<SEC-DOCUMENT>0000088053-25-000791.txt : 20250904
<SEC-HEADER>0000088053-25-000791.hdr.sgml : 20250904
<ACCEPTANCE-DATETIME>20250904162724
ACCESSION NUMBER:		0000088053-25-000791
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250904
DATE AS OF CHANGE:		20250904
EFFECTIVENESS DATE:		20250904

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		251293777

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr63025eea.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&#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: 27%; padding-right: 5.4pt; padding-left: 5.4pt">Date of fiscal year end:</TD>
    <TD STYLE="width: 73%; padding-right: 5.4pt; padding-left: 5.4pt">12/31</TD></TR>
  <TR STYLE="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">6/30/2025</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 1.</B></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Reports to Stockholders.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a) Not applicable</TD></TR>
  </TABLE>

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

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<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:264.24px;left:0px;position:absolute;top:0px;transform:translate(23.759px,25.920px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:339.84px">			<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:19.44px;left:0px;position:absolute;top:0px;transform:translate(23.759px,85.959px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:339.84px">
			<div style="width:6796.8px;height:288px;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:220px;position:absolute;top:0px;left:2781.32px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:0px;left:3241.83px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:0px;left:3569.47px;white-space:nowrap">2025</div></div>
		</div>
		<div style="height:148.87px;left:0px;position:absolute;top:0px;transform:translate(85.680px,142.293px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:216.00px">
			<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:449px;font-weight:bold;position:absolute;top:0px;left:176.97px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:449px;font-weight:bold;position:absolute;top:0px;left:2728.97px;letter-spacing:-1.05px;white-space:nowrap">Report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:449px;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:449px;font-weight:bold;position:absolute;top:700px;left:1071.99px;letter-spacing:-0.98px;white-space:nowrap">Shareholders</div></div>
		</div>
		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(23.759px,353.365px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:339.84px">
			<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>
		</div>
		<div style="height:18.22px;left:0px;position:absolute;top:0px;transform:translate(23.759px,387.484px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:339.84px">
			<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>
		</div>
		<div style="height:30.96px;left:0px;position:absolute;top:0px;transform:translate(150.480px,545.760px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:86.40px">
			<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:79.37px;left:0px;position:absolute;top:0px;transform:translate(23.759px,417.712px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:339.84px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height: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:-1.31px;white-space:nowrap">Contents</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">2 </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:502.20px;left:0px;position:absolute;top:0px;transform:translate(28.800px,54.578px) 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:148.71px;left:0px;position:absolute;top:0px;transform:translate(28.800px,408.820px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:2893.76px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.02px) rotate(0deg) scale(0.05)">







			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:310.17px;letter-spacing:-0.59px;white-space:nowrap">brand </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:774.67px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:1162.88px;letter-spacing:-0.64px;white-space:nowrap">represents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:1972.88px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:2361.09px;letter-spacing:-0.59px;white-space:nowrap">Group </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:2854.16px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:3355.14px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:3516.42px;white-space:nowrap">Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1523px;left:3791.34px;letter-spacing:-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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:0px;left:1609.25px;letter-spacing:-0.63px;white-space:nowrap">Shareholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:423px;left:0px;white-space:nowrap">9</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:408px;left:1647.06px;letter-spacing:0.15px;white-space:nowrap">Summary</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:831px;left:0px;white-space:nowrap">11</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;font-weight:300;position:absolute;top:816px;left:1542.75px;letter-spacing:-0.98px;white-space:nowrap">Investments</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1239px;left:0px;white-space:nowrap">17</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:1224px;left:2647.59px;text-rendering:optimizeLegibility;white-space:nowrap">Liabilities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1647px;left:0px;white-space:nowrap">18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;font-weight:300;position:absolute;top:1632px;left:1656.84px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">Operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2055px;left:0px;white-space:nowrap">19</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:2040px;left:3119.49px;letter-spacing:-0.18px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2463px;left:0px;white-space:nowrap">20</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:2448px;left:1286.66px;letter-spacing:-0.21px;white-space:nowrap">Highlights</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2871px;left:0px;white-space:nowrap">22</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;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">30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;font-weight:300;position:absolute;top:3264px;left:1339.4px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3264px;left:2008.1px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3264px;left:2796.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3264px;left:3026.79px;letter-spacing:-0.54px;white-space:nowrap">Stockholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3687px;left:0px;white-space:nowrap">31</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3672px;left:460.8px;text-rendering:optimizeLegibility;white-space:nowrap">Additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3672px;left:1411.91px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">Information</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.799px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:167px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;font-weight:300;position:absolute;top:228px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;font-weight:300;position:absolute;top:6504px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;font-weight:300;position:absolute;top:6732px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:167px;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:167px;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:167px;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:167px;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:167px;font-weight:300;position:absolute;top:6732px;left:1515.83px;letter-spacing:-0.77px;white-space:nowrap">investments.</div></div>
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		<div style="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.800px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:252.00px">
			<div style="width:5040px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

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

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

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">4 </div></div>
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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

