waivers granted.</P>

<P STYLE="color: navy; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">VI.</TD><TD>Amendments to the Officer Code</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will review the Officer Code from time to time for its continued appropriateness. Any material
amendments must be approved by the Fund&#8217;s Board (or committee thereof). In addition, the Board (or
committee thereof) will review the Officer Code at least annually for its continued appropriateness and
may amend the Officer Code as necessary or appropriate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will coordinate and facilitate with the Principal Financial Officer(s) any required public disclosures
of any amendments, to the extent required by the SEC&#8217;s rules, to the Officer Code.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">VII.</TD><TD>Regulatory Filings and Reporting</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Principal
Financial Officer(s) shall file a copy of the Officer Code with the SEC as an exhibit to each Fund&#8217;s
certified shareholder report on Form N-CSR and facilitate the posting of the Officer Code on the Funds&#8217;
website, or disclose in Form N-CSR the fact that the Officer Code is available on the Funds&#8217; website
and provide a hyperlink that will direct the shareholder to the Officer Code. Descriptions of any waivers
and material amendments will be disclosed either in each Fund&#8217;s Form N-CSR or on the Funds&#8217;
website.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">VIII.</TD><TD>Acknowledgement and Certification of Adherence to the Officer Code</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Each Covered
Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging
that he or she has received and read the Officer Code, as amended or updated, and confirming that he or
she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer
Code).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Understanding
and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form
is each Covered Officer&#8217;s obligation.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will maintain such Acknowledgements in the Fund&#8217;s books and records.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">IX.</TD><TD>Scope of Responsibilities</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A Covered Officer&#8217;s
responsibilities under the Officer Code are limited to:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fund matters over
which the Officer has direct responsibility or control, matters in which the Officer routinely participates,
and matters with which the Officer is otherwise involved (<I>i.e.</I>, matters within the scope of the
Covered Officer&#8217;s responsibilities as a Fund officer); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fund matters of
which the Officer has actual knowledge.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">X.</TD><TD>Recordkeeping</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance
Officer will create and maintain appropriate records regarding the implementation and operation of the
Officer Code, including records relating to conflicts of interest determinations and investigations of
possible Officer Code violations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">XI.</TD><TD>Confidentiality</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">All reports
and records prepared or maintained pursuant to this Officer Code shall be considered confidential and
shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code,
such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund&#8217;s
Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the
DWS Compliance Officer.</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-indent: 0in">Appendices</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-align: justify; text-indent: 0in">Appendix
A: List of Covered Officers under the Code and Related Funds</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 21%; border-top: black 2.25pt double; border-bottom: black 2.25pt double; border-left: black 2.25pt double; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Funds </B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Principal Executive Officer (President)</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Principal Financial Officer (Treasurer)</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border-top: black 2.25pt double; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">DWS Funds<FONT STYLE="font-size: 11pt"><SUP>[8]</SUP></FONT></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hepsen Uzcan</FONT></TD>
    <TD STYLE="width: 27%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Diane Kenneally</FONT></TD>
    <TD STYLE="width: 22%; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Germany Funds<FONT STYLE="font-size: 11pt"><SUP>[9]</SUP></FONT></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hepsen Uzcan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Diane Kenneally</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt"><B>DWS Compliance Officer:</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Scott Hogan</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Chief Compliance Officer of the
DWS Funds/Germany Funds</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt"><FONT STYLE="letter-spacing: 0.75pt">Phone:
(617) 295-3986</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Email: scott-d.hogan@dws.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>As of: &#9;April 14,
2021</B></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in">Appendix
B: Acknowledgement and Certification</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Initial Acknowledgement
and Certification</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under
the Officer Code</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Print Name&#9;Department&#9;Location&#9;Telephone</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I acknowledge and certify that I am a Covered
Officer under the DWS Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;)
effective on [DATE], and therefore subject to all of its requirements and provisions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have received and read the Officer Code
and I understand the requirements and provisions set forth in the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have disclosed any conflicts of interest
of which I am aware to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I will act in the best interest of the Funds
for which I serve as an officer and have maintained the confidentiality of personal information about
Fund shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I will report any known or suspected violations
of the Officer Code in a timely manner to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9;Date<BR STYLE="clear: both">
</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Annual Acknowledgement
and Certification</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under
the Officer Code</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Print Name&#9;Department&#9;Location&#9;Telephone</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I acknowledge and certify that I am a Covered
Officer under the DWS Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;),
including during the period from [Date] to [Date] (the &#8220;Period&#8221;), and therefore subject to
all of its requirements and provisions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have received and read the Officer Code,
and I understand the requirements and provisions set forth in the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have adhered to the Officer Code during
the Period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have not knowingly been a party to any conflict
of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did
not report to the DWS Compliance Officer in accordance with the Officer Code&#8217;s requirements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have always acted in the best interest of
the Funds for which I serve as an officer and have maintained the confidentiality of personal information
about Fund shareholders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">With respect to the duties I perform for the
Fund as a Fund officer, I believe that effective processes are in place to create and file public reports
and documents in accordance with applicable regulations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">With respect to the duties I perform for the
Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that
term is defined in the Officer Code) and have appropriately monitored those persons under my supervision
for compliance with Applicable Laws.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I have reported any known or suspected violations
of the Officer Code in a timely manner to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9;&#9;Date<BR STYLE="clear: both">
</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[1]</SUP> The individual or individuals
holding the office of President, or similar function, of the Funds listed on Appendix A.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[2]</SUP> The individual or individuals
holding the office of Treasurer, or similar function, of the Funds listed on Appendix A.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[3]</SUP> Registered investment companies
shall not include a face-amount certificate company or a unit investment trust.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[4]</SUP> The obligations imposed by
the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics
adopted pursuant to Rule 17j-1 under the 1940 Act, and any other code of conduct applicable to Covered
Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes
and, accordingly, violations of those codes will not necessarily be considered violations of the Officer
Code and waivers granted under those codes would not necessarily require a waiver to be granted under
this Officer Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions
for any violation of this Officer Code.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[5]</SUP> For example, retaining a Fund&#8217;s
independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[6]</SUP> For example, retaining a Fund&#8217;s
independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[7]</SUP> Of course, it is not a waiver
of the Officer Code if the Fund&#8217;s Board (or committee thereof) determines that a matter is not a
deviation from the Officer Code&#8217;s requirements or is otherwise not covered by the Officer Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[8]</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The DWS Funds include each of
the following and their series: Cash Account Trust, Deutsche DWS Asset Allocation Trust, Deutsche DWS
Equity 500 Index Portfolio, Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS
International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche
DWS Market Trust, Deutsche DWS Money Funds. Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust,
Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS State Tax-Free Income Series,
Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I, Deutsche DWS Variable Series II, DWS Municipal
Income Trust, DWS Strategic Municipal Income Trust, Government Cash Management Portfolio, and Investors
Cash Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[9]</SUP></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Germany Funds include: The
Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and </FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">The New Germany Fund, Inc.</P>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<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;CSR 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;CSR;</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">2/28/2025</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;CSR 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;CSR;</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: 16.05pt; vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt">2/28/2025</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-left: 5.4pt; height: 16.05pt; 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: 16.05pt">Principal Financial 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">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<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;CSR;</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;CSR (the &ldquo;Report&rdquo;) 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">2/28/2025</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">
  <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;CSR;</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;CSR (the &ldquo;Report&rdquo;) 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">2/28/2025</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>
  </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>


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