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



							<div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">Dear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:395.2px;left:683.31px;letter-spacing:-0.86px;white-space:nowrap">six-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:1607.14px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:2233.3px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:2843.35px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:3299.14px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:3625.7px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:4175.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:4520.31px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:4976.1px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:5582.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:395.2px;left:5813.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:0px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:898.69px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:1499.18px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:2046.82px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:2411.94px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:2822.72px;white-space:nowrap">&#8220;Fund&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:3562.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:3774.91px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:4167.43px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:4803.48px;white-space:nowrap">(USD) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:5357.67px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:5747.07px;white-space:nowrap">21.59% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:575.67px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:854.43px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:1198.4px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:1701.78px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:2220.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:2602.08px;white-space:nowrap">26.05% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:3307.2px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:3882.87px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:4161.63px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:4834.2px;white-space:nowrap">price. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:5378.72px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:6018.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:0px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:521.1px;white-space:nowrap">period, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:1201.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:1546.12px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:2152.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:2383.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:2728.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:3346.84px;white-space:nowrap">benchmark, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:4445.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:4791.02px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:5297.62px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:5978.46px;letter-spacing:-0.46px;white-space:nowrap">Index, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:389.4px;white-space:nowrap">23.05%.</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:1098.6px;white-space:nowrap">1</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:1213.35px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:1592.44px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:2211.19px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:3013.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:3248.35px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:3592.31px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:4095.69px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:4614.11px;letter-spacing:-1.31px;white-space:nowrap">averaged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:5466.61px;white-space:nowrap">16.48% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:6171.73px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:345.04px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:971.2px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:1446.97px;letter-spacing:0.13px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:2175.08px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:2390.14px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:2885.89px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:3120.5px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:3576.29px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:3902.85px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:4452.42px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:5395.8px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:5834.4px;white-space:nowrap">17.19% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:300.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:645.71px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:1166.82px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:1792.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:1946.27px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:2378.43px;letter-spacing:-2.95px;white-space:nowrap">earlier.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;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:184px;font-weight:300;position:absolute;top:2470.4px;left:768.6px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:1481.03px;letter-spacing:-0.27px;white-space:nowrap">saw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:1872.04px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:2552.88px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:3078.39px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:3231.68px;letter-spacing:-0.68px;white-space:nowrap">remarkable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:4283.98px;letter-spacing:-0.36px;white-space:nowrap">pivot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:4778.23px;letter-spacing:-1.14px;white-space:nowrap">towards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2470.4px;left:5538.35px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">significantly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:0px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:614.56px;letter-spacing:-1.07px;white-space:nowrap">defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:1361.25px;white-space:nowrap">spending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:2213.64px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:3068.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:3413.97px;letter-spacing:-0.46px;white-space:nowrap">late-February </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:4648.47px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:5412.67px;text-rendering:optimizeLegibility;white-space:nowrap">elections </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2750.4px;left:6255.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:153.29px;text-rendering:optimizeLegibility;white-space:nowrap">shift </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:583.95px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:796.53px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:1695.22px;white-space:nowrap">Commission </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:2821.76px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:3388.19px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:3622.8px;letter-spacing:-0.18px;white-space:nowrap">allow </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:4140.58px;letter-spacing:-0.32px;white-space:nowrap">increased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:5039.7px;letter-spacing:-1.07px;white-space:nowrap">defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:5786.39px;white-space:nowrap">spending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:0px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:739.92px;letter-spacing:0.05px;white-space:nowrap">triggering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:1643.66px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">deficit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:2242.22px;white-space:nowrap">rules. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:2778.25px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:2996px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:3341.04px;letter-spacing:-2.04px;white-space:nowrap">wake </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:3843.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:4073.76px;letter-spacing:-1.18px;white-space:nowrap">Germany&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:5062.04px;text-rendering:optimizeLegibility;white-space:nowrap">election, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:0px;letter-spacing:-0.38px;white-space:nowrap">chancellor-designee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:1816.72px;white-space:nowrap">Merz </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:2323.43px;letter-spacing:-0.48px;white-space:nowrap">proposed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:3210.84px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:3364.13px;letter-spacing:-0.27px;white-space:nowrap">German/European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:5056.99px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:6091.04px;white-space:nowrap">plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:783.64px;letter-spacing:-0.9px;white-space:nowrap">focus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:1301.42px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:1580.18px;letter-spacing:-0.75px;white-space:nowrap">infrastructure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:2838.84px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:3220.72px;letter-spacing:-0.95px;white-space:nowrap">defense, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:4021.23px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:4544.8px;letter-spacing:-0.43px;white-space:nowrap">promising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:5468.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:5703.35px;letter-spacing:-0.46px;white-space:nowrap">reduce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:0px;letter-spacing:-1.18px;white-space:nowrap">Germany&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:988.28px;text-rendering:optimizeLegibility;letter-spacing:-0.74px;white-space:nowrap">bureaucratic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:2145px;letter-spacing:-0.4px;white-space:nowrap">burden. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:2887.07px;letter-spacing:-0.54px;white-space:nowrap">March </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:3506.68px;letter-spacing:-0.27px;white-space:nowrap">saw </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:3897.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:4242.73px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:5006.93px;letter-spacing:-0.2px;white-space:nowrap">parliament </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:0px;letter-spacing:-0.94px;white-space:nowrap">approve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:770.43px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:923.72px;white-space:nowrap">&#8364;500 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:1419.47px;white-space:nowrap">billion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:2006.75px;letter-spacing:-0.75px;white-space:nowrap">infrastructure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:3265.41px;white-space:nowrap">fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:3777.6px;white-space:nowrap">leading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:4468.43px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:4703.04px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:4856.33px;letter-spacing:-0.36px;white-space:nowrap">broad-based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:0px;letter-spacing:-0.81px;white-space:nowrap">improvement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:1242.33px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:1454.92px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">expectations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:2622.49px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:2923.16px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:3832.92px;text-rendering:optimizeLegibility;white-space:nowrap">activity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:4513.54px;letter-spacing:-0.61px;white-space:nowrap">across </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:5116.83px;letter-spacing:-0.54px;white-space:nowrap">Europe. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:5851.48px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:0px;letter-spacing:-0.48px;white-space:nowrap">prospect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:824.25px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:1054.45px;letter-spacing:-0.72px;white-space:nowrap">accelerated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:2126.95px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:2805.32px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:3187.21px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:3340.5px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:4282.8px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:4938.83px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:5217.59px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:0px;letter-spacing:-0.13px;white-space:nowrap">assets, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:642.28px;white-space:nowrap">sending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:1380.37px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:1845.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:2190.76px;letter-spacing:-1.91px;white-space:nowrap">region&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:2927.46px;text-rendering:optimizeLegibility;white-space:nowrap">equities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:3729.79px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:4222.97px;letter-spacing:-0.4px;white-space:nowrap">notably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:4934.21px;letter-spacing:-0.43px;white-space:nowrap">aerospace </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:5887.69px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:746.69px;letter-spacing:-0.87px;white-space:nowrap">stocks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:1391.01px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:1772.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:2117.93px;letter-spacing:-0.29px;white-space:nowrap">bellwether </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:3118.13px;letter-spacing:-0.34px;white-space:nowrap">10-year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:3838.51px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:4602.71px;white-space:nowrap">bund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:5109.63px;white-space:nowrap">yield, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:5630.3px;letter-spacing:-2.95px;white-space:nowrap">higher. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">Sentiment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:956.48px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:1345.89px;white-space:nowrap">further </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:2022.65px;letter-spacing:-0.6px;white-space:nowrap">boosted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:2791.68px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:3004.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:3349.31px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:4061.73px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:4300.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:4645.14px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:5543.83px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:0px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:482.32px;letter-spacing:-0.36px;white-space:nowrap">(ECB) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:1004.39px;letter-spacing:-0.54px;white-space:nowrap">delivered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:1873.22px;letter-spacing:-0.84px;white-space:nowrap">quarter-point </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:3107.5px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:3509.04px;white-space:nowrap">cuts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:3924.01px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:4147.45px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:4612.8px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:4868.47px;letter-spacing:0.13px;white-space:nowrap">January </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:5596.57px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:5978.46px;letter-spacing:-0.54px;white-space:nowrap">March </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.11px;white-space:nowrap">meetings, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:915.56px;letter-spacing:-0.46px;white-space:nowrap">taking </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:1500.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:1845.94px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:2553.63px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:2955.18px;letter-spacing:-0.21px;white-space:nowrap">down </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:3500.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:3735.49px;white-space:nowrap">2.50%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:6785.6px;left:378.44px;letter-spacing:-0.31px;white-space:nowrap">second </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:1056.05px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:1767.82px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:2156.57px;letter-spacing:0px;white-space:nowrap">tumultuous, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:3283.64px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:3521.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:3865.74px;letter-spacing:-0.17px;white-space:nowrap">announcement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:5259.75px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:5471.69px;white-space:nowrap">early </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:5954.44px;white-space:nowrap">April </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:6414.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:0px;white-space:nowrap">much </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:545.92px;letter-spacing:-0.61px;white-space:nowrap">higher-than-expected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:2499.38px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:2891.9px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">tariffs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:3446.74px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:3768.04px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:4002.65px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:4155.94px;white-space:nowrap">sharp </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:4698.74px;white-space:nowrap">decline </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:5385.17px;letter-spacing:-0.61px;white-space:nowrap">across </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7065.6px;left:5988.45px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:0px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:604.89px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:1416.36px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:1820.37px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:2209.78px;white-space:nowrap">soon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:2688.34px;letter-spacing:-0.95px;white-space:nowrap">followed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:3498.52px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:3758.48px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:3911.77px;letter-spacing:-1px;white-space:nowrap">strong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:4519.88px;letter-spacing:-0.72px;white-space:nowrap">rally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:4938.83px;letter-spacing:-0.27px;white-space:nowrap">triggered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:5796.38px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7345.6px;left:6056.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:0px;letter-spacing:-0.61px;white-space:nowrap">90-day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:650.65px;letter-spacing:-0.72px;white-space:nowrap">delay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:1168.21px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:1380.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:1725.84px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">implementation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:3183.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:3413.44px;white-space:nowrap">planned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:4181.18px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">tariffs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:4736.02px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:4970.63px;letter-spacing:-0.67px;white-space:nowrap">provide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:5688.2px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7625.6px;left:5841.49px;letter-spacing:-0.15px;white-space:nowrap">window </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:300.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:645.71px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:1038.23px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:1272.84px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">negotiate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:2161.76px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:2600.36px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:2856.03px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:3533.43px;letter-spacing:-0.43px;white-space:nowrap">partners. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:4382.6px;letter-spacing:-1.25px;white-space:nowrap">Fears </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:4899.19px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:5129.39px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:5282.69px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7905.6px;left:5675.21px;letter-spacing:-0.32px;white-space:nowrap">recession </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:0px;white-space:nowrap">eased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:570.09px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:782.68px;letter-spacing:-1.07px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:1214.51px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:1493.27px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:2228.14px;letter-spacing:-0.29px;white-space:nowrap">employment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:3401.3px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:3839.37px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:4221.25px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:4374.54px;white-space:nowrap">mutual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:5051.3px;letter-spacing:-0.36px;white-space:nowrap">lowering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8185.6px;left:5865.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">tariffs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:554.83px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:1382.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:1727.13px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:2119.65px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:2501.53px;white-space:nowrap">China. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:3103.53px;white-space:nowrap">Oil </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:3394.32px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:3970.1px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:4520.42px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:4673.71px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8465.6px;left:5616.02px;letter-spacing:-0.64px;white-space:nowrap">move </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:0px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:614.56px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:1533.55px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:1746.14px;white-space:nowrap">early </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:2229.54px;letter-spacing:-1.07px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:2661.38px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:2940.14px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">geopolitical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:4003.61px;letter-spacing:-0.24px;white-space:nowrap">tensions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:4794.24px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:5032.61px;letter-spacing:-0.61px;white-space:nowrap">Israel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8745.6px;left:5553.5px;letter-spacing:-0.38px;white-space:nowrap">struck </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Iranian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:659.25px;white-space:nowrap">nuclear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:1367.8px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">facilities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:2187.97px;letter-spacing:-1.53px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:2814.99px;white-space:nowrap">easing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:3428.05px;letter-spacing:-0.86px;white-space:nowrap">late </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:3806.6px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:4019.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:4364.23px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:5076.65px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:5355.41px;letter-spacing:-2.61px;white-space:nowrap">Iran&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9025.6px;left:5873.18px;letter-spacing:-0.36px;white-space:nowrap">muted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">response </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:853.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:1087.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:1432.9px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:1825.42px;white-space:nowrap">bombing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:2658.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:2888.68px;letter-spacing:-2.15px;white-space:nowrap">key </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:3232.54px;white-space:nowrap">nuclear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:3941.09px;letter-spacing:-0.31px;white-space:nowrap">sites. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:4442.22px;letter-spacing:-0.67px;white-space:nowrap">Growing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9305.6px;left:5234.88px;letter-spacing:-0.24px;white-space:nowrap">concerns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:0px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:568.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:913.95px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:1306.46px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:1798.35px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">situation, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:2671.69px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">reflected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:3509.58px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:3722.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:4067.21px;letter-spacing:-0.45px;white-space:nowrap">downgrading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:5271.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:5501.61px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9585.6px;left:5894.13px;letter-spacing:-0.21px;white-space:nowrap">debt </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:184px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:259.96px;white-space:nowrap">Moody&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1068.42px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">Ratings, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1812.1px;letter-spacing:-0.64px;white-space:nowrap">pressured </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2737.54px;letter-spacing:-0.21px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3664.05px;white-space:nowrap">bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4171.41px;white-space:nowrap">yields </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4723.34px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5337.9px;white-space:nowrap">globally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:6066.01px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:345.04px;letter-spacing:-0.86px;white-space:nowrap">euro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:804.05px;letter-spacing:-0.79px;white-space:nowrap">strengthened </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:2035.54px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">significantly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:3123.4px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:3796.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:4141.65px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:4534.17px;letter-spacing:-2.95px;white-space:nowrap">dollar. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:5119.62px;letter-spacing:-0.27px;white-space:nowrap">Despite </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:5838.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:0px;letter-spacing:-1.19px;white-space:nowrap">backdrop </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:866.57px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:1096.78px;letter-spacing:-0.46px;white-space:nowrap">macroeconomic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:2563.95px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:2945.83px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">geopolitical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:4009.31px;letter-spacing:-1.74px;white-space:nowrap">uncertainty, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:5105.01px;letter-spacing:-0.54px;white-space:nowrap">broadly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:5818.72px;letter-spacing:-0.54px;white-space:nowrap">resilient </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:840px;left:909.76px;letter-spacing:-1.07px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:1347.82px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:1560.41px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:2025.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:2370.8px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:2763.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:3145.21px;letter-spacing:-0.61px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:3826.04px;letter-spacing:-0.21px;white-space:nowrap">supported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:4787.47px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:5522.34px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:672.57px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:1866.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:2078.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:2423.87px;letter-spacing:-2.86px;white-space:nowrap">quarter. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:3166.47px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:3545.57px;letter-spacing:-0.54px;white-space:nowrap">ECB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:3936.15px;white-space:nowrap">once </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:4417.19px;letter-spacing:-0.72px;white-space:nowrap">again </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:4935.71px;letter-spacing:-0.36px;white-space:nowrap">implemented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1120px;left:6167.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:0px;white-space:nowrap">pair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:391.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:622.19px;white-space:nowrap">25 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:894.93px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:1381.23px;letter-spacing:-0.36px;white-space:nowrap">point </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:1892.99px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:2294.53px;letter-spacing:-0.32px;white-space:nowrap">decreases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:3224.59px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:3667.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:4012.21px;letter-spacing:-2.51px;white-space:nowrap">quarter, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:4758.04px;letter-spacing:-0.47px;white-space:nowrap">leaving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:5427.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1400px;left:5772.64px;white-space:nowrap">deposit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1680px;left:0px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1680px;left:401.54px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1680px;left:624.98px;white-space:nowrap">2.00%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:217.74px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:815.55px;letter-spacing:-0.31px;white-space:nowrap">terms, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:1432.9px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">positive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:2167.77px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">contributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:3394.32px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:3628.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:3973.96px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:4592.71px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:5786.39px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:579.65px;white-space:nowrap">benchmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:1624.97px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:2116.32px;white-space:nowrap">led </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:2437.62px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:2697.58px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:2965.17px;letter-spacing:-0.59px;white-space:nowrap">overweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:4005.22px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:4289.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:4671.24px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:5178.81px;text-rendering:optimizeLegibility;white-space:nowrap">selection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:0px;white-space:nowrap">within, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:655.27px;text-rendering:optimizeLegibility;white-space:nowrap">financials. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:1583.83px;letter-spacing:-0.54px;white-space:nowrap">Most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:2088.82px;letter-spacing:-2.27px;white-space:nowrap">notably, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:2836.69px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:3693.7px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:3928.31px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:4827px;letter-spacing:-0.31px;white-space:nowrap">banks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:5442.64px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">benefited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:900.3px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:1376.07px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:1529.37px;letter-spacing:-0.44px;white-space:nowrap">steepening </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:2552.34px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:2782.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:3127.59px;white-space:nowrap">yield </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:3594.44px;white-space:nowrap">curve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:4133.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:4515.26px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:5089.43px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2915.2px;left:5580.78px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:223.44px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">attractive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:1102.58px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">valuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:2046.92px;letter-spacing:-0.6px;white-space:nowrap">compared </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:2990.3px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:3224.91px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:3694.35px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:4276.89px;letter-spacing:-0.61px;white-space:nowrap">peers, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:4868.79px;letter-spacing:-1.07px;white-space:nowrap">proved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3195.2px;left:5535.66px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">additive. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:0px;letter-spacing:-2.28px;white-space:nowrap">Conversely, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:1043.6px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:1311.19px;letter-spacing:-0.27px;white-space:nowrap">underweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:2485.85px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:2720.46px;letter-spacing:-0.22px;white-space:nowrap">industrials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:3677.91px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:4059.79px;letter-spacing:-0.59px;white-space:nowrap">overweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:5099.85px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3475.2px;left:5334.46px;letter-spacing:-0.43px;white-space:nowrap">materials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:0px;letter-spacing:-0.27px;white-space:nowrap">weighed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:799px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:1292.18px;letter-spacing:-0.47px;white-space:nowrap">heavily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:1955.62px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:2234.38px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:2937.88px;letter-spacing:-0.41px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:4185.37px;white-space:nowrap">while </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:4708.95px;text-rendering:optimizeLegibility;white-space:nowrap">selection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:5551.46px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3755.2px;left:6152.91px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:0px;letter-spacing:-0.81px;white-space:nowrap">sectors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:678.58px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:1080.23px;letter-spacing:-0.68px;white-space:nowrap">detracted. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:2039.83px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:2257.58px;text-rendering:optimizeLegibility;letter-spacing:-1.7px;white-space:nowrap">particular, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:3189.36px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:3342.65px;white-space:nowrap">lack </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:3735.06px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:3965.26px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:4822.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:5056.88px;letter-spacing:-1.07px;white-space:nowrap">defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4035.2px;left:5803.57px;letter-spacing:-1px;white-space:nowrap">stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4315.2px;left:0px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4315.2px;left:601.46px;letter-spacing:-0.22px;white-space:nowrap">industrials </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4315.2px;left:1558.91px;letter-spacing:-0.76px;white-space:nowrap">constrained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4315.2px;left:2644.73px;letter-spacing:-0.61px;white-space:nowrap">return.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:307.98px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:575.57px;white-space:nowrap">individual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:1477.05px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:1984.62px;letter-spacing:-0.46px;white-space:nowrap">level, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:2496.27px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:3097.72px;text-rendering:optimizeLegibility;white-space:nowrap">financials, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:4026.28px;letter-spacing:-0.45px;white-space:nowrap">Dutch </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:4601.31px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:5080.2px;white-space:nowrap">ABN </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:5512.03px;letter-spacing:-0.43px;white-space:nowrap">AMRO </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:0px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:482.32px;white-space:nowrap">NV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:794.38px;white-space:nowrap">(2.3%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:1407.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:1789.86px;letter-spacing:-0.46px;white-space:nowrap">French </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:2444.28px;white-space:nowrap">bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:2923.16px;letter-spacing:-0.4px;white-space:nowrap">Societe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:3615.82px;letter-spacing:-0.48px;white-space:nowrap">Generale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:4467.68px;letter-spacing:-0.36px;white-space:nowrap">SA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:4739.88px;white-space:nowrap">(2.3%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:5353.48px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:5844.82px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:345.04px;white-space:nowrap">leading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:1035.87px;letter-spacing:-0.77px;white-space:nowrap">contributors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:2224.49px;white-space:nowrap">along </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:2758.49px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:3197.09px;letter-spacing:-0.46px;white-space:nowrap">French </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:3851.5px;letter-spacing:-0.4px;white-space:nowrap">insurer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:4520.63px;white-space:nowrap">AXA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:4928.62px;letter-spacing:-0.36px;white-space:nowrap">SA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:5200.83px;white-space:nowrap">(3.3%). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">Sentiment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:956.48px;letter-spacing:-0.61px;white-space:nowrap">around </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:1638.94px;letter-spacing:-0.32px;white-space:nowrap">Fresenius </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:2527.21px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:2784.05px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:2981.17px;white-space:nowrap">Co </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:3263.37px;letter-spacing:-1.72px;white-space:nowrap">KGaA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:3781.04px;white-space:nowrap">(2.9%), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:4448.45px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:4601.74px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:5365.94px;letter-spacing:-0.49px;white-space:nowrap">healthcare </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:0px;letter-spacing:-0.83px;white-space:nowrap">conglomerate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:1270.23px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:1707.94px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:1860.34px;white-space:nowrap">leading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:2550.28px;letter-spacing:-0.15px;white-space:nowrap">kidney </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:3177.92px;letter-spacing:-0.75px;white-space:nowrap">treatment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:4121.26px;letter-spacing:-0.39px;white-space:nowrap">franchise, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:5029.27px;letter-spacing:0px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:5381.04px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:5875.9px;letter-spacing:-0.6px;white-space:nowrap">boosted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:259.96px;letter-spacing:-0.2px;white-space:nowrap">successful </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:1201.51px;letter-spacing:-0.39px;white-space:nowrap">turnaround </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:2260.69px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">initiatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:3149.93px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:3531.82px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:3685.11px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">simplification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:4908.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:5138.63px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6110.4px;left:5394.3px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">structure. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:909.86px;letter-spacing:-1.91px;white-space:nowrap">Finally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:1557.94px;letter-spacing:-0.69px;white-space:nowrap">Germany-based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:3002.76px;letter-spacing:-0.27px;white-space:nowrap">Scout24 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:3767.82px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:4024.67px;white-space:nowrap">(1.9%) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:4638.26px;letter-spacing:-0.45px;white-space:nowrap">hosts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:5156.79px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:5310.08px;letter-spacing:-0.4px;white-space:nowrap">digital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6390.4px;left:5895.53px;letter-spacing:-0.64px;white-space:nowrap">real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:0px;letter-spacing:-1.46px;white-space:nowrap">estate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:590.18px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">transaction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:1631.95px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">platform. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:2491.22px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:2870.31px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:3725.07px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:4077.73px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:4573.49px;white-space:nowrap">highly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:5149.05px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">innovative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.4px;left:6107.04px;white-space:nowrap">in </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:4832.36px;white-space:nowrap">6/30/25</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">12/31/24</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">27%</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">23%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7809.1px;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:7809.1px;left:5133.47px;white-space:nowrap">17%</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">15%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8073.1px;left:0px;white-space:nowrap">Health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8073.1px;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:8073.1px;left:5133.47px;white-space:nowrap">13%</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">15%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337.1px;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:8337.1px;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:8337.1px;left:5133.47px;white-space:nowrap">10%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8337.1px;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:8601.1px;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:8601.1px;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:8601.1px;left:5224.7px;white-space:nowrap">7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top: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;white-space:nowrap">Consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8865.1px;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:8865.1px;left:5224.7px;white-space:nowrap">6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8865.1px;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: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">6%</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;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:9393.1px;left:5224.7px;white-space:nowrap">6%</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">3%</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">4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9921.1px;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:9921.1px;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:9921.1px;left:6376.7px;white-space:nowrap">4%</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 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="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:184px;font-weight:300;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.6px;white-space:nowrap">creating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:762.59px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1030.18px;letter-spacing:-1.4px;white-space:nowrap">ecosystem </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2005.14px;letter-spacing:-0.29px;white-space:nowrap">addressing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3004.48px;letter-spacing:-1.31px;white-space:nowrap">renters, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3736.99px;white-space:nowrap">home </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4298.49px;letter-spacing:-1px;white-space:nowrap">buyers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4936.46px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5318.35px;letter-spacing:-0.49px;white-space:nowrap">commercial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:0px;letter-spacing:-0.64px;white-space:nowrap">real </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:383.17px;letter-spacing:-1.46px;white-space:nowrap">estate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:973.35px;letter-spacing:-1.37px;white-space:nowrap">investors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:1863.23px;letter-spacing:-0.73px;white-space:nowrap">strengthening </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:3137.69px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:3393.35px;white-space:nowrap">pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:4041.32px;letter-spacing:-0.54px;white-space:nowrap">power </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:4655.13px;white-space:nowrap">along </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:5189.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:5534.16px;letter-spacing:-5.51px;white-space:nowrap">way.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:379.09px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:1190.34px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">negative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:1985.8px;letter-spacing:-0.83px;white-space:nowrap">contributors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:3120.61px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:3611.95px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:4376.15px;letter-spacing:-1.01px;white-space:nowrap">defense-related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:675.2px;left:5814.64px;white-space:nowrap">names </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:456.97px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:695.34px;letter-spacing:-0.36px;white-space:nowrap">Rheinmetall </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:1799.42px;letter-spacing:-0.27px;white-space:nowrap">AG* </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:2219.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:2601.54px;letter-spacing:-1.12px;white-space:nowrap">Rolls-Royce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:3650.3px;white-space:nowrap">Holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:4464.88px;white-space:nowrap">plc* </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:4880.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:5093.19px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:5667.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:955.2px;left:6012.4px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:389.4px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:740.46px;letter-spacing:-1.07px;white-space:nowrap">invested, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:1582px;white-space:nowrap">along </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:2116px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:2554.6px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:2707.89px;white-space:nowrap">lack </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:3100.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:3330.51px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:4187.52px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:4422.13px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:5186.33px;white-space:nowrap">engineering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:381.88px;letter-spacing:-0.2px;white-space:nowrap">technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:1410.77px;letter-spacing:-0.83px;white-space:nowrap">conglomerate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:2681.89px;white-space:nowrap">Siemens </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:3470.59px;letter-spacing:-0.21px;white-space:nowrap">AG*. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:3944.64px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:4162.38px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:4994.79px;letter-spacing:-0.59px;white-space:nowrap">overweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:845.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:1058.21px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:1822.41px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">athletic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:2529.03px;letter-spacing:-0.43px;white-space:nowrap">wear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:3018.45px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:3873.2px;letter-spacing:-0.43px;white-space:nowrap">Puma </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:4424.38px;white-space:nowrap">SE* </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:4790.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:5172.69px;white-space:nowrap">Irish </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:5599.9px;letter-spacing:-1.25px;white-space:nowrap">paper-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:575.67px;letter-spacing:-0.43px;white-space:nowrap">packaging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:1502.19px;letter-spacing:-0.62px;white-space:nowrap">manufacturer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:2759.88px;text-rendering:optimizeLegibility;white-space:nowrap">Smurfit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:3459.2px;letter-spacing:-1.67px;white-space:nowrap">Westrock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:4334.9px;white-space:nowrap">plc* </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:4750.63px;letter-spacing:-0.75px;white-space:nowrap">detracted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:5656.41px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">profit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:536.14px;letter-spacing:-0.3px;white-space:nowrap">warnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:1381.66px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:1641.62px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:2106.97px;letter-spacing:-0.2px;white-space:nowrap">companies. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:2750.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:2750.4px;left:713.93px;white-space:nowrap">Outlook</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:0px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:344.18px;letter-spacing:-0.46px;white-space:nowrap">expect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:980.33px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:1390.36px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:1910.5px;white-space:nowrap">deals </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:2420.43px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:2655.04px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:2927.78px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">negotiated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:3931px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:4373.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:4718.61px;letter-spacing:-0.31px;white-space:nowrap">coming </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3145.6px;left:5414.49px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:349.12px;letter-spacing:-0.95px;white-space:nowrap">moderate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:1262.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:1607.46px;letter-spacing:-0.6px;white-space:nowrap">eventual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:2419.03px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">tariff </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:2892.01px;letter-spacing:-0.46px;white-space:nowrap">burden </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:3580.26px;letter-spacing:-0.92px;white-space:nowrap">versus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:4189.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3425.6px;left:4534.38px;letter-spacing:-0.15px;white-space:nowrap">announcements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:230.21px;white-space:nowrap">early </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:713.6px;white-space:nowrap">April. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:1228.37px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:1607.46px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:2018.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:2248.23px;letter-spacing:-0.29px;white-space:nowrap">re-shoring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:3202.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:3547.61px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">production </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:4568.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:4798.43px;white-space:nowrap">drugs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:5394.62px;letter-spacing:-1.29px;white-space:nowrap">cars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3705.6px;left:5795.95px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:0px;letter-spacing:-0.57px;white-space:nowrap">semiconductors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:1450.2px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:1684.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:2029.84px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:2422.36px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:2771.48px;white-space:nowrap">soon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:3250.05px;letter-spacing:-0.31px;white-space:nowrap">become </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:4011.67px;white-space:nowrap">visible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:4611.94px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:4824.53px;letter-spacing:-0.21px;white-space:nowrap">quarterly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3985.6px;left:5682.51px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:0px;letter-spacing:-0.36px;white-space:nowrap">reports. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:747.12px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:1307.54px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:1490.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:1835.95px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">potential </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:2676.95px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:2977.63px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:3130.92px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:3757.08px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:3987.29px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:4569.83px;letter-spacing:-0.24px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4265.6px;left:5479.59px;text-rendering:optimizeLegibility;letter-spacing:-0.73px;white-space:nowrap">stagnation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4545.6px;left:0px;letter-spacing:-0.31px;white-space:nowrap">driven </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4545.6px;left:606.07px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4545.6px;left:866.04px;letter-spacing:-0.39px;white-space:nowrap">heightened </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4545.6px;left:1918.77px;letter-spacing:-1.74px;white-space:nowrap">uncertainty, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4545.6px;left:3014.47px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">less-efficient </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4545.6px;left:4174.84px;letter-spacing:-0.18px;white-space:nowrap">manufacturing, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4545.6px;left:5573.15px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:0px;letter-spacing:-0.81px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:495.64px;letter-spacing:-0.61px;white-space:nowrap">across </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:1098.93px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:1681.47px;white-space:nowrap">supply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:2304.74px;white-space:nowrap">chains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:2913.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:3295.7px;white-space:nowrap">rising </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:3820.89px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4825.6px;left:4213.41px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">inflation.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5440.8px;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:5440.8px;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:5440.8px;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:5440.8px;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:5440.8px;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:5440.8px;left:2643.87px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5440.8px;left:3091.96px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5440.8px;left:3406.45px;white-space:nowrap">2025</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5695.3px;left:0px;white-space:nowrap">(28.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5695.3px;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:5695.3px;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:5695.3px;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:5695.3px;left:4320.2px;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:5695.3px;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:5944.3px;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:5944.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5944.3px;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:5944.3px;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:5944.3px;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:5944.3px;left:4320.2px;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:5944.3px;left:4848.42px;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:5944.3px;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:6208.3px;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:6208.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6208.3px;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:6208.3px;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:6208.3px;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:6208.3px;left:4320.2px;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:6208.3px;left:6233.44px;white-space:nowrap">3.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6472.3px;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:6472.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6472.3px;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:6472.3px;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:6472.3px;left:4320.2px;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:6472.3px;left:6233.44px;white-space:nowrap">3.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6736.3px;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:6736.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6736.3px;left:720.2px;letter-spacing:-0.2px;white-space:nowrap">Fresenius </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6736.3px;left:1467.71px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6736.3px;left:1681.28px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6736.3px;left:1848.8px;white-space:nowrap">Co </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6736.3px;left:2081.54px;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:6736.3px;left:4320.2px;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:6736.3px;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:7000.3px;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:7000.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.3px;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:7000.3px;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:7000.3px;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:7000.3px;left:4320.2px;white-space:nowrap">Denmark</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.3px;left:6233.44px;white-space:nowrap">2.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7264.3px;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:7264.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7264.3px;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:7264.3px;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:7264.3px;left:4320.2px;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:7264.3px;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:7528.3px;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:7528.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7528.3px;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:7528.3px;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:7528.3px;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:7528.3px;left:4320.2px;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:7528.3px;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:7792.3px;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:7792.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7792.3px;left:720.2px;text-rendering:optimizeLegibility;letter-spacing:-0.35px;white-space:nowrap">Novartis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7792.3px;left:1388.26px;letter-spacing:-1.1px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7792.3px;left:4320.2px;letter-spacing:-0.52px;white-space:nowrap">Switzerland</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7792.3px;left:6233.44px;white-space:nowrap">2.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7792.3px;left:6372.75px;white-space:nowrap">4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7792.3px;left:6463.98px;white-space:nowrap">%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8056.3px;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:8056.3px;left:381.68px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8056.3px;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:8056.3px;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:8056.3px;left:4320.2px;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:8056.3px;left:4848.42px;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:8056.3px;left:6233.44px;white-space:nowrap">2.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8320.3px;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:8320.3px;left:427.29px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8320.3px;left:720.2px;white-space:nowrap">SSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8320.3px;left:1018.85px;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:8320.3px;left:4320.2px;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:8320.3px;left:4848.42px;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:8320.3px;left:6233.44px;white-space:nowrap">2.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:8876.09px;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:9092.09px;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:9092.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9385.09px;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:9601.09px;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:9601.09px;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:9601.09px;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:9601.09px;left:1589.77px;white-space:nowrap">11. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9601.09px;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:9601.09px;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:9601.09px;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:9601.09px;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:9601.09px;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:9601.09px;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:9601.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:9817.09px;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:10033.09px;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:10033.09px;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:10033.09px;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:10033.09px;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:10033.09px;left:2354.06px;letter-spacing:-0.44px;white-space:nowrap">dws.com.</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-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:153.57px;white-space:nowrap">7 </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:31.77px;left:0px;position:absolute;top:0px;transform:translate(0.000px,7620.999px) 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,7620.999px) 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:184px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">Our </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:383.82px;letter-spacing:-0.21px;white-space:nowrap">base-case </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1301.31px;white-space:nowrap">scenario </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2095.37px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2278.74px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2688.77px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3524.83px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3859.45px;letter-spacing:-1.07px;white-space:nowrap">likely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4350.05px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4584.66px;white-space:nowrap">look </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5009.4px;letter-spacing:-0.54px;white-space:nowrap">past </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5431.68px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5584.97px;letter-spacing:-0.27px;white-space:nowrap">quarter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:6297.39px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:0px;letter-spacing:-0.54px;white-space:nowrap">two </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:388.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:618.54px;letter-spacing:-1.38px;white-space:nowrap">weaker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:1306.14px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:2109.34px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:2347.71px;white-space:nowrap">long </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:2778.14px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:3016.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:3361.55px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">expectation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:4444.04px;letter-spacing:-0.4px;white-space:nowrap">remains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:5200.62px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:5610.64px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">tariffs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:280px;left:6165.48px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:272.74px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">negotiated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:1275.96px;letter-spacing:-0.21px;white-space:nowrap">down </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:1821.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:2203.54px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:2613.57px;letter-spacing:-0.21px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:3540.09px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:3932.61px;letter-spacing:-1.91px;white-space:nowrap">Treasury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:4731.83px;white-space:nowrap">yields </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:5283.76px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:5632.88px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:560px;left:5983.94px;letter-spacing:-0.64px;white-space:nowrap">move </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:0px;white-space:nowrap">sharply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:840px;left:688.36px;letter-spacing:-3.38px;white-space:nowrap">higher.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:0px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:898.69px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:1647.21px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">still </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:1995.58px;white-space:nowrap">appear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:2665.57px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">attractively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:3690.26px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:4322.98px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:4582.94px;letter-spacing:-0.63px;white-space:nowrap">historical </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1235.2px;left:5430.71px;letter-spacing:-0.91px;white-space:nowrap">standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:381.88px;text-rendering:optimizeLegibility;letter-spacing:-0.84px;white-space:nowrap">relative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:1085.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:1320px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:1855.61px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:2667.07px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:2884.81px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:3717.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:4062.27px;letter-spacing:-1.91px;white-space:nowrap">region&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1515.2px;left:4798.96px;letter-spacing:-0.54px;white-space:nowrap">improving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:0px;letter-spacing:-0.29px;white-space:nowrap">purchasing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:1013.42px;letter-spacing:-0.2px;white-space:nowrap">manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:1844.65px;white-space:nowrap">indices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:2507.44px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:2842.06px;letter-spacing:-1.07px;white-space:nowrap">likely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:3332.66px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:3567.27px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">attract </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:4196.22px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">inflows </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:4871.58px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1795.2px;left:5347.35px;letter-spacing:-0.84px;white-space:nowrap">overseas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:0px;letter-spacing:-1.37px;white-space:nowrap">investors. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:889.88px;letter-spacing:-0.64px;white-space:nowrap">More </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:1421.51px;letter-spacing:-2.39px;white-space:nowrap">broadly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:2171.86px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:2481.88px;letter-spacing:-0.46px;white-space:nowrap">expect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:3118.03px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:4016.72px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:4765.23px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:4999.84px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:5519.98px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2075.2px;left:5743.42px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">narrowing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:948.32px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:1750.87px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:1985.48px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:2378px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:3126.51px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:3364.88px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:3947.43px;letter-spacing:-1.5px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:4783.5px;white-space:nowrap">look </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:5208.24px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2355.2px;left:5508.92px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">alternatives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:234.61px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2635.2px;left:627.13px;letter-spacing:-0.13px;white-space:nowrap">assets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:3030.4px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:872.91px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:1056.28px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:2013.95px;letter-spacing:-0.61px;white-space:nowrap">across </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:2617.23px;letter-spacing:-0.63px;white-space:nowrap">structural </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:3515.6px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:4193.96px;text-rendering:optimizeLegibility;letter-spacing:-0.78px;white-space:nowrap">narratives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:5117.9px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:5795.3px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3030.4px;left:6018.74px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">multiples </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:862.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:1244.27px;text-rendering:optimizeLegibility;letter-spacing:-0.66px;white-space:nowrap">attractively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:2268.96px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:2901.68px;letter-spacing:-0.54px;white-space:nowrap">areas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:3424.93px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:3655.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:4000.18px;letter-spacing:-1.07px;white-space:nowrap">market, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:4726.56px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:5219.74px;letter-spacing:-0.4px;white-space:nowrap">notably </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3310.4px;left:5930.98px;letter-spacing:-0.36px;white-space:nowrap">banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:438.6px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:1143.61px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:1378.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:1723.26px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">latter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:2242.22px;letter-spacing:-2.15px;white-space:nowrap">category. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:3093.11px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:3656.75px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:4555.44px;letter-spacing:-0.36px;white-space:nowrap">banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:5117.26px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3590.4px;left:5584.43px;white-space:nowrap">seen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">sizable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:640.77px;letter-spacing:-0.36px;white-space:nowrap">outperformance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:2135.76px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:2517.65px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">valuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:3461.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:3674.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:4084.61px;letter-spacing:-0.31px;white-space:nowrap">sector </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:4682.41px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:5017.03px;letter-spacing:-0.36px;white-space:nowrap">somewhat </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3870.4px;left:5989.95px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:0px;letter-spacing:-0.2px;white-space:nowrap">compelling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:1016px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:1470.18px;letter-spacing:-1.79px;white-space:nowrap">previously, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:2456.09px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:2897.06px;letter-spacing:-0.46px;white-space:nowrap">remain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:3568.55px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:3945.71px;letter-spacing:-0.54px;white-space:nowrap">expensive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:4867.29px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:5321.46px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4150.4px;left:5790.9px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">peers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:538.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:919.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:1265px;letter-spacing:-0.72px;white-space:nowrap">macro </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:1872.15px;letter-spacing:-0.85px;white-space:nowrap">environment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:3054.22px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">still </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:3402.59px;letter-spacing:-2.15px;white-space:nowrap">favors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:3979.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:4324.05px;letter-spacing:-3.22px;white-space:nowrap">sector. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:4952.04px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:5331.13px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4430.4px;left:5824.95px;letter-spacing:-0.4px;white-space:nowrap">remains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:0px;letter-spacing:-0.59px;white-space:nowrap">overweight </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:1040.06px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">communication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:2462.11px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:3216.32px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:3454.69px;letter-spacing:-0.72px;white-space:nowrap">we </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:3764.71px;letter-spacing:-0.46px;white-space:nowrap">expect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:4400.86px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">consolidation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4710.4px;left:5631.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:0px;white-space:nowrap">declining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:843.69px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:1472.43px;letter-spacing:-0.5px;white-space:nowrap">expenditures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:2672.87px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:2907.48px;white-space:nowrap">support </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:3648.05px;white-space:nowrap">earnings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:4451.24px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:5129.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:5511.49px;letter-spacing:-0.64px;white-space:nowrap">free </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4990.4px;left:5917.01px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">flow </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:430.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:643.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:988.28px;letter-spacing:-3.22px;white-space:nowrap">sector. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:1616.27px;letter-spacing:-2.69px;white-space:nowrap">We </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:1960.45px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:2427.63px;letter-spacing:-0.4px;white-space:nowrap">reduced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:3203.86px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:4060.87px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:4295.48px;letter-spacing:-0.24px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5270.4px;left:5223.6px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">discretionary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:238.37px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">tariffs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:793.2px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:1213.22px;letter-spacing:-0.36px;white-space:nowrap">weigh </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:1789.22px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:2067.98px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:2650.53px;letter-spacing:-0.77px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:3328.9px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:3710.78px;white-space:nowrap">lead </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:4135.63px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:4370.24px;white-space:nowrap">higher </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:4984.8px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">inflation, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:5813.24px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5550.4px;left:6251.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">negative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:795.46px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:1451.48px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:1730.24px;letter-spacing:-0.24px;white-space:nowrap">consumer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5830.4px;left:2658.37px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">confidence.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:0px;letter-spacing:-2.48px;white-space:nowrap">Lastly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:582.33px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:861.09px;letter-spacing:-1.07px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:1292.93px;white-space:nowrap">9, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:1507.99px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:2057.56px;letter-spacing:-5.91px;white-space:nowrap">Mr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:2399.16px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">Christian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:3224.7px;white-space:nowrap">M. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:3514.09px;letter-spacing:-0.27px;white-space:nowrap">Z&#252;gel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:4038.85px;text-rendering:optimizeLegibility;letter-spacing:-0.94px;white-space:nowrap">retired </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:4683.59px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:5159.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6225.6px;left:5504.4px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Board. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:626.48px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:1005.58px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:1578.24px;letter-spacing:-0.31px;white-space:nowrap">thanks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:2212.35px;letter-spacing:-5.91px;white-space:nowrap">Mr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:2553.96px;letter-spacing:-0.27px;white-space:nowrap">Z&#252;gel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:3078.71px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:3379.38px;white-space:nowrap">his </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:3677.05px;letter-spacing:-1.02px;white-space:nowrap">excellent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:4512.04px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:5181.17px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:5481.85px;letter-spacing:-0.86px;white-space:nowrap">many </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6505.6px;left:6016.16px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:579.65px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7180.8px;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:8998.9px;left:0px;white-space:nowrap">Juan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8998.9px;left:368.7px;letter-spacing:-0.35px;white-space:nowrap">Barriobero</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9214.9px;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:9214.9px;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:8998.9px;left:2198.4px;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:8998.9px;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:9214.9px;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:9214.9px;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:9214.9px;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:9430.9px;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:9430.9px;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:9430.9px;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:9430.9px;left:3644.11px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</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">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: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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;font-weight:300;position:absolute;top:684px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;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:167px;font-weight:300;position:absolute;top:1140px;left:0px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:167px;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:167px;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:167px;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:167px;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:2504.5px;left:270px;letter-spacing:-0.91px;white-space:nowrap">Percentages </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:1084.77px;white-space:nowrap">in </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:1239.38px;letter-spacing:-0.33px;white-space:nowrap">parentheses </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:2065px;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:2504.5px;left:2308.36px;white-space:nowrap">based </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:2727.03px;white-space:nowrap">on </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:2929.77px;white-space:nowrap">the </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:3180.7px;white-space:nowrap">Fund&#39;s </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:3635.94px;letter-spacing:-0.2px;white-space:nowrap">net </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:3886.09px;letter-spacing:-0.11px;white-space:nowrap">assets </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:4314.06px;white-space:nowrap">as </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:4487.42px;white-space:nowrap">of </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:4654.84px;white-space:nowrap">June </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:4986.33px;white-space:nowrap">30, </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:5223.83px;white-space:nowrap">2025</div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2504.5px;left:5548.2px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2806.5px;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:2806.5px;left:270px;white-space:nowrap">Not </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2806.5px;left:544.3px;white-space:nowrap">held </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2806.5px;left:861.09px;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:2806.5px;left:1023.59px;white-space:nowrap">June </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2806.5px;left:1355.08px;white-space:nowrap">30, </div><div style="color:#231f20;font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:2806.5px;left:1592.58px;white-space:nowrap">2025.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:581.8px;text-rendering:optimizeLegibility;letter-spacing:-0.55px;white-space:nowrap">Information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:1720.47px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:1837.56px;letter-spacing:-0.16px;white-space:nowrap">Announcement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:3295.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:3533.54px;text-rendering:optimizeLegibility;letter-spacing:-0.69px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:4373.79px;letter-spacing:-0.3px;white-space:nowrap">Manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:3436.7px;left:5241.97px;letter-spacing:-0.39px;white-space:nowrap">Change</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:0px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:258.78px;letter-spacing:-0.39px;white-space:nowrap">previously </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:1208.07px;white-space:nowrap">announced, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:2303.66px;letter-spacing:-0.32px;white-space:nowrap">Hansjoerg </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:3242.31px;letter-spacing:-0.97px;white-space:nowrap">Pack </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:3693.06px;letter-spacing:-0.31px;white-space:nowrap">became </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:4443.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:4788.54px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3831.9px;left:5407.29px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:0px;letter-spacing:-0.2px;white-space:nowrap">manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:831.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:1109.99px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:1488.33px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:1703.39px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:2252.96px;letter-spacing:-0.32px;white-space:nowrap">replacing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:3109.97px;white-space:nowrap">Juan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:3560.61px;letter-spacing:-0.72px;white-space:nowrap">Barriobero, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:4605.39px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:5037.87px;letter-spacing:-0.31px;white-space:nowrap">became </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4111.9px;left:5788.32px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:0px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:618.75px;white-space:nowrap">deputy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:1289.38px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:2097.41px;letter-spacing:-0.2px;white-space:nowrap">manager </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:2928.64px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:3152.08px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:3562.11px;text-rendering:optimizeLegibility;white-space:nowrap">time, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:4067.53px;letter-spacing:-0.32px;white-space:nowrap">replacing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:4924.54px;letter-spacing:-0.72px;white-space:nowrap">Frank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4391.9px;left:5461.87px;letter-spacing:-0.6px;white-space:nowrap">Kuemmet. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:0px;letter-spacing:-5.91px;white-space:nowrap">Mr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:341.6px;letter-spacing:-0.97px;white-space:nowrap">Pack </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:792.34px;white-space:nowrap">joined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:1393.26px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:1867.74px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:2080.33px;white-space:nowrap">1997 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:2576.08px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:2957.97px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:3310.63px;letter-spacing:-0.64px;white-space:nowrap">extensive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:4189.13px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4671.9px;left:4997.16px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:0px;letter-spacing:-0.27px;white-space:nowrap">experience, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:1073.79px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:1923.07px;text-rendering:optimizeLegibility;white-space:nowrap">multiple </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:2700.37px;white-space:nowrap">global </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:3282.92px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:3887.81px;letter-spacing:-1.03px;white-space:nowrap">strategies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:4789.51px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4951.9px;left:5228.12px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:0px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:857.01px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:1091.62px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:1990.31px;letter-spacing:-0.95px;white-space:nowrap">markets. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:2851.51px;white-space:nowrap">He </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:3146.17px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:3547.82px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:3900.49px;letter-spacing:-0.29px;white-space:nowrap">experience </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:4920.46px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:5133.05px;white-space:nowrap">managing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5231.9px;left:6047.31px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:438.6px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:1380.91px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">allocations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:2372.09px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:2606.7px;white-space:nowrap">German </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:3370.9px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:3880.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:4262.29px;letter-spacing:-0.27px;white-space:nowrap">mid-cap </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:5025.52px;white-space:nowrap">equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5511.9px;left:5630.41px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:0px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:849.28px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:1323.76px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">Aktien </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:1935.53px;letter-spacing:-0.86px;white-space:nowrap">Strategie </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:2769.34px;white-space:nowrap">Deutschland </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:3921.54px;white-space:nowrap">(with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:4425.89px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:5125.1px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:5469.06px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5791.9px;left:6057.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:0px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:442.58px;white-space:nowrap">EUR </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:856.8px;white-space:nowrap">2 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:1018.04px;white-space:nowrap">billion) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:1671.05px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:2146.83px;white-space:nowrap">2016 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:2642.58px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:2877.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:3222.23px;letter-spacing:-0.6px;white-space:nowrap">present. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:3999.64px;letter-spacing:-5.91px;white-space:nowrap">Mr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:4341.24px;letter-spacing:-0.97px;white-space:nowrap">Pack </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:4791.98px;letter-spacing:-0.6px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:5591.52px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:5744.81px;letter-spacing:-0.72px;white-space:nowrap">BA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6071.9px;left:6034.1px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:0px;white-space:nowrap">Business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:808.56px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:2157.78px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:2633.55px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">Sheffield </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:3449.32px;white-space:nowrap">Hallam </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:4113.51px;letter-spacing:-0.54px;white-space:nowrap">University; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:5101.57px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6351.9px;left:5254.86px;letter-spacing:-0.54px;white-space:nowrap">Master&#39;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Degree </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:685.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:897.72px;letter-spacing:-0.54px;white-space:nowrap">Economics </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:1888.15px;letter-spacing:-0.56px;white-space:nowrap">(&quot;Diplom-Volkswirt&quot;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:3743.65px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:4219.42px;letter-spacing:-0.59px;white-space:nowrap">University </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:5149.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6631.9px;left:5379.9px;letter-spacing:-0.36px;white-space:nowrap">Duisburg-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:0px;white-space:nowrap">Essen; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:608.22px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:990.11px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:1173.48px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:1326.77px;letter-spacing:-2.47px;white-space:nowrap">CEFA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:1774.82px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:1891.91px;text-rendering:optimizeLegibility;white-space:nowrap">Certified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:2699.62px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:3598.31px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6911.9px;left:4424.17px;letter-spacing:-0.67px;white-space:nowrap">Analyst.</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: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(212.759px,29.470px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:145.80px">
			<div style="width:2916px;height:265.82px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:630.3px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1078.4px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1392.88px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1866.1px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div></div>
		</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:153.57px;white-space:nowrap">9 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:503.67px;left:0px;position:absolute;top:0px;transform:translate(28.800px,53.853px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:330.00px">
			<div style="width:6595.2px;height:9978.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.75px) rotate(0deg) scale(0.05)">

























												<div style="height:227.79px;left:0px;position:absolute;top:0px;transform:translate(0.000px,4187.200px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:330.00px">					<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
				</div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:3863.5px;left:0px;letter-spacing:-0.37px;white-space:nowrap">Growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:775.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:1024.33px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:1313.29px;white-space:nowrap">Assumed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:2237.9px;white-space:nowrap">$10,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:3863.5px;left:3048.62px;letter-spacing:-0.92px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8823.9px;left:2245.33px;letter-spacing:-1.7px;white-space:nowrap">Yearly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8823.9px;left:2713.43px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8823.9px;left:3295.36px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8823.9px;left:3794.49px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8823.9px;left:4167.41px;white-space:nowrap">30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:186px;font-weight:300;position:absolute;top:9144.9px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:186px;font-weight:300;position:absolute;top:9144.9px;left:344.63px;letter-spacing:-0.7px;white-space:nowrap">growth </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:186px;font-weight:300;position:absolute;top:9144.9px;left:961.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:186px;font-weight:300;position:absolute;top:9144.9px;left:1170.61px;white-space:nowrap">$10,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:186px;font-weight:300;position:absolute;top:9144.9px;left:1872.95px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:186px;font-weight:300;position:absolute;top:9144.9px;left:2039.65px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">cumulative.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:0px;letter-spacing:-1.74px;white-space:nowrap">Average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:749.46px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:1417.5px;letter-spacing:-3.37px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2038.5px;left:1889.69px;letter-spacing:-0.56px;white-space:nowrap">Returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2061px;left:2613.21px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2061px;left:2808.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2061px;left:2996.59px;white-space:nowrap">6/30/25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2437px;left:3217.89px;letter-spacing:-0.24px;white-space:nowrap">6-Month</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:bold;position:absolute;top:2433.36px;left:3872.24px;white-space:nowrap">&#8225;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2437px;left:4204.49px;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:2437px;left:5096.77px;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:2437px;left:5868.54px;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:2701px;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:2701px;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:2701px;left:756.21px;letter-spacing:-1.99px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:bold;position:absolute;top:2697.36px;left:1172.99px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2701px;left:3299.09px;white-space:nowrap">21.59%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2701px;left:4163.09px;white-space:nowrap">14.25%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2701px;left:5013.98px;white-space:nowrap">10.52%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2701px;left:5968.21px;white-space:nowrap">6.91%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2965px;left:0px;letter-spacing:-0.88px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2965px;left:584.12px;white-space:nowrap">Price</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:bold;position:absolute;top:2961.35px;left:954.05px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2965px;left:3299.09px;white-space:nowrap">26.05%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2965px;left:4163.09px;white-space:nowrap">16.11%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2965px;left:5013.98px;white-space:nowrap">10.81%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2965px;left:5968.21px;white-space:nowrap">6.15%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:0px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:414.49px;letter-spacing:-0.5px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:971.54px;letter-spacing:-0.53px;white-space:nowrap">Index</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:3225.36px;left:1364.15px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:3229px;left:3301.68px;white-space:nowrap">23.05%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:4167.09px;white-space:nowrap">18.38%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:5021.98px;white-space:nowrap">12.38%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3229px;left:5976.21px;white-space:nowrap">6.78%</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">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:529.73px;left:0px;position:absolute;top:0px;transform:translate(28.800px,27.799px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10554.56px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">



























							<div style="font-family:Arial, Helvetica, sans-serif;font-size:128.3px;font-weight:300;position:absolute;top:35.55px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:360.2px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:746.48px;letter-spacing:-0.5px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1242.89px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1713.89px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1941.97px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2223.39px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2635.25px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3059.41px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">reflects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:3633.86px;letter-spacing:-0.16px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4264.48px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4438.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:4720.72px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5226.97px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5508.39px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:5920.25px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:360.2px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:867.59px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1252.03px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:1808.37px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2194.65px;letter-spacing:-0.5px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:2691.06px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:3162.07px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:3390.14px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:3940.42px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:4364.58px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">reflects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:4939.04px;letter-spacing:-0.16px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:5569.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:256px;left:5743.59px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:360.2px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:784.36px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:1291.75px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:1676.19px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:2232.53px;letter-spacing:-0.7px;white-space:nowrap">Each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:2612.49px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">figure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:3072.33px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:3708.13px;letter-spacing:-0.82px;white-space:nowrap">reinvestments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:4772.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:4960.48px;letter-spacing:-0.25px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:5534.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:472px;left:5846.86px;letter-spacing:-0.55px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:360.2px;letter-spacing:-0.7px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:699.72px;text-rendering:optimizeLegibility;letter-spacing:-0.15px;white-space:nowrap">distributions, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:1687.52px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:1821.73px;letter-spacing:-3.52px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:2146.49px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:2329.3px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:2879.58px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:3350.68px;letter-spacing:-0.59px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:4035.7px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:4227.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:4509.96px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:5172.3px;letter-spacing:-0.88px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:688px;left:6166.69px;white-space:nowrap">plan. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:360.2px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:746.48px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:1312.49px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:1783.5px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:2011.58px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:2293px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:2704.86px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:3129.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:3441.47px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:3991.75px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:4393.24px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:4678.88px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">differ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:5101.81px;white-space:nowrap">depending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:904px;left:5912.08px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:360.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:642.5px;letter-spacing:-0.44px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:1017.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:1205.44px;letter-spacing:-0.88px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:1500.23px;letter-spacing:-0.39px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:2156.86px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:2546.13px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:2742.74px;letter-spacing:-0.33px;white-space:nowrap">premium </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:3443.32px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:3635.27px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:3916.69px;letter-spacing:-0.15px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:4328.55px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:4752.71px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:4935.52px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:5405.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1120px;left:5687.6px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:360.2px;letter-spacing:-0.38px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:866.71px;letter-spacing:-0.59px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:1292.28px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:1799.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:2081.98px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:2638.33px;white-space:nowrap">Expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:3346.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:3534.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:3817.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:4221.15px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:4787.34px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:5633.37px;letter-spacing:0.1px;white-space:nowrap">advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1336px;left:6277px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:360.2px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:1447.41px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:1784.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:2096.57px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:2534.79px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:2909.82px;letter-spacing:-0.26px;white-space:nowrap">expenses. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:3660.32px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:4046.6px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:4612.61px;letter-spacing:-0.15px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:5128.71px;letter-spacing:-1.76px;white-space:nowrap">take </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:5472.8px;letter-spacing:-0.7px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1552px;left:5796.24px;letter-spacing:-0.44px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:360.2px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:801.06px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:1137.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:1450.22px;letter-spacing:-0.26px;white-space:nowrap">expenses. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:2200.72px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:2510.88px;letter-spacing:-0.4px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:3329.94px;letter-spacing:-0.33px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:3966.79px;text-rendering:optimizeLegibility;letter-spacing:-0.88px;white-space:nowrap">ratio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:4340.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:4528.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:4810.98px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5215.01px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5461.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5743.33px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768px;left:5968.68px;letter-spacing:-0.25px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:360.2px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:859.33px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1232.25px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1499.44px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:1905.05px;letter-spacing:-0.55px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984px;left:2223.66px;white-space:nowrap">1.46%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:128.3px;font-weight:300;position:absolute;top:2226.54px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:360.2px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:670.37px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:1084.86px;letter-spacing:-0.5px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:1641.91px;letter-spacing:-0.44px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:2075.21px;letter-spacing:-0.75px;white-space:nowrap">tracks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:2542.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:2824.39px;letter-spacing:-0.37px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:3801.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:3989.38px;white-space:nowrap">15 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:4212.53px;letter-spacing:-0.26px;white-space:nowrap">developed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:5010.76px;letter-spacing:-0.88px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:5630.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2231px;left:5804.58px;letter-spacing:-0.44px;white-space:nowrap">Europe. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:360.2px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:774.69px;white-space:nowrap">indices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:1316.98px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:1590.76px;letter-spacing:-0.48px;white-space:nowrap">calculated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:2363.32px;white-space:nowrap">using </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:2784.75px;white-space:nowrap">closing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:3322.82px;letter-spacing:-0.29px;white-space:nowrap">local </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:3696.35px;letter-spacing:-1px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:4246.64px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:4717.73px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:5030.18px;letter-spacing:-0.7px;white-space:nowrap">translate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:5705.44px;letter-spacing:-0.7px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2447px;left:6028.88px;letter-spacing:-0.7px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:360.2px;letter-spacing:-0.44px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:880.6px;white-space:nowrap">using </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:1302.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:1584.34px;white-space:nowrap">London </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:2168.73px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:2578.12px;letter-spacing:-0.88px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:3128.05px;letter-spacing:-0.88px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2663px;left:3846.73px;letter-spacing:-1.17px;white-space:nowrap">rates.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:360.2px;letter-spacing:-0.44px;white-space:nowrap">Index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:793.5px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:1359.52px;white-space:nowrap">do </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:1587.59px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:1874.82px;text-rendering:optimizeLegibility;letter-spacing:-0.55px;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:2379.66px;letter-spacing:-0.88px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:2674.45px;letter-spacing:-1.05px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:3011.16px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:3207.77px;letter-spacing:-0.29px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:3914.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4226.68px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4366.25px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4516.28px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:4803.51px;white-space:nowrap">possible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:5432.72px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2879px;left:5624.67px;letter-spacing:-1px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:360.2px;letter-spacing:-0.29px;white-space:nowrap">directly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:937.29px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:1111.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:1393.53px;white-space:nowrap">MSCI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:1808.02px;letter-spacing:-0.5px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3095px;left:2365.07px;letter-spacing:-0.44px;white-space:nowrap">Index.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:128.3px;font-weight:300;position:absolute;top:3337.54px;left:0px;white-space:nowrap">&#8225;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:360.2px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:746.48px;letter-spacing:-0.44px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:1312.49px;letter-spacing:-0.15px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:1828.59px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:2074.59px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:2656.52px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:2965.1px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:3336.7px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:3653.73px;letter-spacing:-0.44px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:4007.31px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:4281.09px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3372px;left:4568.32px;letter-spacing:-0.4px;white-space:nowrap">annualized.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:0px;letter-spacing:-0.36px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:362.89px;letter-spacing:-0.24px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:882.25px;letter-spacing:-1.93px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:1415.96px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:1792.49px;letter-spacing:-1.03px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4411px;left:2473.96px;white-space:nowrap">Price</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4824.5px;left:3921.79px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4824.5px;left:4143.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4824.5px;left:4337.77px;white-space:nowrap">6/30/25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4824.5px;left:5316.17px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4824.5px;left:5537.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4824.5px;left:5732.16px;white-space:nowrap">12/31/24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:302.78px;letter-spacing:-0.15px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:731.34px;letter-spacing:-2.02px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5072.77px;left:4095.72px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5088.5px;left:4365.72px;white-space:nowrap">12.05</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5072.77px;left:5581.34px;white-space:nowrap">$&#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">9.94</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:0px;letter-spacing:-1px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:559.95px;letter-spacing:-0.35px;white-space:nowrap">Price</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5336.77px;left:4095.72px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:4365.72px;white-space:nowrap">10.23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:5336.77px;left:5581.34px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5352.5px;left:5851.34px;white-space:nowrap">8.14</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:467.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:779.68px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:1082.46px;letter-spacing:-0.15px;white-space:nowrap">Asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:1511.02px;letter-spacing:-1.68px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:1948.27px;text-rendering:optimizeLegibility;letter-spacing:-0.35px;white-space:nowrap">fluctuate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:2633.91px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:2946.36px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:3220.14px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5769.5px;left:3507.36px;letter-spacing:-0.64px;white-space:nowrap">guaranteed.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6685.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">Distribution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6685.5px;left:1085.79px;text-rendering:optimizeLegibility;letter-spacing:-0.57px;white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.25px;left:5519.55px;letter-spacing:-0.73px;white-space:nowrap">Per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6705.25px;left:5807.74px;letter-spacing:-0.4px;white-space:nowrap">Share</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:0px;white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:237.22px;letter-spacing:-0.25px;white-space:nowrap">Months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:837.86px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:1032.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6957px;left:1221.24px;white-space:nowrap">6/30/25:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7221px;left:180px;letter-spacing:-0.25px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7221px;left:758.14px;text-rendering:optimizeLegibility;letter-spacing:-0.18px;white-space:nowrap">Distribution</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;position:absolute;top:7205.27px;left:5581.34px;white-space:nowrap">$&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7221px;left:5851.34px;white-space:nowrap">0.03</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:959.5px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:1233.28px;letter-spacing:-0.48px;white-space:nowrap">historical, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:1970.95px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:2258.17px;letter-spacing:-0.64px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:3125.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:3437.75px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:3723.4px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">fluctuate. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:4453.07px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:5412.57px;white-space:nowrap">do </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:5640.64px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7638px;left:5927.87px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:0px;letter-spacing:-0.5px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:496.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:684.76px;letter-spacing:-0.55px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:1199.18px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:1395.79px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:1834.01px;letter-spacing:-0.16px;white-space:nowrap">non-income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7854px;left:2743.95px;letter-spacing:-0.33px;white-space:nowrap">sources.</div></div>
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</div></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:174.90px">
			<div style="width:3498.05px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

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

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:349.72px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:584.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:811.45px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1259.55px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:1574.04px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:2047.25px;letter-spacing:-0.21px;white-space:nowrap">(Unaudited) </div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

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

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:0px;left:62.34px;white-space:nowrap">11 </div></div>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:487.24px;left:0px;position:absolute;top:0px;transform:translate(28.800px,55.131px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9675.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.47px) rotate(0deg) scale(0.05)">







































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size: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">97.4%</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">23.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:854px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Aerospace </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:854px;left:822.13px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:854px;left:989.65px;letter-spacing:-0.56px;white-space:nowrap">Defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:854px;left:1636.52px;white-space:nowrap">1.7% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:0px;white-space:nowrap">MTU </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:394.19px;letter-spacing:-0.7px;white-space:nowrap">Aero </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:777.66px;white-space:nowrap">Engines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:1376.02px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1069px;left:5106.24px;white-space:nowrap">3,124</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">1,382,703</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">Diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:837.25px;text-rendering:optimizeLegibility;letter-spacing:-1.06px;white-space:nowrap">Telecommunication </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:2338.59px;letter-spacing:0.18px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1344px;left:2987.67px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:720.18px;letter-spacing:-2.86px;white-space:nowrap">Telekom </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:1358.26px;letter-spacing:-0.29px;white-space:nowrap">AG </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:1612.44px;letter-spacing:-0.84px;white-space:nowrap">(Registered)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1559px;left:5015.01px;white-space:nowrap">22,175</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1559px;left:6001.41px;white-space:nowrap">805,844</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1834px;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:1834px;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:1834px;left:1570.78px;white-space:nowrap">1.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:0px;white-space:nowrap">Siemens </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:645.29px;letter-spacing:-0.38px;white-space:nowrap">Energy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2049px;left:1179.58px;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:2049px;left:5015.01px;white-space:nowrap">13,035</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2049px;left:5863.77px;white-space:nowrap">1,499,854</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2324px;left:0px;white-space:nowrap">Health </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2324px;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:2324px;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:2324px;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:2324px;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:2324px;left:2475.62px;white-space:nowrap">2.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2539px;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:2539px;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:2539px;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:2539px;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:2539px;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:2539px;left:5015.01px;white-space:nowrap">46,685</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">2,338,018</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2814px;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:2814px;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:2814px;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:2814px;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:2814px;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:2814px;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:2814px;left:4118.64px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3029px;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:3029px;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:3029px;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:3029px;left:6001.41px;white-space:nowrap">776,677</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3304px;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:3304px;left:765.09px;white-space:nowrap">2.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3519px;left:0px;white-space:nowrap">Allianz </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3519px;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:3519px;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:3519px;left:5106.24px;white-space:nowrap">5,157</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3519px;left:5863.77px;white-space:nowrap">2,082,226</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3794px;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:3794px;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:3794px;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:3794px;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:3794px;left:2173.01px;white-space:nowrap">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4009px;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:4009px;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:4009px;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:4009px;left:5015.01px;white-space:nowrap">11,365</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4009px;left:5863.77px;white-space:nowrap">1,561,610</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4284px;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:4284px;left:840.23px;white-space:nowrap">2.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4499px;left:0px;white-space:nowrap">Daimler </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4499px;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:4499px;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:4499px;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:4499px;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:4499px;left:6003.78px;white-space:nowrap">822,231</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4714px;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:4714px;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:4714px;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:4714px;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:4714px;left:6003.78px;white-space:nowrap">900,868</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4978px;left:5863.77px;white-space:nowrap">1,723,099</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5225px;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:5225px;left:1078.42px;white-space:nowrap">2.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5440px;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:5440px;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:5440px;left:4923.78px;white-space:nowrap">101,509</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5440px;left:5863.77px;white-space:nowrap">1,861,104</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5715px;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:5715px;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:5715px;left:1396.05px;white-space:nowrap">1.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5930px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5930px;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:5930px;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:5930px;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:5930px;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:5930px;left:6001.41px;white-space:nowrap">874,879</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6205px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6205px;left:1234.34px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6205px;left:1401.86px;letter-spacing:-0.19px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6205px;left:2566.58px;letter-spacing:-0.43px;white-space:nowrap">Equipment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6205px;left:3420.79px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.1px;white-space:nowrap">Infineon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:640.02px;letter-spacing:-1.25px;white-space:nowrap">Technologies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:1614.11px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6420px;left:5015.01px;white-space:nowrap">24,189</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">1,025,066</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:-0.44px;white-space:nowrap">Software </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6695px;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:6910px;left:0px;letter-spacing:-0.22px;white-space:nowrap">SAP </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6910px;left:314.12px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6910px;left:5106.24px;white-space:nowrap">6,979</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6910px;left:5863.77px;white-space:nowrap">2,114,031</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7185px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-1.84px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7185px;left:643.18px;letter-spacing:-0.25px;white-space:nowrap">Apparel </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7185px;left:1271.78px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7185px;left:1439.3px;letter-spacing:-0.14px;white-space:nowrap">Luxury </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7185px;left:1980.26px;white-space:nowrap">Goods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7185px;left:2497.59px;white-space:nowrap">0.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7400px;left:0px;white-space:nowrap">adidas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7400px;left:506.51px;letter-spacing:-0.44px;white-space:nowrap">AG</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7400px;left:5106.24px;white-space:nowrap">3,261</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7400px;left:6001.41px;white-space:nowrap">757,447</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7707px;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:7707px;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:7707px;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:7707px;left:1539.84px;white-space:nowrap">$13,160,997)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7707px;left:5772.54px;white-space:nowrap">18,802,558</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8169px;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:8169px;left:623.85px;white-space:nowrap">20.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8438.5px;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:8438.5px;left:483.75px;white-space:nowrap">2.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.5px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Societe</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.5px;left:566.72px;letter-spacing:-0.44px;white-space:nowrap">Generale</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8653.5px;left:1263.69px;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:8653.5px;left:5015.01px;white-space:nowrap">32,674</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8653.5px;left:5863.77px;white-space:nowrap">1,861,391</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8928.5px;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:8928.5px;left:792.95px;white-space:nowrap">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9143.5px;left:0px;white-space:nowrap">Air </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9143.5px;left:243.9px;white-space:nowrap">Liquide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9143.5px;left:808.95px;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:9143.5px;left:5106.24px;white-space:nowrap">7,319</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9143.5px;left:5863.77px;white-space:nowrap">1,504,122</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: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>
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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:300px;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:300px;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:300px;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:300px;left:2086.26px;white-space:nowrap">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;left:0px;white-space:nowrap">Vinci </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;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:515px;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:515px;left:5863.77px;white-space:nowrap">1,554,677</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:790px;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:790px;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:790px;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:790px;left:2987.67px;white-space:nowrap">1.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1005px;left:0px;letter-spacing:-0.69px;white-space:nowrap">Orange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1005px;left:567.25px;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:5015.01px;white-space:nowrap">95,991</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">1,454,692</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1280px;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:1280px;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:1280px;left:1570.78px;white-space:nowrap">2.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1495px;left:0px;white-space:nowrap">Schneider </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1495px;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:1495px;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:1495px;left:5106.24px;white-space:nowrap">6,013</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1495px;left:5863.77px;white-space:nowrap">1,593,167</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1770px;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:1770px;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:1770px;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:1770px;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:1770px;left:2228.29px;white-space:nowrap">0.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1985px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Accor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1985px;left:449.38px;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:1985px;left:5015.01px;white-space:nowrap">14,679</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1985px;left:6001.41px;white-space:nowrap">763,555</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2260px;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:2260px;left:765.09px;white-space:nowrap">4.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2475px;left:0px;white-space:nowrap">AXA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2475px;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:2475px;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:2475px;left:5868.52px;white-space:nowrap">2,641,046</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2690px;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:2690px;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:2690px;left:5015.01px;white-space:nowrap">40,074</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2690px;left:5868.52px;white-space:nowrap">1,317,580</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2954px;left:5863.77px;white-space:nowrap">3,958,626</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3201px;left:0px;white-space:nowrap">Oil, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3201px;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:3201px;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:3201px;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:3201px;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:3201px;left:2171.78px;white-space:nowrap">1.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3416px;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:3416px;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:3416px;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:3416px;left:5863.77px;white-space:nowrap">1,214,675</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3691px;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:3691px;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:3691px;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:3691px;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:3906px;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:3906px;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:3906px;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:3906px;left:5863.77px;white-space:nowrap">1,373,622</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4181px;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:4181px;left:1268.26px;white-space:nowrap">0.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4396px;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:4396px;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:4396px;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:4396px;left:6001.41px;white-space:nowrap">718,859</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4671px;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:4671px;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:4671px;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:4671px;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:4671px;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:4671px;left:2497.59px;white-space:nowrap">0.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4886px;left:0px;white-space:nowrap">Hermes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4886px;left:604.07px;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:4886px;left:1574.65px;white-space:nowrap">SCA</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4886px;left:5241.51px;white-space:nowrap">280</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4886px;left:6001.41px;white-space:nowrap">755,341</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5193px;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:5193px;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:5193px;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:5193px;left:1350.7px;white-space:nowrap">$13,887,532)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5193px;left:5772.54px;white-space:nowrap">16,752,727</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5655px;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:5655px;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:5655px;left:1457.7px;white-space:nowrap">17.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5924.5px;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:5924.5px;left:483.75px;white-space:nowrap">3.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6139.5px;left:0px;white-space:nowrap">HSBC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6139.5px;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:6139.5px;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:6139.5px;left:4923.78px;white-space:nowrap">232,688</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6139.5px;left:5863.77px;white-space:nowrap">2,811,230</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6414.5px;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:6414.5px;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:6414.5px;left:1215.26px;white-space:nowrap">1.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6629.5px;left:0px;white-space:nowrap">London </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6629.5px;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:6629.5px;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:6629.5px;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:6629.5px;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:6629.5px;left:5106.24px;white-space:nowrap">8,144</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6629.5px;left:5863.77px;white-space:nowrap">1,186,663</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6904.5px;left:0px;white-space:nowrap">Electric </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6904.5px;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:6904.5px;left:1204.37px;white-space:nowrap">2.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7119.5px;left:0px;white-space:nowrap">SSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7119.5px;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:7119.5px;left:5015.01px;white-space:nowrap">75,132</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7119.5px;left:5863.77px;white-space:nowrap">1,884,801</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7394.5px;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:7394.5px;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:7394.5px;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:7394.5px;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:7394.5px;left:2228.29px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7609.5px;left:0px;white-space:nowrap">Compass </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7609.5px;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:7609.5px;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:7609.5px;left:5015.01px;white-space:nowrap">37,562</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7609.5px;left:5863.77px;white-space:nowrap">1,269,610</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7884.5px;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:7884.5px;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:7884.5px;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:7884.5px;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:7884.5px;left:2173.01px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8099.5px;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:8099.5px;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:8099.5px;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:8099.5px;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:8099.5px;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:8099.5px;left:5015.01px;white-space:nowrap">88,147</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8099.5px;left:6001.41px;white-space:nowrap">995,630</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8374.5px;left:0px;white-space:nowrap">Media </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8374.5px;left:518.29px;white-space:nowrap">1.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8589.5px;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:8589.5px;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:8589.5px;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:8589.5px;left:6001.41px;white-space:nowrap">922,624</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8864.5px;left:0px;white-space:nowrap">Oil, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8864.5px;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:8864.5px;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:8864.5px;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:8864.5px;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:8864.5px;left:2171.78px;white-space:nowrap">2.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9079.5px;left:0px;white-space:nowrap">Shell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9079.5px;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:9079.5px;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:9079.5px;left:5863.77px;white-space:nowrap">1,906,045</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9354.5px;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:9354.5px;left:1268.26px;white-space:nowrap">2.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9569.5px;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:9569.5px;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:9569.5px;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:9569.5px;left:5863.77px;white-space:nowrap">1,758,550</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">13 </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;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:300px;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:300px;left:1602.77px;white-space:nowrap">2.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;left:0px;white-space:nowrap">RELX </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:515px;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:515px;left:5015.01px;white-space:nowrap">30,100</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">1,623,619</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:822px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:822px;left:404.74px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:822px;left:951.15px;letter-spacing:-0.29px;white-space:nowrap">Kingdom</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:822px;left:1654.19px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:822px;left:2065.43px;white-space:nowrap">$10,136,453)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:822px;left:5772.54px;white-space:nowrap">14,358,772</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1284px;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:1284px;left:1066.2px;white-space:nowrap">9.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1553.5px;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:1553.5px;left:792.95px;white-space:nowrap">2.1% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768.5px;left:0px;white-space:nowrap">DSM-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768.5px;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:1768.5px;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:1768.5px;left:5106.24px;white-space:nowrap">8,220</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1768.5px;left:6003.78px;white-space:nowrap">870,589</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1983.5px;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:1983.5px;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:1983.5px;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:1983.5px;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:1983.5px;left:6003.78px;white-space:nowrap">853,104</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2247.5px;left:5863.77px;white-space:nowrap">1,723,693</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2494.5px;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:2494.5px;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:2494.5px;left:1109px;white-space:nowrap">1.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2709.5px;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:2709.5px;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:2709.5px;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:2709.5px;left:5015.01px;white-space:nowrap">13,373</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2709.5px;left:5863.77px;white-space:nowrap">1,324,198</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2984.5px;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:2984.5px;left:1268.26px;white-space:nowrap">4.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3199.5px;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:3199.5px;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:3199.5px;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:3199.5px;left:5015.01px;white-space:nowrap">15,802</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3199.5px;left:5868.52px;white-space:nowrap">1,908,904</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3414.5px;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:3414.5px;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:3414.5px;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:3414.5px;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:3414.5px;left:5868.52px;white-space:nowrap">1,606,033</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3678.5px;left:5863.77px;white-space:nowrap">3,514,937</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3925.5px;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:3925.5px;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:3925.5px;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:3925.5px;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:3925.5px;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:3925.5px;left:2497.59px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4140.5px;left:0px;white-space:nowrap">Cie </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4140.5px;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:4140.5px;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:4140.5px;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:4140.5px;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:4140.5px;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:4140.5px;left:5106.24px;white-space:nowrap">4,396</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4140.5px;left:6001.41px;white-space:nowrap">825,251</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4447.5px;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:4447.5px;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:4447.5px;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:4447.5px;left:1729.86px;white-space:nowrap">$7,650,095)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4447.5px;left:5863.77px;white-space:nowrap">7,388,079</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:4909.5px;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:4909.5px;left:1120.34px;white-space:nowrap">9.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5179px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Aerospace </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5179px;left:822.13px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5179px;left:989.65px;letter-spacing:-0.56px;white-space:nowrap">Defense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5179px;left:1636.52px;white-space:nowrap">1.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5394px;left:0px;white-space:nowrap">Airbus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5394px;left:500.54px;white-space:nowrap">SE</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5394px;left:5106.24px;white-space:nowrap">3,854</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5394px;left:6001.41px;white-space:nowrap">801,620</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5669px;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:5669px;left:483.75px;white-space:nowrap">3.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5884px;left:0px;white-space:nowrap">ABN </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5884px;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:5884px;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:5884px;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:5884px;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:5884px;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:5884px;left:5015.01px;white-space:nowrap">67,370</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5884px;left:5868.52px;white-space:nowrap">1,837,168</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6099px;left:0px;white-space:nowrap">ING </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6099px;left:312.45px;letter-spacing:-0.7px;white-space:nowrap">Groep</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6099px;left:800.95px;white-space:nowrap">NV</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6099px;left:5015.01px;white-space:nowrap">39,554</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6099px;left:6003.78px;white-space:nowrap">864,482</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6363px;left:5863.77px;white-space:nowrap">2,701,650</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6610px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6610px;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:6610px;left:1351.23px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6825px;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:6825px;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:6825px;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:6825px;left:5241.51px;white-space:nowrap">557</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6825px;left:5863.77px;white-space:nowrap">1,018,545</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7100px;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:7100px;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:7100px;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:7100px;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:7100px;left:3420.79px;white-space:nowrap">3.4% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7315px;left:0px;white-space:nowrap">ASML </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7315px;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:7315px;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:7315px;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:7315px;left:5863.77px;white-space:nowrap">2,753,417</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7622px;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:7622px;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:7622px;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:7622px;left:1776.27px;white-space:nowrap">$4,248,480)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7622px;left:5863.77px;white-space:nowrap">7,275,232</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8084px;left:0px;white-space:nowrap">Denmark </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8084px;left:848.2px;white-space:nowrap">4.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8353.5px;left:0px;white-space:nowrap">Air </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8353.5px;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:8353.5px;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:8353.5px;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:8353.5px;left:1653.66px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8568.5px;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:8568.5px;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:8568.5px;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:8568.5px;left:5863.77px;white-space:nowrap">1,087,434</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8843.5px;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:8843.5px;left:1268.26px;white-space:nowrap">2.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9058.5px;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:9058.5px;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:9058.5px;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:9058.5px;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:9058.5px;left:5015.01px;white-space:nowrap">32,396</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9058.5px;left:5863.77px;white-space:nowrap">2,239,723</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9365.5px;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:9365.5px;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:9365.5px;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:9365.5px;left:1543.01px;white-space:nowrap">$1,524,711)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9365.5px;left:5863.77px;white-space:nowrap">3,327,157</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: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>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

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


























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size: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;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:300px;left:428.92px;white-space:nowrap">4.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:569.5px;left:0px;letter-spacing:-0.25px;white-space:nowrap">Banks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:569.5px;left:483.75px;white-space:nowrap">2.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:784.5px;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:784.5px;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:784.5px;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:784.5px;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:784.5px;left:5863.77px;white-space:nowrap">1,776,938</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1059.5px;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:1059.5px;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:1059.5px;left:1570.78px;white-space:nowrap">1.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Prysmian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1274.5px;left:700.4px;white-space:nowrap">SpA</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">20,331</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">1,432,338</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;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:1581.5px;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:1581.5px;left:1183.62px;white-space:nowrap">$2,394,805)</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">3,209,276</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2043.5px;left:0px;letter-spacing:-0.69px;white-space:nowrap">Norway </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:2043.5px;left:728.13px;white-space:nowrap">3.1%</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">1.9% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;left:0px;white-space:nowrap">DNB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2528px;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:2528px;left:755.77px;letter-spacing:-0.29px;white-space:nowrap">ASA</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">55,589</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">1,528,487</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:2803px;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:2803px;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:2803px;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:2803px;left:2987.67px;white-space:nowrap">1.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3018px;left:0px;letter-spacing:-2.03px;white-space:nowrap">Telenor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3018px;left:578.5px;letter-spacing:-0.29px;white-space:nowrap">ASA</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">62,407</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3018px;left:6001.41px;white-space:nowrap">965,149</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:-0.69px;white-space:nowrap">Norway</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3325px;left:1028.85px;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:1440.09px;white-space:nowrap">$1,914,630)</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">2,493,636</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3787px;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:3787px;left:736.44px;white-space:nowrap">2.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4056.5px;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:4056.5px;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:4271.5px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Swedbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4271.5px;left:778.45px;white-space:nowrap">AB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4271.5px;left:1016.89px;white-space:nowrap">&#39;&#39;A&#39;&#39;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4271.5px;left:5015.01px;white-space:nowrap">37,067</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4271.5px;left:6001.41px;white-space:nowrap">973,239</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4546.5px;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:4546.5px;left:1122.89px;white-space:nowrap">1.3% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4761.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:0.11px;white-space:nowrap">Spotify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4761.5px;left:541.05px;letter-spacing:-1.48px;white-space:nowrap">Technology </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4761.5px;left:1396.23px;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:4761.5px;left:5106.24px;white-space:nowrap">1,372</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4761.5px;left:5863.77px;white-space:nowrap">1,045,903</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5068.5px;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:5068.5px;left:404.74px;letter-spacing:-0.51px;white-space:nowrap">Sweden</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5068.5px;left:1035.97px;letter-spacing:-0.37px;white-space:nowrap">(Cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5068.5px;left:1447.21px;white-space:nowrap">$1,399,764)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5068.5px;left:5863.77px;white-space:nowrap">2,019,142</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5530.5px;left:0px;white-space:nowrap">Spain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:5530.5px;left:527.36px;white-space:nowrap">2.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5800px;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:5800px;left:483.75px;white-space:nowrap">2.2% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6015px;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:6015px;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:6015px;left:1261.85px;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:6015px;left:1484.56px;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:6015px;left:1895.8px;white-space:nowrap">$929,050) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6015px;left:4923.78px;white-space:nowrap">220,714</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6015px;left:5863.77px;white-space:nowrap">1,819,893</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6505px;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:6505px;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:6505px;left:1216.42px;white-space:nowrap">1.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6774.5px;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:6774.5px;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:6774.5px;left:1745.24px;white-space:nowrap">1.8% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:0px;white-space:nowrap">CRH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;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:6989.5px;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:6989.5px;left:1057.59px;white-space:nowrap">$777,447) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:1834.72px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6989.5px;left:5015.01px;white-space:nowrap">15,690</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">1,442,870</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7511.5px;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:7511.5px;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:7511.5px;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:7511.5px;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:7511.5px;left:2050.14px;white-space:nowrap">$58,023,964)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7511.5px;left:5772.54px;white-space:nowrap">78,889,342</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7973.5px;left:0px;letter-spacing:-1.09px;white-space:nowrap">Preferred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7973.5px;left:952.34px;letter-spacing:-0.59px;white-space:nowrap">Stocks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:7973.5px;left:1610.67px;white-space:nowrap">0.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:8258px;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:8258px;left:844.51px;white-space:nowrap">0.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:8527.5px;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:8527.5px;left:994.39px;white-space:nowrap">0.6% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;left:0px;letter-spacing:-0.93px;white-space:nowrap">Porsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;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:8742.5px;left:1405.28px;white-space:nowrap">Holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;left:2002.15px;white-space:nowrap">SE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8742.5px;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:8742.5px;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:8742.5px;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:8742.5px;left:6001.41px;white-space:nowrap">496,994</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:9232.5px;left:0px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:9232.5px;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:9232.5px;left:1650.65px;white-space:nowrap">1.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9517px;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:9517px;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:9517px;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:9517px;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:9517px;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:9517px;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:9517px;left:3741.77px;white-space:nowrap">4.37% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9733px;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:9733px;left:411.24px;white-space:nowrap">$1,243,123) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9733px;left:1323.63px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9733px;left:4788.52px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:9733px;left:5863.77px;white-space:nowrap">1,243,123</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">15 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:516.10px;left:0px;position:absolute;top:0px;transform:translate(28.800px,26.272px) 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,2.53px) rotate(0deg) scale(0.05)">



































































							<div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:575.94px;left:4878.52px;white-space:nowrap">% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:575.94px;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:575.94px;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:790.94px;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:790.94px;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:790.94px;left:6391.82px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1037.94px;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:1037.94px;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:1037.94px;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:1060.44px;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:1060.44px;left:2716.11px;white-space:nowrap">$60,534,242)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1060.44px;left:5180.74px;white-space:nowrap">99.5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1060.44px;left:5772.54px;white-space:nowrap">80,629,459</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1307.44px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1307.44px;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:1307.44px;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:1307.44px;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:1307.44px;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:1329.94px;left:5271.97px;white-space:nowrap">0.5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1329.94px;left:6001.41px;white-space:nowrap">423,241</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1576.94px;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:1576.94px;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:1599.44px;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:1599.44px;left:5772.54px;white-space:nowrap">81,052,700</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:0px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:153.32px;letter-spacing:0.11px;white-space:nowrap">summary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:880.13px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:1079.69px;letter-spacing:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:1373.19px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:1890.65px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:2823.83px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:3193.89px;text-rendering:optimizeLegibility;letter-spacing:-0.4px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:3874.29px;letter-spacing:-0.73px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:4801.14px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:5319.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:5613.24px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1984.44px;left:6136.76px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2200.44px;left:0px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2200.44px;left:372.92px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2200.44px;left:640.11px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2200.44px;left:1045.72px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2200.44px;left:1319.5px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2200.44px;left:1514.53px;letter-spacing:-0.88px;white-space:nowrap">follows:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2633.44px;left:3413.89px;letter-spacing:-0.27px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2825.44px;left:3164.12px;letter-spacing:-0.29px;white-space:nowrap">Change</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:109.64px;letter-spacing:-1.47px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:516.28px;white-space:nowrap">($) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:733.23px;letter-spacing:-0.49px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:79.95px;white-space:nowrap">12/31/2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:965.58px;letter-spacing:-0.23px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:1343px;letter-spacing:-0.45px;white-space:nowrap">Cost</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:1450.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:2233.92px;white-space:nowrap">Sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:1968.37px;letter-spacing:-0.24px;white-space:nowrap">Proceeds</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:2391.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3429.44px;left:2784.89px;letter-spacing:-0.36px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3621.44px;left:2689.65px;letter-spacing:-0.39px;white-space:nowrap">Real- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3813.44px;left:2758.87px;letter-spacing:-0.74px;white-space:nowrap">ized</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:2650.36px;white-space:nowrap">Gain/</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:2644.18px;white-space:nowrap">(Loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:2844.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3045.44px;left:3529.04px;white-space:nowrap">in</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3237.44px;left:3161px;letter-spacing:-0.22px;white-space:nowrap">Unreal- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3429.44px;left:3387.87px;letter-spacing:-0.74px;white-space:nowrap">ized</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3621.44px;left:3094.67px;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:3621.44px;left:3605.22px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3813.44px;left:3242.4px;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:3813.44px;left:3585.45px;white-space:nowrap">/ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:3046.23px;white-space:nowrap">(</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:3096.08px;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:4005.44px;left:3605.22px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:3261.31px;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:4197.44px;left:3604.36px;white-space:nowrap">) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:3473.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:3706.79px;letter-spacing:-0.13px;white-space:nowrap">Income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:4017.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3621.44px;left:4304.18px;letter-spacing:-0.22px;white-space:nowrap">Capital</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3813.44px;left:4459.11px;white-space:nowrap">Gain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:4362.39px;letter-spacing:-0.3px;white-space:nowrap">Distri</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:4716.22px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:4264.11px;text-rendering:optimizeLegibility;white-space:nowrap">butions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:4584.42px;white-space:nowrap">($)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3813.44px;left:5115.51px;white-space:nowrap">Number</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:5047.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:5220.28px;letter-spacing:-0.3px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:5527.23px;letter-spacing:-0.74px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:4955.04px;white-space:nowrap">6/30/2025</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:6007.78px;letter-spacing:-1.47px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4005.44px;left:6414.42px;white-space:nowrap">($) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4197.44px;left:6462.23px;letter-spacing:-0.74px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4389.44px;left:5890.04px;white-space:nowrap">6/30/2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4623.44px;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:4623.44px;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:4623.44px;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:4623.44px;left:1905.16px;white-space:nowrap">0.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;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:4872.44px;left:6047.27px;white-space:nowrap">4.25% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5064.44px;left:0px;white-space:nowrap">(b) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5064.44px;left:214.92px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:340.5px;white-space:nowrap">263,920</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:1551.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:1831.58px;white-space:nowrap">263,920 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:2393.45px;white-space:nowrap">(d)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:2945.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:3574.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:3834.68px;white-space:nowrap">7,545</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:4685.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:5580.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5313.44px;left:6515.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5562.44px;left:0px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5562.44px;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:5562.44px;left:1148.28px;white-space:nowrap">1.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5811.44px;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:5811.44px;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:5811.44px;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:5811.44px;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:5811.44px;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:5811.44px;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:5811.44px;left:3326.02px;white-space:nowrap">4.37% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:5811.44px;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:6060.44px;left:220.26px;white-space:nowrap">1,828,248</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:985.26px;white-space:nowrap">6,962,288</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:1926.26px;white-space:nowrap">7,547,413</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:2945.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:3574.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:3753.59px;white-space:nowrap">32,565</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:4685.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:5014.26px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:6060.44px;left:5949.26px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:216.04px;white-space:nowrap">2,092,168</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:981.04px;white-space:nowrap">6,962,288</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:1922.04px;white-space:nowrap">7,811,333</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:2945.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:3574.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:3751.48px;white-space:nowrap">40,110</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:4685.51px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:5010.04px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6309.44px;left:5945.04px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6721.44px;left:0px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6721.44px;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:6721.44px;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:6721.44px;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:6968.44px;left:0px;white-space:nowrap">(a)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;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:6968.44px;left:850.87px;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:6968.44px;left:1157.35px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;left:1311.77px;letter-spacing:-0.68px;white-space:nowrap">incorporated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;left:2289.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;left:2467.9px;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:6968.44px;left:3016.78px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;left:3333.63px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;left:3488.06px;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:6968.44px;left:3919.87px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;left:4152.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6968.44px;left:4439.05px;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:6968.44px;left:4812.85px;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:6968.44px;left:5164.95px;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:6968.44px;left:5598.69px;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:6968.44px;left:6323.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7184.44px;left:502.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7184.44px;left:784.5px;white-space:nowrap">London </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7184.44px;left:1368.89px;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:7184.44px;left:1798.24px;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:7431.44px;left:0px;white-space:nowrap">(b)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7431.44px;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:7647.44px;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:7647.44px;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:7647.44px;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:7647.44px;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:7647.44px;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:7647.44px;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:7647.44px;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:7647.44px;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:7647.44px;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:7894.44px;left:0px;white-space:nowrap">(c)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:7894.44px;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:8110.44px;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:8110.44px;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:8110.44px;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:8110.44px;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:8110.44px;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:8110.44px;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:8110.44px;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:8110.44px;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:8357.44px;left:0px;white-space:nowrap">(d)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8357.44px;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:8573.44px;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:8573.44px;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:8573.44px;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:8573.44px;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:8573.44px;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:8573.44px;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:8573.44px;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:8573.44px;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:8573.44px;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:8573.44px;left:4530.93px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8573.44px;left:4903.85px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8573.44px;left:5171.04px;white-space:nowrap">2025.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8900.44px;left:0px;white-space:nowrap">144A:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8900.44px;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:8900.44px;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:8900.44px;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:8900.44px;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:8900.44px;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:8900.44px;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:8900.44px;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:8900.44px;left:4325.86px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8900.44px;left:4798.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8900.44px;left:5080.4px;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:8900.44px;left:5819.39px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8900.44px;left:6097.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.44px;left:504.2px;white-space:nowrap">1933. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.44px;left:953.85px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.44px;left:1422.57px;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:9116.44px;left:2149.69px;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:9116.44px;left:2493.34px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.44px;left:2716.49px;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:9116.44px;left:3202.27px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9116.44px;left:3376.2px;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:9116.44px;left:4298.17px;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:9116.44px;left:4878.78px;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:9116.44px;left:5268.05px;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:9332.44px;left:504.2px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:9332.44px;left:1180.25px;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:9332.44px;left:1372.21px;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:9332.44px;left:2039.47px;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:9332.44px;left:2940.26px;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:9579.44px;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:9579.44px;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:9579.44px;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:9579.44px;left:1698.11px;letter-spacing:-0.36px;white-space:nowrap">Adjustment.</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: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>
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		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:514.58px;left:0px;position:absolute;top:0px;transform:translate(28.800px,27.799px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:10251.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">











































































							<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7276.5px;left:0px;white-space:nowrap">(e) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7276.5px;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:7276.5px;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:7276.5px;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:7276.5px;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:7276.5px;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:7276.5px;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:7276.5px;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:7276.5px;left:3975.29px;text-rendering:optimizeLegibility;letter-spacing:-0.76px;white-space:nowrap">categorizations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7276.5px;left:5063.29px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:0px;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:40px;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:40px;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:40px;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:40px;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:40px;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:40px;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:40px;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:40px;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:40px;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:40px;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:40px;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:40px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:256px;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:472px;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:472px;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:472px;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:472px;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:472px;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:472px;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:472px;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:472px;left:3954.38px;letter-spacing:-0.18px;white-space:nowrap">industries. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:857px;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:857px;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:857px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1198.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;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:1414.5px;left:4966px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1414.5px;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:1414.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1630.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:1846.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2062.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2278.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2494.5px;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:2924.5px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;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:2924.5px;left:3731.04px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2924.5px;left:4103.96px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2924.5px;left:4371.15px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2924.5px;left:4776.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2924.5px;left:4950.7px;letter-spacing:-0.33px;white-space:nowrap">valuing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2924.5px;left:5503.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2924.5px;left:5785.84px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;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:3140.5px;left:959.68px;letter-spacing:-0.66px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:1236.45px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:2125.02px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:2353.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:2635.4px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:3141.65px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:3605.1px;letter-spacing:-0.88px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:4330.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:4612.59px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">valuation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3140.5px;left:5315.63px;white-space:nowrap">of</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;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:3356.5px;left:5407.65px;letter-spacing:-0.44px;white-space:nowrap">accompanying</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3572.5px;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:3572.5px;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:3572.5px;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:3572.5px;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:4002.5px;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:4002.5px;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:4002.5px;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:4002.5px;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:4002.5px;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:4002.5px;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:4002.5px;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:4002.5px;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:4217.5px;left:0px;white-space:nowrap">Common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4217.5px;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:4217.5px;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:4217.5px;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:4217.5px;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:4217.5px;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:4217.5px;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:4432.5px;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:4432.5px;left:2044.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4432.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">19,299,552</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4432.5px;left:3181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4432.5px;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:4432.5px;left:4318.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4432.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4432.5px;left:5457.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4432.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">19,299,552</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4647.5px;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:4647.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">16,752,727</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4647.5px;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:4647.5px;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:4647.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">16,752,727</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4862.5px;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:4862.5px;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:4862.5px;left:2252.29px;letter-spacing:0px;white-space:nowrap">14,358,772</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4862.5px;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:4862.5px;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:4862.5px;left:5665.29px;letter-spacing:0px;white-space:nowrap">14,358,772</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5077.5px;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:5077.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">7,388,079</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5077.5px;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:5077.5px;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:5077.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">7,388,079</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5292.5px;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:5292.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">7,275,232</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5292.5px;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:5292.5px;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:5292.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">7,275,232</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5507.5px;left:180px;white-space:nowrap">Denmark</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5507.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">3,327,157</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5507.5px;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:5507.5px;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:5507.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">3,327,157</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5722.5px;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:5722.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">3,209,276</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5722.5px;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:5722.5px;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:5722.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">3,209,276</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5937.5px;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:5937.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">2,493,636</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5937.5px;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:5937.5px;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:5937.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">2,493,636</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6152.5px;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:6152.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">2,019,142</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6152.5px;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:6152.5px;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:6152.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">2,019,142</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6367.5px;left:180px;white-space:nowrap">Spain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6367.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,819,893</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6367.5px;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:6367.5px;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:6367.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,819,893</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6582.5px;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:6582.5px;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:6582.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,442,870</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6582.5px;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:6582.5px;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:6582.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,442,870</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6785.5px;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:6785.5px;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:6785.5px;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:6785.5px;left:2343.52px;letter-spacing:0px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6785.5px;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:6785.5px;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:6785.5px;left:5756.52px;letter-spacing:0px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.5px;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:7000.5px;left:2044.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.5px;left:2247.54px;letter-spacing:0px;white-space:nowrap">80,629,459</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.5px;left:3181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.5px;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:7000.5px;left:4318.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.5px;left:5181.25px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.5px;left:5457.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7000.5px;left:5660.54px;letter-spacing:0px;white-space:nowrap">80,629,459</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">17 </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">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:756.3px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1023.49px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1429.1px;letter-spacing:-0.16px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size: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">$59,291,119) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:708px;left:5705.29px;letter-spacing:0px;white-space:nowrap">79,386,336</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:0px;letter-spacing:-0.8px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:850.25px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:1024.19px;letter-spacing:-0.44px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:1412.4px;letter-spacing:-0.66px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:1972.27px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:2357.14px;letter-spacing:-0.28px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:3367.09px;letter-spacing:-0.4px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:958px;left:4317.89px;white-space:nowrap">Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1193px;left:0px;letter-spacing:-0.66px;white-space:nowrap">(cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1193px;left:389.71px;white-space:nowrap">$1,243,123)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1193px;left:5796.52px;white-space:nowrap">1,243,123</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:580.69px;letter-spacing:-1.67px;white-space:nowrap">currency, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:1281.27px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:1464.08px;letter-spacing:-0.44px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:1888.24px;letter-spacing:-0.66px;white-space:nowrap">(cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:2277.95px;white-space:nowrap">$166,738)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1442px;left:5931.78px;white-space:nowrap">171,644</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:0px;white-space:nowrap">Dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:747.69px;letter-spacing:-0.53px;white-space:nowrap">receivable</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1706px;left:6023.01px;white-space:nowrap">41,067</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1970px;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:1970px;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:1970px;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:1970px;left:5931.78px;white-space:nowrap">331,682</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2234px;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:2234px;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:2234px;left:6114.24px;white-space:nowrap">4,385</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2498px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2498px;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:2498px;left:6023.01px;white-space:nowrap">26,515</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2762px;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:2762px;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:2762px;left:5705.29px;letter-spacing:0px;white-space:nowrap">81,204,752</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3290px;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:3554px;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:3554px;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:3554px;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:3554px;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:3554px;left:6023.01px;white-space:nowrap">42,714</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3818px;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:3818px;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:3818px;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:3818px;left:6023.01px;white-space:nowrap">13,148</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4082px;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:4082px;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:4082px;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:4082px;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:4082px;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:4082px;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:4082px;left:6249.51px;white-space:nowrap">312</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;left:0px;white-space:nowrap">Accrued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4346px;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:4346px;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:4346px;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:4346px;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:4346px;left:6023.01px;white-space:nowrap">95,878</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4610px;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:4610px;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:4610px;left:5931.78px;white-space:nowrap">152,052</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4874px;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:4874px;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:4874px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4874px;left:5700.54px;letter-spacing:0px;white-space:nowrap">81,052,700</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5402px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5402px;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:5402px;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:5402px;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:5666px;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:5666px;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:5666px;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:5666px;left:5705.29px;letter-spacing:0px;white-space:nowrap">19,973,276</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5930px;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:5930px;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:5930px;left:5705.29px;letter-spacing:0px;white-space:nowrap">61,079,424</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6194px;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:6194px;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:6194px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6194px;left:5700.54px;letter-spacing:0px;white-space:nowrap">81,052,700</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6722px;left:0px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6722px;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:6722px;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:6986px;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:6986px;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:6986px;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:6986px;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:6986px;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:7218px;left:0px;white-space:nowrap">($81,052,700 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:1003.62px;white-space:nowrap">&#247; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:1133.96px;white-space:nowrap">6,725,724 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:1901.34px;letter-spacing:-0.38px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:2407.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:2596.2px;letter-spacing:-0.25px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:3277.71px;letter-spacing:-0.66px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:3692.99px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7218px;left:4188.6px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7434px;left:0px;letter-spacing:-0.24px;white-space:nowrap">outstanding, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7434px;left:946.32px;white-space:nowrap">$.001 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7434px;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:7434px;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:7434px;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:7434px;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:7434px;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:7434px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7434px;left:6110.2px;white-space:nowrap">12.05</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">18 </div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

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




























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:0px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:246.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:528.31px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:753.66px;letter-spacing:-0.25px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1344.64px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:1843.77px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2216.69px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2483.88px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:40px;left:2889.49px;letter-spacing:-0.16px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size: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">$294,483)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:5207.97px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1042px;left:5796.52px;white-space:nowrap">1,676,407</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">32,565</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:6114.24px;white-space:nowrap">7,545</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:0px;letter-spacing:-3.15px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:386.28px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:1232.31px;letter-spacing:-0.29px;white-space:nowrap">income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2050px;left:5796.52px;white-space:nowrap">1,716,517</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">236,924</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2842px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">Administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2842px;left:1103.91px;letter-spacing:-1.76px;white-space:nowrap">fee</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2842px;left:6023.01px;white-space:nowrap">72,899</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">25,208</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:0px;letter-spacing:0.2px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:628.95px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:820.9px;letter-spacing:-0.51px;white-space:nowrap">shareholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3370px;left:6114.24px;white-space:nowrap">8,262</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">22,863</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">48,308</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4162px;left:0px;letter-spacing:-0.59px;white-space:nowrap">Legal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4162px;left:410.36px;letter-spacing:-1.32px;white-space:nowrap">fees</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4162px;left:6023.01px;white-space:nowrap">56,687</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:0px;white-space:nowrap">Audit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:428.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:740.48px;letter-spacing:-1.1px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:995.98px;letter-spacing:-1.32px;white-space:nowrap">fees</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4426px;left:6023.01px;white-space:nowrap">27,512</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:0px;letter-spacing:-0.18px;white-space:nowrap">NYSE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:408.6px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">listing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:871.52px;letter-spacing:-1.76px;white-space:nowrap">fee</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4690px;left:6023.01px;white-space:nowrap">11,771</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">12,954</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">12,660</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5482px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5482px;left:302.78px;letter-spacing:-0.33px;white-space:nowrap">expenses</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5482px;left:5931.78px;white-space:nowrap">536,048</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">1,180,469</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">1,207,500</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:6023.01px;white-space:nowrap">15,455</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">1,222,955</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:5705.29px;letter-spacing:0px;white-space:nowrap">11,983,782</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:6023.01px;white-space:nowrap">43,642</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:5705.29px;letter-spacing:0px;white-space:nowrap">12,027,424</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:5700.54px;letter-spacing:0px;white-space:nowrap">13,250,379</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:5700.54px;letter-spacing:0px;white-space:nowrap">14,430,848</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">19 </div></div>
		</div>
		<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:485.78px;left:0px;position:absolute;top:0px;transform:translate(28.800px,56.600px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9675.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">


























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:705px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:705px;left:664.45px;letter-spacing:-0.18px;white-space:nowrap">(Decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:705px;left:1500.56px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:705px;left:1682.05px;letter-spacing:-0.31px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:705px;left:1993.1px;letter-spacing:-0.21px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:57px;left:4234.95px;white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:57px;left:4487.64px;letter-spacing:-0.24px;white-space:nowrap">Months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:273px;left:4417.1px;white-space:nowrap">Ended</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:489px;left:4141.92px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:489px;left:4526px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:489px;left:4795.56px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:705px;left:4201.24px;letter-spacing:-0.2px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:273px;left:5531.48px;letter-spacing:-2.88px;white-space:nowrap">Year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:273px;left:5894.73px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:489px;left:5428.6px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:489px;left:6236.93px;white-space:nowrap">31,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:705px;left:5764.74px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:979px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">Operations:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:302.78px;letter-spacing:-0.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:1148.82px;letter-spacing:-0.25px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:1722.74px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:4003.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:4507.52px;white-space:nowrap">1,180,469</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:5299.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1243px;left:5803.52px;white-space:nowrap">1,232,994</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:302.78px;letter-spacing:-0.78px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:904.92px;letter-spacing:-0.7px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:1244.44px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:4507.52px;white-space:nowrap">1,222,955</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1507px;left:5803.52px;white-space:nowrap">1,965,023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:0px;letter-spacing:-0.19px;white-space:nowrap">Change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:580.78px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:754.72px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:1036.14px;letter-spacing:-0.64px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:1825.31px;text-rendering:optimizeLegibility;letter-spacing:-0.34px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:2770.22px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:4416.29px;white-space:nowrap">12,027,424</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1771px;left:5749.73px;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:2035px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:302.78px;letter-spacing:-0.29px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:944.91px;letter-spacing:-0.24px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:1743.84px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:1917.77px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:2199.2px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:2680.66px;text-rendering:optimizeLegibility;letter-spacing:-0.26px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2035px;left:3347.93px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2251px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.53px;white-space:nowrap">operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2251px;left:4416.29px;white-space:nowrap">14,430,848</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2251px;left:5749.73px;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:2515px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.16px;white-space:nowrap">Distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:959.5px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:1151.46px;letter-spacing:-0.51px;white-space:nowrap">shareholders</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:4588.99px;letter-spacing:0px;white-space:nowrap">(199,754)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2515px;left:5749.73px;letter-spacing:0px;white-space:nowrap">(1,198,572)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2779px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2779px;left:404.03px;letter-spacing:-0.44px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:2779px;left:840.94px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">transactions:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:302.78px;letter-spacing:-0.39px;white-space:nowrap">proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:1006.96px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:1396.23px;letter-spacing:-0.88px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:2390.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:2578.97px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">distributions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:4642.78px;white-space:nowrap">221,984</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3043px;left:5938.78px;white-space:nowrap">270,954</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:518.38px;letter-spacing:-0.48px;white-space:nowrap">repurchased</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:5144.55px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3307px;left:5749.73px;letter-spacing:0px;white-space:nowrap">(1,282,114)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:302.78px;letter-spacing:-0.29px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:944.91px;letter-spacing:-0.24px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:1743.84px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:1917.77px;letter-spacing:-0.22px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:2199.2px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:2680.66px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:3069.93px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3571px;left:3473.96px;letter-spacing:-0.44px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3787px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">transactions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3787px;left:4642.78px;white-space:nowrap">221,984</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3787px;left:5749.73px;letter-spacing:0px;white-space:nowrap">(1,011,160)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4051px;left:0px;letter-spacing:-2.89px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4051px;left:404.74px;letter-spacing:-0.22px;white-space:nowrap">increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4051px;left:1065.41px;letter-spacing:-0.18px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4051px;left:1884.64px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4051px;left:2066.13px;letter-spacing:-0.31px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4051px;left:2355.21px;letter-spacing:-0.21px;white-space:nowrap">assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051px;left:4416.29px;white-space:nowrap">14,453,078</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4051px;left:5749.73px;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:4315px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:302.78px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:784.25px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:967.06px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:1718.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:1907.31px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:4416.29px;white-space:nowrap">66,599,622</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4315px;left:5712.29px;white-space:nowrap">70,776,182</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:0px;letter-spacing:-0.22px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:302.78px;letter-spacing:-0.13px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:784.25px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:967.06px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:1283.73px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:4579px;left:1472.08px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4579px;left:4003.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4579px;left:4411.54px;white-space:nowrap">81,052,700</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4579px;left:5299.2px;white-space:nowrap">&#160;&#160;$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:4579px;left:5707.54px;white-space:nowrap">66,599,622</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5107px;left:0px;white-space:nowrap">Other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5107px;left:476.02px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">Information</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:518.38px;letter-spacing:-0.4px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:1418.91px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:1601.72px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:2353.62px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:2541.97px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:4507.52px;white-space:nowrap">6,700,209</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5371px;left:5803.52px;white-space:nowrap">6,813,832</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:518.38px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:1013.99px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:1403.26px;letter-spacing:-0.88px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:2397.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:2586.01px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">distributions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:4734.01px;white-space:nowrap">25,515</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5635px;left:6030.01px;white-space:nowrap">31,877</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:518.38px;letter-spacing:-0.48px;white-space:nowrap">repurchased</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:5144.55px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:5899px;left:5884.99px;letter-spacing:0px;white-space:nowrap">(145,500)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:0px;letter-spacing:-0.38px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:518.38px;letter-spacing:-0.4px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:1418.91px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:1601.72px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:1918.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6163px;left:2106.74px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6163px;left:4502.77px;white-space:nowrap">6,725,724</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:6163px;left:5798.77px;white-space:nowrap">6,700,209</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">20 </div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

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































































































































							<div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:52px;left:2136.95px;white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:52px;left:2375.6px;letter-spacing:-15.53px;white-space:nowrap">Months&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:256px;left:1865.68px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:256px;left:2346.3px;white-space:nowrap">6/30/25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:40px;left:3824.7px;letter-spacing:-2.61px;white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:40px;left:4233.51px;white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:40px;left:4714.13px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:40px;left:5477.55px;white-space:nowrap">31,&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:463.5px;left:2073.28px;letter-spacing:-6.07px;white-space:nowrap">(Unaudited)&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:463.5px;left:3117.88px;white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:463.5px;left:3851.88px;white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:463.5px;left:4585.88px;white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:463.5px;left:5319.88px;white-space:nowrap">2021</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:463.5px;left:6054.88px;white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:930px;left:0px;letter-spacing:-0.68px;white-space:nowrap">Per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:930px;left:272.18px;letter-spacing:-0.32px;white-space:nowrap">Share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:930px;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:146px;font-weight:bold;position:absolute;top:930px;left:1450.81px;letter-spacing:-0.48px;white-space:nowrap">Performance</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1186.5px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1186.5px;left:293.76px;letter-spacing:-0.19px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1186.5px;left:695.11px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1186.5px;left:1157.79px;white-space:nowrap">beginning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1186.5px;left:1891.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1390.5px;left:0px;white-space:nowrap">period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1383px;left:2319.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1390.5px;left:2411.04px;white-space:nowrap">9.94</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1383px;left:2979.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1390.5px;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:1383px;left:3787.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1390.5px;left:3879.04px;white-space:nowrap">8.81</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1383px;left:4447.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1390.5px;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:1383px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1390.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">12.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:1383px;left:5915.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:1390.5px;left:6006.43px;letter-spacing:0px;white-space:nowrap">10.73</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:159px;font-style:italic;font-weight:300;position:absolute;top:1647px;left:0px;letter-spacing:-0.18px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:159px;font-style:italic;font-weight:300;position:absolute;top:1647px;left:535.15px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:159px;font-style:italic;font-weight:300;position:absolute;top:1647px;left:930.19px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:159px;font-style:italic;font-weight:300;position:absolute;top:1647px;left:1296.17px;letter-spacing:-0.64px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:159px;font-style:italic;font-weight:300;position:absolute;top:1647px;left:2081.42px;text-rendering:optimizeLegibility;white-space:nowrap">operations:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1903.5px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1903.5px;left:465.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1903.5px;left:1265px;letter-spacing:-0.24px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:180px;white-space:nowrap">(loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:99.1px;font-weight:300;position:absolute;top:2104.06px;left:539.26px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:2497.2px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:2538.79px;white-space:nowrap">18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:3231.2px;white-space:nowrap">.18</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:3965.2px;white-space:nowrap">.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:4699.2px;white-space:nowrap">.16</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:5433.2px;white-space:nowrap">.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2107.5px;left:6167.2px;white-space:nowrap">.10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2364px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2364px;left:465.96px;letter-spacing:-0.74px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2364px;left:1034.65px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2364px;left:1329.74px;letter-spacing:-0.6px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2568px;left:180px;letter-spacing:-0.66px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2568px;left:500.66px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2568px;left:898.35px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2568px;left:1113.75px;letter-spacing:-0.69px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:180px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:475.09px;letter-spacing:-0.83px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:994.47px;letter-spacing:-0.31px;white-space:nowrap">currency</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:2450.13px;white-space:nowrap">1.97</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.48)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:3879.04px;white-space:nowrap">1.58</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:4562.24px;letter-spacing:-1.95px;white-space:nowrap">(2.40)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:5347.04px;white-space:nowrap">1.11</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2772px;left:6081.04px;white-space:nowrap">1.38</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:3028.5px;left:180px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:3028.5px;left:562.25px;letter-spacing:-0.42px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:3028.5px;left:942.51px;letter-spacing:-0.68px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:3232.5px;left:360px;text-rendering:optimizeLegibility;letter-spacing:-0.53px;white-space:nowrap">operations</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3232.5px;left:2450.13px;white-space:nowrap">2.15</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3232.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.30)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3232.5px;left:3879.04px;white-space:nowrap">1.73</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3232.5px;left:4562.24px;letter-spacing:-1.95px;white-space:nowrap">(2.24)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3232.5px;left:5347.04px;white-space:nowrap">1.26</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3232.5px;left:6081.04px;white-space:nowrap">1.48</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:159px;font-style:italic;font-weight:300;position:absolute;top:3489px;left:0px;white-space:nowrap">Less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:159px;font-style:italic;font-weight:300;position:absolute;top:3489px;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:159px;font-style:italic;font-weight:300;position:absolute;top:3489px;left:1199.88px;white-space:nowrap">from:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:465.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:1265px;letter-spacing:-0.28px;white-space:nowrap">income</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:2446.4px;letter-spacing:-2.34px;white-space:nowrap">(.03)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.18)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.17)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.29)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:5382.4px;letter-spacing:-2.34px;white-space:nowrap">(.11)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:3745.5px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.13)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:180px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:465.96px;letter-spacing:-0.74px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:1034.65px;letter-spacing:-0.66px;white-space:nowrap">gains</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:2412.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:3146.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:3880.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.58)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:5296.24px;letter-spacing:-1.95px;white-space:nowrap">(1.39)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4002px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.07)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:4258.5px;left:180px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:4258.5px;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:148px;font-weight:300;position:absolute;top:4258.5px;left:2446.4px;letter-spacing:-2.34px;white-space:nowrap">(.03)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4258.5px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.18)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4258.5px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.17)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4258.5px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.87)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4258.5px;left:5296.24px;letter-spacing:-1.95px;white-space:nowrap">(1.50)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4258.5px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.20)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4515px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Dilution </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4515px;left:574px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4515px;left:738.27px;letter-spacing:-0.21px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4515px;left:1004.06px;letter-spacing:-0.14px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4515px;left:1393.04px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4515px;left:1793.63px;letter-spacing:-0.66px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:0px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:625.55px;letter-spacing:-0.9px;white-space:nowrap">reinvestment</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:2446.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:3180.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:3914.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:4648.4px;letter-spacing:-2.34px;white-space:nowrap">(.10)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:5348.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4719px;left:6116.4px;letter-spacing:-2.34px;white-space:nowrap">(.01)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4975.5px;left:0px;letter-spacing:-0.28px;white-space:nowrap">Increase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4975.5px;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:148px;font-weight:300;position:absolute;top:4975.5px;left:1240.63px;letter-spacing:-0.66px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:4975.5px;left:1608.28px;letter-spacing:-0.42px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:5179.5px;left:0px;letter-spacing:-0.45px;white-space:nowrap">repurchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:5179.5px;left:2412.53px;white-space:nowrap">&#8211;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:5179.5px;left:3231.2px;white-space:nowrap">.04</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:5179.5px;left:3965.2px;white-space:nowrap">.03</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:5179.5px;left:4699.2px;white-space:nowrap">.07</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:5179.5px;left:5433.2px;white-space:nowrap">.10</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:5179.5px;left:6167.2px;white-space:nowrap">.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5439.75px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5439.75px;left:293.76px;letter-spacing:-0.19px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5439.75px;left:695.11px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5439.75px;left:1157.79px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5439.75px;left:1464.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5439.75px;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:5436px;left:2249.4px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5443.5px;left:2340.64px;white-space:nowrap">12.05</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5436px;left:3053.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5443.5px;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:5436px;left:3713.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5443.5px;left:3804.43px;letter-spacing:0px;white-space:nowrap">10.39</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5436px;left:4521.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5443.5px;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:5436px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5443.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">11.95</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5436px;left:5915.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5443.5px;left:6006.43px;letter-spacing:0px;white-space:nowrap">12.09</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5703.75px;left:0px;letter-spacing:-0.83px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5703.75px;left:551.67px;letter-spacing:-0.36px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5703.75px;left:1014.36px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5703.75px;left:1320.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5703.75px;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:5700px;left:2245.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5707.5px;left:2336.43px;letter-spacing:0px;white-space:nowrap">10.23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5700px;left:3053.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5707.5px;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:5700px;left:3787.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5707.5px;left:3879.04px;white-space:nowrap">8.62</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5700px;left:4521.81px;letter-spacing:0px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5707.5px;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:5700px;left:5181.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5707.5px;left:5272.43px;letter-spacing:0px;white-space:nowrap">10.37</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5700px;left:5915.2px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:5707.5px;left:6006.43px;letter-spacing:0px;white-space:nowrap">10.40</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:6220.5px;left:0px;letter-spacing:-2.73px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:6220.5px;left:382.25px;letter-spacing:-0.68px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:6220.5px;left:1216.56px;letter-spacing:-0.52px;white-space:nowrap">Return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:6220.5px;left:1734.45px;letter-spacing:-0.64px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:6220.5px;left:1975.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:6220.5px;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:6217.06px;left:2708.21px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:0px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:447.5px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:839.54px;letter-spacing:-0.95px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:1359.25px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:1759.85px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:2324.88px;letter-spacing:0px;white-space:nowrap">26.05</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:300;position:absolute;top:6485.01px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:3094.24px;letter-spacing:-1.95px;white-space:nowrap">(3.64)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:3792.88px;letter-spacing:0px;white-space:nowrap">17.27</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:4476.08px;letter-spacing:-1.67px;white-space:nowrap">(19.12)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:5260.88px;letter-spacing:0px;white-space:nowrap">15.23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6477px;left:5994.88px;letter-spacing:0px;white-space:nowrap">13.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:0px;white-space:nowrap">Based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:447.5px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:839.54px;letter-spacing:-0.21px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:1105.33px;letter-spacing:-0.14px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:1494.31px;letter-spacing:-0.42px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:1894.9px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:2324.88px;letter-spacing:0px;white-space:nowrap">21.59</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:300;position:absolute;top:6741.51px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:3094.24px;letter-spacing:-1.95px;white-space:nowrap">(2.38)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:3792.88px;letter-spacing:0px;white-space:nowrap">20.33</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:6733.6px;left:4218.2px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:4476.08px;letter-spacing:-1.67px;white-space:nowrap">(17.55)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:6733.6px;left:4952.2px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:5260.88px;letter-spacing:0px;white-space:nowrap">14.22</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:6733.5px;left:5994.88px;letter-spacing:0px;white-space:nowrap">15.12</div></div>
		</div>


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

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:819.18px;letter-spacing:-0.18px;white-space:nowrap">Highlights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:210px;position:absolute;top:0px;left:1733.01px;text-rendering:optimizeLegibility;letter-spacing:-0.34px;white-space:nowrap">(continued)</div></div>
		</div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(28.800px,552.956px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

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

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:3951.32px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4261.49px;letter-spacing:-0.39px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:4996.78px;letter-spacing:-0.38px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5488.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:0px;left:5936.15px;white-space:nowrap">Inc.</div></div>
		</div>
		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(345.820px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(346.320px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:497.03px;left:0px;position:absolute;top:0px;transform:translate(28.800px,45.342px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9891.52px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.46px) rotate(0deg) scale(0.05)">


























































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:268px;left:-5610.25px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:268px;left:-5371.6px;letter-spacing:-15.53px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Months&#160;&#160;&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:472px;left:-5881.52px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:472px;left:-5400.9px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">6/30/25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:256px;left:-3922.5px;letter-spacing:-2.61px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:256px;left:-3513.69px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">Ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:256px;left:-3033.07px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:256px;left:-2269.65px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">31,&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:679.5px;left:-5673.92px;letter-spacing:-6.07px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">(Unaudited)&#160;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:679.5px;left:-4629.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2024</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:679.5px;left:-3895.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2023</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:679.5px;left:-3161.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2022</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:679.5px;left:-2427.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2021</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:679.5px;left:-1692.32px;transform-origin:0% 127.50px;transform:matrix(1,0,0,1,7747.2,-216);white-space:nowrap">2020</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:874px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">Ratios </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:874px;left:475.22px;letter-spacing:-0.55px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:874px;left:662.32px;letter-spacing:-1.41px;white-space:nowrap">Average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:874px;left:1269.02px;letter-spacing:-0.29px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:146px;font-weight:bold;position:absolute;top:874px;left:1562.79px;letter-spacing:-0.19px;white-space:nowrap">Assets</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1130.5px;left:0px;letter-spacing:-2.97px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1130.5px;left:364.82px;letter-spacing:-0.28px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1130.5px;left:1032.04px;letter-spacing:-1.19px;white-space:nowrap">before </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">reductions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:762.26px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:2411.04px;white-space:nowrap">1.46</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:300;position:absolute;top:1370.76px;left:2750.2px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:3145.04px;white-space:nowrap">1.49</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:3879.04px;white-space:nowrap">1.55</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:4613.04px;white-space:nowrap">1.57</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:5347.04px;white-space:nowrap">1.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1334.5px;left:6081.04px;white-space:nowrap">1.30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1591px;left:0px;letter-spacing:-2.97px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1591px;left:364.82px;letter-spacing:-0.28px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1591px;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:148px;font-weight:300;position:absolute;top:1591px;left:1393.37px;text-rendering:optimizeLegibility;letter-spacing:-0.23px;white-space:nowrap">reductions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:0px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:2411.04px;white-space:nowrap">1.46</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:300;position:absolute;top:1831.26px;left:2750.2px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:3145.04px;white-space:nowrap">1.49</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:3879.04px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:4006.79px;white-space:nowrap">4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:4092.95px;white-space:nowrap">5</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:4613.04px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:4740.79px;white-space:nowrap">4</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:4826.95px;white-space:nowrap">7</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:5347.04px;white-space:nowrap">1.28</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:1795px;left:6081.04px;white-space:nowrap">1.30</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:285.96px;letter-spacing:-0.75px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:1085px;letter-spacing:-0.24px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:1627.04px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:2411.04px;white-space:nowrap">1.60</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:300;position:absolute;top:2059.51px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:3145.04px;white-space:nowrap">1.71</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:3879.04px;white-space:nowrap">1.50</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:4613.04px;white-space:nowrap">1.66</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:5347.04px;white-space:nowrap">1.16</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2051.5px;left:6167.2px;white-space:nowrap">.93</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.79px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:618.66px;letter-spacing:-0.28px;white-space:nowrap">turnover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:1251.76px;white-space:nowrap">(%)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:2549.88px;white-space:nowrap">24</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:300;position:absolute;top:2316.01px;left:2750.2px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:3283.88px;white-space:nowrap">23</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:4017.88px;white-space:nowrap">13</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:4751.88px;white-space:nowrap">25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:5485.88px;white-space:nowrap">57</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2308px;left:6219.88px;white-space:nowrap">25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2564.5px;left:0px;letter-spacing:-0.21px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2564.5px;left:285.96px;letter-spacing:-0.12px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2564.5px;left:740.68px;letter-spacing:-0.55px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2564.5px;left:913.33px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2564.5px;left:1212.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2564.5px;left:1390.3px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;left:0px;white-space:nowrap">($ </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;left:175.4px;white-space:nowrap">thousands)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;left:2277.8px;white-space:nowrap">81,053</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;left:3011.8px;white-space:nowrap">66,600</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;left:3745.8px;white-space:nowrap">70,776</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;left:4479.8px;white-space:nowrap">60,818</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;left:5213.8px;white-space:nowrap">81,109</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:148px;font-weight:300;position:absolute;top:2768.5px;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:3094.36px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3113px;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:3113px;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:3113px;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:3113px;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:3113px;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:3113px;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:3113px;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:3113px;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:3341.35px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3345px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3537px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3729px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:3921px;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:4113px;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:4113px;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:4113px;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:4113px;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:4113px;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:4113px;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:4113px;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:4113px;left:2851px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4113px;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:4113px;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:4341.35px;left:0px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4360px;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:4360px;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:4360px;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:4360px;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:4360px;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:4360px;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:4360px;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:4360px;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:4360px;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:4360px;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:4360px;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:4360px;left:4678.11px;letter-spacing:-0.29px;white-space:nowrap">reduced.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:4588.36px;left:0px;white-space:nowrap">*</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4607px;left:359.2px;letter-spacing:-0.36px;white-space:nowrap">Annualized.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:104.9px;font-weight:300;position:absolute;top:4835.35px;left:0px;white-space:nowrap">**</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4854px;left:359.2px;white-space:nowrap">Not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:4854px;left:633.5px;letter-spacing:-0.36px;white-space:nowrap">annualized.</div></div>
		</div>


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

			<div style="font-family:Arial, Helvetica, sans-serif;font-size: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="height:25.60px;left:0px;position:absolute;top:0px;transform:translate(28.800px,22.885px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:257.76px">
			<div style="width:5155.2px;height:360px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.91px) rotate(0deg) scale(0.05)">

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

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:390.1px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div></div>
		</div>
		<div style="height: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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:3227.9px;left:4266.04px;letter-spacing:-0.29px;white-space:nowrap">Subsequent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3227.9px;left:5358.42px;letter-spacing:-0.67px;white-space:nowrap">events, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3227.9px;left:6042.48px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:0px;letter-spacing:-4.3px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:396.92px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:1151.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:1496.28px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:1940.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:2350.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:2695.64px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:3485.3px;letter-spacing:-1.12px;white-space:nowrap">statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:4519.02px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:5010.37px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3457.9px;left:5616.12px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:0px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:495.75px;letter-spacing:-0.86px;white-space:nowrap">evaluated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:1407.66px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:1620.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:1965.28px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">preparation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:3049.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:3279.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:3624.84px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:4414.5px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:5502.04px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3687.9px;left:5881.13px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">qualifies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:786.33px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:1024.7px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:1292.29px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:2326.33px;letter-spacing:-0.81px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:3181.08px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:3758.26px;letter-spacing:-3.31px;white-space:nowrap">Topic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:4265.62px;white-space:nowrap">946 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:4649.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3917.9px;left:4880.07px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:0px;letter-spacing:-0.64px;white-space:nowrap">Standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:926.08px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">Codification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:2025.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:2255.86px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:2648.38px;letter-spacing:-5.01px;white-space:nowrap">GAAP. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:3219.54px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:3598.63px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:4453.93px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:4637.29px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:4790.59px;letter-spacing:0.13px;white-space:nowrap">summary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4147.9px;left:5665.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:942.3px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:1958.3px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:2670.08px;letter-spacing:-0.95px;white-space:nowrap">followed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:3480.25px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:3740.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:4085.25px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:4579.07px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:4791.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:5136.7px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">preparation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4377.9px;left:6221.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4607.9px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4607.9px;left:255.66px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4607.9px;left:1045.32px;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:4960.6px;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:4960.6px;left:914.85px;letter-spacing:-0.16px;white-space:nowrap">Segment.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.1px;left:1785.31px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.1px;left:2164.4px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.1px;left:2658.22px;letter-spacing:-0.4px;white-space:nowrap">adopted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.1px;left:3446.91px;letter-spacing:-2.47px;white-space:nowrap">FASB </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.1px;left:3926.77px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">Accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.1px;left:4963.17px;letter-spacing:-0.64px;white-space:nowrap">Standards </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.1px;left:5889.26px;letter-spacing:-0.61px;white-space:nowrap">Update </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:0px;white-space:nowrap">2023-07, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:839.93px;letter-spacing:-0.27px;white-space:nowrap">Segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:1668.26px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">Reporting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:2580.92px;letter-spacing:-2.84px;white-space:nowrap">(Topic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:3154.01px;white-space:nowrap">280) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:3564.26px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:3681.35px;letter-spacing:-0.74px;white-space:nowrap">Improvements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:5013.92px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.1px;left:5248.53px;letter-spacing:-0.68px;white-space:nowrap">Reportable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:828.33px;letter-spacing:-0.27px;white-space:nowrap">Disclosures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:1867.85px;letter-spacing:-3.13px;white-space:nowrap">(&#8220;ASU </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:2417.96px;white-space:nowrap">2023-07&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:3413.65px;white-space:nowrap">ASU </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:3826.8px;white-space:nowrap">2023-07 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:4612.91px;white-space:nowrap">impacts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5413.1px;left:5354.01px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:0px;letter-spacing:-1.24px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:948.64px;letter-spacing:-0.27px;white-space:nowrap">disclosures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:1968.94px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:2393.25px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:2775.14px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:3247.69px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:3598.74px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:4145.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:4490.34px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5643.1px;left:5109.09px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">position </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:760.55px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:1000.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:1345.89px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:1982.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:2212.46px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:2468.13px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">operations. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:3515.6px;white-space:nowrap">An </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:3803.59px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:4700.57px;letter-spacing:-0.27px;white-space:nowrap">segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:5514.39px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5873.1px;left:5697.76px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">defined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:212.59px;letter-spacing:-3.31px;white-space:nowrap">Topic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:719.94px;white-space:nowrap">280 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:1104.19px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:1342.56px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:1495.85px;letter-spacing:-0.43px;white-space:nowrap">component </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:2562.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:2792.43px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:2945.72px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:3529.02px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">entity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:4088.05px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:4498.08px;letter-spacing:-0.74px;white-space:nowrap">engages </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:5268.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6103.1px;left:5481.09px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">activities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:824.25px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:1300.02px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:1874.19px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:2044.78px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:2464.79px;letter-spacing:-1.07px;white-space:nowrap">recognize </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:3357.9px;letter-spacing:-0.72px;white-space:nowrap">revenues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:4213.62px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:4595.51px;white-space:nowrap">incur </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:5091.8px;letter-spacing:-0.32px;white-space:nowrap">expenses, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6333.1px;left:6009.07px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:896.97px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:1533.34px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:1943.37px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:2277.99px;letter-spacing:-0.32px;white-space:nowrap">regularly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:3099.98px;letter-spacing:-0.84px;white-space:nowrap">reviewed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:3957.53px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:4217.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:4562.53px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:5145.83px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">entity&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6563.1px;left:5836.23px;letter-spacing:-0.36px;white-space:nowrap">chief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:896.97px;white-space:nowrap">decision </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:1674.49px;letter-spacing:-1.25px;white-space:nowrap">maker </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:2275.84px;letter-spacing:-0.24px;white-space:nowrap">(&#8220;CODM&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:3216px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:3450.61px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:3976.11px;white-space:nowrap">decisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:4838.71px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:5407.62px;letter-spacing:-0.64px;white-space:nowrap">resources </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6793.1px;left:6312.75px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:272.74px;letter-spacing:-0.64px;white-space:nowrap">allocated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:1123.85px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:1358.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:1703.5px;letter-spacing:-0.27px;white-space:nowrap">segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:2517.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:2899.21px;white-space:nowrap">assess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:3501.52px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:3757.19px;letter-spacing:-0.41px;white-space:nowrap">performance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:5004.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:5386.56px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7023.1px;left:5739.23px;letter-spacing:-0.72px;white-space:nowrap">discrete </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:789.66px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:1875.69px;letter-spacing:-0.63px;white-space:nowrap">available. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:2748.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:3127.48px;letter-spacing:-0.75px;white-space:nowrap">President </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:4009.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:4391.08px;letter-spacing:-0.36px;white-space:nowrap">Chief </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:4893.71px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">Executive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7253.1px;left:5776.18px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:0px;white-space:nowrap">acts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:404.23px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:642.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:987.64px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:1606.39px;letter-spacing:-0.36px;white-space:nowrap">CODM. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:2288.84px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:2667.93px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:3161.75px;letter-spacing:-0.78px;white-space:nowrap">represents </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:4151.75px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:4305.04px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:4863.1px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7483.1px;left:5760.07px;letter-spacing:-0.24px;white-space:nowrap">segment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:238.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:583.41px;letter-spacing:-0.43px;white-space:nowrap">CODM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:1212.04px;letter-spacing:-0.72px;white-space:nowrap">monitors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:2054.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:2399.91px;text-rendering:optimizeLegibility;letter-spacing:-0.64px;white-space:nowrap">operating </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:3296.88px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:3933.25px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:4163.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:4508.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:5002.31px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:5240.68px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7713.1px;left:5393.97px;white-space:nowrap">whole, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:381.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:726.92px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:1345.67px;letter-spacing:-0.21px;white-space:nowrap">long-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:2272.19px;letter-spacing:-1.13px;white-space:nowrap">strategic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:3073.66px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:3577.04px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:4483.14px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:4666.51px;letter-spacing:-0.43px;white-space:nowrap">pre-determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7943.1px;left:6115.74px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:0px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:1060.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:1498.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:1843.68px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:2407.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:2637.42px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:2893.09px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:3927.13px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">objective, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:4835.06px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8173.1px;left:5869.1px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:381.41px;letter-spacing:0px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:1192.18px;letter-spacing:-0.31px;white-space:nowrap">risks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:1684.67px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:2259.87px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:2538.15px;letter-spacing:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:2690.97px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">defined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:3411.94px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:4445.5px;letter-spacing:-1.25px;white-space:nowrap">strategy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:5201.39px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:5610.94px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8403.1px;left:5793.83px;letter-spacing:-1.25px;white-space:nowrap">executed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:605px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:1223.75px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:2031.78px;letter-spacing:-0.66px;white-space:nowrap">managers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:2943.79px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:3182.16px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:3335.45px;letter-spacing:-0.36px;white-space:nowrap">team. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:3895.44px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:4274.53px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8633.1px;left:5064.19px;text-rendering:optimizeLegibility;letter-spacing:-0.72px;white-space:nowrap">information </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:212.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:557.63px;letter-spacing:-1.07px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:1032.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:1262.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:1607.57px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:2226.32px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:3034.35px;text-rendering:optimizeLegibility;letter-spacing:-0.17px;white-space:nowrap">composition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:4228.88px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:4684.67px;letter-spacing:-0.48px;white-space:nowrap">returns, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8863.1px;left:5430.28px;letter-spacing:-0.4px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.92px;white-space:nowrap">ratios </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:541.62px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:923.51px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:1694.26px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:1906.85px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:2250.81px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:2754.19px;white-space:nowrap">(i.e., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:3188.39px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:3959.14px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:4171.73px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:4515.69px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9093.1px;left:5104.15px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:0px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:475.77px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">operations), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:1588.98px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:2163.15px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:2497.77px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:2969.89px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:3229.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:3574.89px;letter-spacing:-0.43px;white-space:nowrap">CODM </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:4203.53px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:4438.13px;white-space:nowrap">assess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:5040.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9323.1px;left:5385.49px;letter-spacing:-0.75px;white-space:nowrap">segment&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:0px;letter-spacing:-0.45px;white-space:nowrap">performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:1193.67px;letter-spacing:-0.92px;white-space:nowrap">versus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:1802.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:2147.79px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:2766.54px;text-rendering:optimizeLegibility;letter-spacing:-0.9px;white-space:nowrap">comparative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:3909.73px;letter-spacing:-0.2px;white-space:nowrap">benchmarks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:5037.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:5419.86px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9553.1px;left:5654.47px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:0px;letter-spacing:-0.72px;white-space:nowrap">resource </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:820.06px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">allocation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:1726.16px;white-space:nowrap">decisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:2588.76px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:2889.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:3234.47px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:3853.22px;white-space:nowrap">single </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:4411.28px;letter-spacing:-0.24px;white-space:nowrap">segment, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:5278.93px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9783.1px;left:5462.29px;letter-spacing:-0.83px;white-space:nowrap">consistent </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">23 </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:184px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:437.78px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:846.99px;letter-spacing:-0.75px;white-space:nowrap">presented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1790.63px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2391.26px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2735.48px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3353.41px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4142.25px;letter-spacing:-1.03px;white-space:nowrap">statements. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5228.97px;letter-spacing:-0.27px;white-space:nowrap">Segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:6056.48px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:334.62px;text-rendering:optimizeLegibility;letter-spacing:-0.75px;white-space:nowrap">reflected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1172.51px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1451.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1796.31px;letter-spacing:-0.5px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3114.16px;letter-spacing:-1.24px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4062.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4293.01px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4881.46px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5263.35px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:6086.63px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-0.77px;white-space:nowrap">&#8220;total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:545.81px;letter-spacing:-0.13px;white-space:nowrap">assets&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1224.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1606.17px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2242.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2472.74px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3466.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3848.28px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">significant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4790.59px;letter-spacing:-0.27px;white-space:nowrap">segment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:5604.41px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:334.62px;letter-spacing:-0.69px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:857.01px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1135.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1480.81px;letter-spacing:-0.5px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:2798.66px;letter-spacing:-1.24px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3747.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3977.51px;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:1042.7px;left:0px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:1042.7px;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:184px;font-weight:300;position:absolute;top:1035.2px;left:1688.11px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:2067.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:2561.02px;letter-spacing:-0.59px;white-space:nowrap">calculates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:3476.04px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:3731.7px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:4075.66px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:4579.04px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:5097.46px;letter-spacing:-0.27px;white-space:nowrap">(&#8220;NAV&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1035.2px;left:5842.86px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:533.99px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;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:184px;font-weight:300;position:absolute;top:1265.2px;left:1865.38px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:2088.82px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:2433.86px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:2934.23px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:3164.43px;letter-spacing:-0.4px;white-space:nowrap">regular </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:3840.87px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:4518.27px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:4797.03px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1265.2px;left:5677.25px;letter-spacing:-0.72px;white-space:nowrap">B&#246;rse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:0px;letter-spacing:0.15px;white-space:nowrap">XETRA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:669.88px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:1496.17px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:1719.61px;white-space:nowrap">11:30 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:2273.15px;white-space:nowrap">a.m., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:2761.92px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:3213.42px;letter-spacing:-3.12px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1495.2px;left:3638.38px;text-rendering:optimizeLegibility;white-space:nowrap">time.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:379.09px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:997.84px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:1570.51px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:1923.17px;letter-spacing:-0.39px;white-space:nowrap">designated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:2941.53px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;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:184px;font-weight:300;position:absolute;top:1840.4px;left:4602.28px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:5214.58px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840.4px;left:5625.36px;letter-spacing:-0.73px;white-space:nowrap">&#8220;Advisor&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:238.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;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:184px;font-weight:300;position:absolute;top:2070.4px;left:1442.68px;white-space:nowrap">designee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:2283.9px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:2584.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:2929.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:3423.43px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:4260.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:4495.28px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:4933.67px;white-space:nowrap">2a-5 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:5377.32px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070.4px;left:5954.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;left:0px;white-space:nowrap">1940 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;left:495.75px;white-space:nowrap">Act. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;left:889.13px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;left:1268.22px;letter-spacing:-0.32px;white-space:nowrap">Advisor&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;left:2112.88px;letter-spacing:-0.27px;white-space:nowrap">Pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;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:184px;font-weight:300;position:absolute;top:2300.4px;left:3787.05px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;left:4197.83px;letter-spacing:-0.24px;white-space:nowrap">&#8220;Pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300.4px;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:184px;font-weight:300;position:absolute;top:2530.4px;left:0px;letter-spacing:-0.21px;white-space:nowrap">typically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530.4px;left:770.97px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530.4px;left:1374.46px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530.4px;left:2263.16px;white-space:nowrap">using </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530.4px;left:2778.25px;letter-spacing:-0.4px;white-space:nowrap">readily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530.4px;left:3421.28px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530.4px;left:4240.16px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530.4px;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:184px;font-weight:300;position:absolute;top:2530.4px;left:5909.49px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:0px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:575.78px;white-space:nowrap">supplied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:1373.6px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:1633.56px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:2813.92px;white-space:nowrap">pricing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:3461.88px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:4216.09px;white-space:nowrap">(which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:4856.01px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760.4px;left:5190.63px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:0px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:338.59px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:942.09px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:1519.27px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:1957.66px;white-space:nowrap">2a-5). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:2520.87px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:2899.96px;white-space:nowrap">Advisor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:3608.95px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:3961.61px;letter-spacing:-0.4px;white-space:nowrap">adopted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:4750.3px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;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:184px;font-weight:300;position:absolute;top:3220.4px;left:0px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:1047.58px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:1457.61px;letter-spacing:-0.67px;white-space:nowrap">provide </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:2175.19px;letter-spacing:-0.08px;white-space:nowrap">methodologies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:3545.67px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:3846.35px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:4184.94px;letter-spacing:-0.4px;white-space:nowrap">valuing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:4860.63px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:0px;letter-spacing:-1.54px;white-space:nowrap">Various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:701.36px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:1299.91px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:1634.53px;white-space:nowrap">used </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:2106.65px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:2319.24px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:3448.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:3793.5px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:4311.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:4542.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3565.6px;left:4887.16px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:0px;letter-spacing:-0.83px;white-space:nowrap">investments. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:1172.94px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:1745.82px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:2344.38px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:2678.99px;letter-spacing:-0.49px;white-space:nowrap">summarized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:3808.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:4020.91px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:4547.28px;letter-spacing:-0.72px;white-space:nowrap">broad </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:5115.43px;letter-spacing:-0.4px;white-space:nowrap">levels. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3795.6px;left:5712.16px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;left:0px;white-space:nowrap">1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;left:161.24px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;left:938.33px;letter-spacing:-0.31px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;left:1624.54px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;left:2200.32px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;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:184px;font-weight:300;position:absolute;top:4025.6px;left:2982.25px;letter-spacing:-1.07px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;left:3739.89px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;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:184px;font-weight:300;position:absolute;top:4025.6px;left:4836.67px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4025.6px;left:5779.19px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:0px;white-space:nowrap">2 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:161.24px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:938.33px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;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:184px;font-weight:300;position:absolute;top:4255.6px;left:2416.24px;letter-spacing:-0.2px;white-space:nowrap">observable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:3434.38px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:4032.94px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:4947.96px;letter-spacing:-0.31px;white-space:nowrap">quoted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:5634.17px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:300.67px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:934.57px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:1877.09px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:2602.4px;letter-spacing:-1.23px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:3142.84px;letter-spacing:-0.88px;white-space:nowrap">prepayment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:4265.94px;white-space:nowrap">speeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:4931.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:5313.73px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:5873.51px;white-space:nowrap">risk). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:501.45px;white-space:nowrap">3 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:662.69px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;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:184px;font-weight:300;position:absolute;top:4715.6px;left:2382.08px;letter-spacing:-0.17px;white-space:nowrap">unobservable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:3628.82px;white-space:nowrap">inputs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:4227.37px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:5142.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:5487.43px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:0px;letter-spacing:-0.27px;white-space:nowrap">own </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;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:184px;font-weight:300;position:absolute;top:4945.6px;left:1589.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:1802.22px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:2931.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:3276.47px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:3615.07px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:4133.49px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:4363.69px;letter-spacing:-0.77px;white-space:nowrap">investments). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:5602.37px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:5981.46px;letter-spacing:-0.54px;white-space:nowrap">level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:0px;white-space:nowrap">assigned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:812.43px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:1047.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:1392.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;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:184px;font-weight:300;position:absolute;top:5175.6px;left:3225.13px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:3645.15px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:3996.2px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:4268.95px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;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:184px;font-weight:300;position:absolute;top:5175.6px;left:5452.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:5683.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:6028.19px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:6384.4px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:0px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:756.14px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:1731px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;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:184px;font-weight:300;position:absolute;top:5405.6px;left:3000.72px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:3213.31px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:3758.15px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:600.49px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:1489.19px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:1823.81px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:2456.52px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:2679.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:3025px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:3518.17px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:4135.96px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:4531.59px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:5022.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:5262.6px;text-rendering:optimizeLegibility;white-space:nowrap">official </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.8px;left:5895.31px;white-space:nowrap">closing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:490.7px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:1319.79px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:1598.54px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:1943.58px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:2821.97px;letter-spacing:-0.72px;white-space:nowrap">(U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:3280.23px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:3520.54px;letter-spacing:-0.95px;white-space:nowrap">foreign) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:4258.42px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5980.8px;left:4498.72px;letter-spacing:-1.01px;white-space:nowrap">over-the-counter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:0px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:672.57px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:951.33px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:1525.5px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:1966.46px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:2486.6px;white-space:nowrap">prior </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:2965.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:3200.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:3545.24px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:3996.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;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:184px;font-weight:300;position:absolute;top:6210.8px;left:5140.14px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6210.8px;left:6043.34px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:574.17px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:852.93px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:1333.64px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:1668.26px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:2497.34px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:2831.96px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:3464.68px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:3688.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:4033.15px;letter-spacing:-0.59px;white-space:nowrap">calculated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:4977.39px;white-space:nowrap">mean </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:5527.71px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:345.04px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:838.21px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:1456px;white-space:nowrap">bid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:1782.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:2164.77px;letter-spacing:-1.25px;white-space:nowrap">asked </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;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:184px;font-weight:300;position:absolute;top:6670.8px;left:3712.39px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:3991.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:4336.19px;letter-spacing:-1.07px;white-space:nowrap">relevant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:5105.01px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:5777.58px;letter-spacing:-5.1px;white-space:nowrap">or, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:6051.29px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:153.29px;white-space:nowrap">mean </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:703.61px;letter-spacing:-0.31px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:1363.94px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:1636.68px;letter-spacing:-0.27px;white-space:nowrap">determined, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:2776.75px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:3000.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:3345.22px;letter-spacing:-0.54px;white-space:nowrap">most </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:3838.4px;letter-spacing:-0.77px;white-space:nowrap">recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:4456.18px;white-space:nowrap">bid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;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:184px;font-weight:300;position:absolute;top:6900.8px;left:5748.57px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:888.7px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:1223.32px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:2075.5px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:3142.3px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:3380.67px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:3882.12px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:0px;letter-spacing:-0.9px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:1124.28px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:1336.87px;white-space:nowrap">open-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:2243.29px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:3277.33px;letter-spacing:-0.21px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:4281.73px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:4616.35px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:5249.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:5630.95px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7476px;left:6265.38px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:469.43px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:896.87px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:1366.73px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:2171.86px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:2532.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:2914.03px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:3248.65px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:4315.46px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:4553.83px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:5055.27px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8051.2px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8051.2px;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:184px;font-weight:300;position:absolute;top:8051.2px;left:1676.64px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8051.2px;left:2011.26px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8051.2px;left:2863.44px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8051.2px;left:3496.15px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8051.2px;left:3719.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8051.2px;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:184px;font-weight:300;position:absolute;top:8051.2px;left:5068.38px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:0px;letter-spacing:-0.49px;white-space:nowrap">established </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:1047.26px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:1517.12px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:1877.41px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:2156.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:2501.21px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:3379.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:3658.36px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:4232.53px;letter-spacing:-0.21px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:4673.5px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:5008.12px;letter-spacing:-0.61px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:5642.55px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8281.2px;left:6024.43px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8511.2px;left:0px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8511.2px;left:1066.81px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8511.2px;left:1305.18px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8511.2px;left:1806.62px;white-space:nowrap">1.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:903.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:1285.09px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:1820.69px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:2409.15px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:2709.82px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:3283.99px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;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:184px;font-weight:300;position:absolute;top:8856.4px;left:4953.33px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:5287.95px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856.4px;left:5639px;letter-spacing:-0.4px;white-space:nowrap">readily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:0px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:818.88px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:1059.18px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:1359.85px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:1934.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:2279.06px;letter-spacing:-0.54px;white-space:nowrap">above </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;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:184px;font-weight:300;position:absolute;top:9086.4px;left:3722.92px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:4770.5px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:5105.12px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9086.4px;left:5883.6px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;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:184px;font-weight:300;position:absolute;top:9316.4px;left:851.64px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:1190.23px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:1708.65px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:2043.27px;letter-spacing:-0.46px;white-space:nowrap">valued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:2675.99px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:2888.57px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:3041.87px;white-space:nowrap">manner </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:3782.32px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:4192.35px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:4375.72px;letter-spacing:-0.48px;white-space:nowrap">intended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;left:5216.62px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9316.4px;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:184px;font-weight:300;position:absolute;top:9546.4px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:469.43px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:808.03px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:1326.45px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:1564.81px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:2651.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:2863.65px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:3923.69px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:4362.29px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9546.4px;left:5409.87px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:0px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:259.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:605px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:1227.4px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:1609.29px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:1943.91px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:2796.08px;letter-spacing:-1.07px;white-space:nowrap">categorized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:3862.89px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:4101.26px;letter-spacing:-0.54px;white-space:nowrap">Level </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:4602.71px;white-space:nowrap">3. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:4817.76px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776.4px;left:5035.51px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;left:438.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;left:783.64px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;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:184px;font-weight:300;position:absolute;top:10006.4px;left:2261.66px;letter-spacing:-0.63px;white-space:nowrap">procedures, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;left:3363.06px;letter-spacing:-1.41px;white-space:nowrap">factors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;left:4012.31px;letter-spacing:-0.49px;white-space:nowrap">considered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;left:5034.76px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006.4px;left:5247.34px;letter-spacing:-0.27px;white-space:nowrap">determining </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:518.42px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:938.44px;white-space:nowrap">include, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:1684.27px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:2034.89px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:2369.51px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:2720.57px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:3383.14px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:3667.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:4012.31px;white-space:nowrap">type </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:4454.36px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:4684.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:5029.6px;white-space:nowrap">security; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10236.4px;left:5832.47px;white-space:nowrap">the </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">24 </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:184px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-1.07px;white-space:nowrap">size </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:373.29px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:603.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:948.54px;white-space:nowrap">holding; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1713.92px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2058.96px;text-rendering:optimizeLegibility;white-space:nowrap">initial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2591.34px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3001.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3232.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3577.15px;white-space:nowrap">security; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4380.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4725.06px;letter-spacing:-0.81px;white-space:nowrap">existence </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5598.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5828.93px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.72px;white-space:nowrap">contractual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;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:184px;font-weight:300;position:absolute;top:230px;left:2084.63px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2363.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2708.43px;letter-spacing:-0.68px;white-space:nowrap">security&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3584.88px;text-rendering:optimizeLegibility;white-space:nowrap">disposition; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4651.15px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4996.19px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5486.89px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5868.78px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:230.21px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:813.51px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1490.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1703.5px;white-space:nowrap">similar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2337.39px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3226.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3456.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3801.34px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4368.63px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4608.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4839.14px;letter-spacing:-0.59px;white-space:nowrap">comparable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:0px;letter-spacing:-0.2px;white-space:nowrap">companies; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;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:184px;font-weight:300;position:absolute;top:690px;left:2058.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:2299.26px;letter-spacing:-0.86px;white-space:nowrap">evaluated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3211.16px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3786.94px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4262.71px;letter-spacing:-1.58px;white-space:nowrap">broker-dealers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:5587.33px;letter-spacing:-0.46px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:6236.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-0.72px;white-space:nowrap">appropriate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:1087.11px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:1594.68px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2473.07px;letter-spacing:-1.07px;white-space:nowrap">(for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2839.48px;letter-spacing:-0.87px;white-space:nowrap">exchange-traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:4369.92px;text-rendering:optimizeLegibility;white-space:nowrap">securities); </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:5382.16px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:5649.75px;letter-spacing:-0.3px;white-space:nowrap">analysis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:575.24px;letter-spacing:-1.4px;white-space:nowrap">company&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:1561.38px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:1801.68px;letter-spacing:-0.36px;white-space:nowrap">issuer&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2504.65px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:3294.31px;letter-spacing:-1.03px;white-space:nowrap">statements; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:4385.82px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;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:184px;font-weight:300;position:absolute;top:1150px;left:5620.31px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:5850.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:-1.23px;white-space:nowrap">forces </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:584.8px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;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:184px;font-weight:300;position:absolute;top:1380px;left:1859.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2204.51px;white-space:nowrap">issuer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2771.81px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:3153.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:3498.73px;letter-spacing:-0.86px;white-space:nowrap">market(s) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4387.86px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4600.45px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:5174.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:5519.66px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:183.37px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:1153.82px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:1535.7px;white-space:nowrap">sold; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2005.89px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2441.59px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2880.2px;letter-spacing:-0.4px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:3585.21px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:3819.81px;letter-spacing:-0.21px;white-space:nowrap">debt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4278.08px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5220.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5565.63px;letter-spacing:-1.93px;white-space:nowrap">maturity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:0px;letter-spacing:-0.27px;white-space:nowrap">coupon, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:767.31px;letter-spacing:-0.3px;white-space:nowrap">creditworthiness, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:2351.36px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;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:184px;font-weight:300;position:absolute;top:1840px;left:4513.01px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:4894.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:5239.93px;letter-spacing:-0.6px;white-space:nowrap">movement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:6247.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:345.04px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:1017.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:1230.2px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:1804.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:2149.4px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:2894.48px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:3077.85px;white-space:nowrap">normally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:3904.14px;letter-spacing:-0.54px;white-space:nowrap">traded. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:4592.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:4971.48px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:5489.9px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:0px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:577.18px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:1116.01px;letter-spacing:-0.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:2163.58px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;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:184px;font-weight:300;position:absolute;top:2300px;left:3100.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:3576.29px;white-space:nowrap">published </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:4488.41px;letter-spacing:-0.46px;white-space:nowrap">values </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:5091.9px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:5392.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:5737.62px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:0px;letter-spacing:-0.29px;white-space:nowrap">Disclosure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:954.44px;white-space:nowrap">about </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:1523.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;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:184px;font-weight:300;position:absolute;top:2875.2px;left:3037.03px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:3267.24px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:3612.28px;letter-spacing:-0.97px;white-space:nowrap">fair </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:3950.87px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:4469.29px;letter-spacing:-0.41px;white-space:nowrap">measurements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:5838.27px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:0px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:806.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:1018.9px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:1172.19px;letter-spacing:-0.54px;white-space:nowrap">table </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:1666.11px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:2521.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:2866.45px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:3485.2px;white-space:nowrap">Schedule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:4336.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;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:3457.9px;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:3457.9px;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:3457.9px;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:3457.9px;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:3457.9px;left:3433.52px;letter-spacing:-0.15px;white-space:nowrap">Income.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:4184.32px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;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:184px;font-weight:300;position:absolute;top:3680.4px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:334.62px;letter-spacing:-0.64px;white-space:nowrap">accounted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:1307.22px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:1607.89px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:1886.65px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:2039.94px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:2560.08px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:3004.38px;white-space:nowrap">plus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:3416.34px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:3803.81px;white-space:nowrap">basis </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:4290.11px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:4590.78px;white-space:nowrap">daily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:5052.48px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;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:184px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:871.41px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1172.08px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;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:184px;font-weight:300;position:absolute;top:3910.4px;left:2834.22px;white-space:nowrap">purposes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:3750.1px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:4784.14px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:1126.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:1461.47px;letter-spacing:-0.6px;white-space:nowrap">reported </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:2290.56px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:2569.32px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:3089.45px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:3587.57px;letter-spacing:-1.13px;white-space:nowrap">Interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:4318.04px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:5019.5px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:5202.87px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:6050px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:345.04px;white-space:nowrap">accrual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:1027.71px;white-space:nowrap">basis. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:1567.82px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:2396.58px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:3098.05px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:3281.42px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:4128.54px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:4407.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:4752.34px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:5820.33px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:343.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:574.17px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:1246.31px;white-space:nowrap">withholding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:2342.76px;letter-spacing:-1.61px;white-space:nowrap">taxes. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:2896.74px;letter-spacing:-0.4px;white-space:nowrap">Certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:3584.24px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:4478.85px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:4954.62px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4600.4px;left:5626.76px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:0px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:420.02px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:692.76px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:1539.89px;letter-spacing:-0.29px;white-space:nowrap">subsequent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:2617.76px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:2852.37px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:3197.41px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:4265.4px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:4709.7px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:4948.07px;white-space:nowrap">soon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:5426.63px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:5665px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4830.4px;left:6010.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:183.37px;letter-spacing:-0.72px;white-space:nowrap">informed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:1042.85px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:1273.06px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:1730.03px;white-space:nowrap">dividends. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:2678.46px;letter-spacing:-1.07px;white-space:nowrap">Realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:3454.58px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:3954.63px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:4336.51px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:4913.48px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5060.4px;left:5389.25px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:1126.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:1461.47px;letter-spacing:-0.95px;white-space:nowrap">recorded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:2308.6px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:2587.36px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;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:184px;font-weight:300;position:absolute;top:5290.4px;left:3744.08px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:4154.65px;white-space:nowrap">basis. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:4694.77px;letter-spacing:-0.72px;white-space:nowrap">Proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5290.4px;left:5550.7px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">litigation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:814.37px;letter-spacing:-0.64px;white-space:nowrap">payments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:1780.73px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:1944.77px;letter-spacing:-4.3px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:2341.69px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:2676.31px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:3482.62px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:3695.21px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:4039.17px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:4775.12px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:5190.09px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5520.4px;left:5704.75px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5750.4px;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:6103.1px;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:6103.1px;left:891.68px;white-space:nowrap">Lending.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;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:184px;font-weight:300;position:absolute;top:6095.6px;left:2473.04px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:3298.9px;letter-spacing:0.24px;white-space:nowrap">Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:4067.61px;letter-spacing:-0.54px;white-space:nowrap">LLC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:4417.27px;white-space:nowrap">(Fidelity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:5171.91px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:0px;white-space:nowrap">Lending), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:864.75px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:1103.12px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:1991.82px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:2693.39px;letter-spacing:-0.54px;white-space:nowrap">agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:3295.17px;white-space:nowrap">lends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:3815.84px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:4704.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:4934.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:5279.79px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:5773.6px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:0px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:663.33px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:1452.99px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">institutions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:2486.92px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:3064.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:3409.14px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:3972.68px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:4202.88px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:4458.54px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:5347.25px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:0px;letter-spacing:-0.49px;white-space:nowrap">agreement. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:1067.45px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:1706.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:2051.87px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:2530.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:2760.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:3105.57px;white-space:nowrap">loans, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:3675.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:4020.37px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:4514.19px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continues </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:5423.73px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:5658.34px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:0px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:725.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:1107.2px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:2001.81px;letter-spacing:-1.02px;white-space:nowrap">generated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:2950.88px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:3210.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:3555.88px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:4444.58px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:4826.46px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:5061.07px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">participate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:6060.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:360.29px;letter-spacing:-0.2px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:1131.04px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:1343.63px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:1813.07px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:2485.63px;letter-spacing:-0.46px;white-space:nowrap">value. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:3057.87px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:3436.96px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:3930.78px;letter-spacing:-0.72px;white-space:nowrap">requires </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:4705.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:5050.44px;letter-spacing:-1.18px;white-space:nowrap">borrowers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7245.6px;left:6007.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:7475.6px;left:345.04px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:1233.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:1468.35px;letter-spacing:-0.6px;white-space:nowrap">maintain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:2291.85px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:3148.75px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:3587.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:3932.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:4426.21px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">consisting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:5348.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:5579.17px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7475.6px;left:6023.25px;white-space:nowrap">and/</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:7705.6px;left:240.3px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:1129px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:1734.76px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:1975.06px;letter-spacing:-0.78px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:3034.88px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:3294.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:3639.88px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:4032.4px;letter-spacing:-0.45px;white-space:nowrap">Government, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:5248.31px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7705.6px;left:5503.97px;letter-spacing:-0.18px;white-space:nowrap">agencies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:240.3px;text-rendering:optimizeLegibility;letter-spacing:-0.45px;white-space:nowrap">instrumentalities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:1775.25px;letter-spacing:-0.54px;white-space:nowrap">having </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:2401.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:2555.14px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:3073.55px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:3296.99px;letter-spacing:-0.45px;white-space:nowrap">least </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:3762.24px;white-space:nowrap">equal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:4301.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:4536px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:4881.04px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:5399.45px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7935.6px;left:5629.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:8165.6px;left:888.7px;white-space:nowrap">loaned. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8165.6px;left:1596.4px;white-space:nowrap">When </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8165.6px;left:2177.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8165.6px;left:2522.27px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8165.6px;left:3379.17px;letter-spacing:-0.81px;white-space:nowrap">falls </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8165.6px;left:3775.56px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8165.6px;left:4364.23px;text-rendering:optimizeLegibility;white-space:nowrap">specified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8165.6px;left:5200.72px;letter-spacing:-0.24px;white-space:nowrap">amounts, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:345.04px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:1233.74px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:1935.31px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:2483.27px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:2832.39px;white-space:nowrap">use </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:3190.21px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:3445.88px;letter-spacing:-0.54px;white-space:nowrap">best </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:3873.31px;text-rendering:optimizeLegibility;letter-spacing:-0.94px;white-space:nowrap">efforts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:4498.4px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:4733.01px;letter-spacing:-0.61px;white-space:nowrap">obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8395.6px;left:5346.17px;text-rendering:optimizeLegibility;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:0px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:856.9px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:1135.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:1480.7px;letter-spacing:-0.43px;white-space:nowrap">next </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:1915.65px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:2720.78px;letter-spacing:-1.07px;white-space:nowrap">day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:3081.07px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:3315.68px;letter-spacing:-0.21px;white-space:nowrap">meet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:3828.09px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:4631.92px;letter-spacing:-0.27px;white-space:nowrap">amounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:5457.78px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8625.6px;left:6034.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:888.7px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:1590.27px;letter-spacing:-0.49px;white-space:nowrap">agreement. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:2657.72px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:3297.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:3642.14px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:3917.57px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:4639.87px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:5249.92px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:5705.71px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8855.6px;left:6032.28px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:838.86px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:1626.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:1971.62px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:2415.7px;letter-spacing:-0.9px;white-space:nowrap">collateral, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:3326.43px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:3490.46px;letter-spacing:-4.3px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:3887.38px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:4282.7px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:4435.99px;letter-spacing:-0.36px;white-space:nowrap">joint </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:4884.04px;letter-spacing:-0.54px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9085.6px;left:5561.45px;letter-spacing:-0.54px;white-space:nowrap">account </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:212.59px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:1030.5px;letter-spacing:-0.18px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:1687.92px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:2360.49px;white-space:nowrap">funds, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:2957.75px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:3807.03px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:4281.51px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:5443.6px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9315.6px;left:5640.72px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:903.2px;text-rendering:optimizeLegibility;letter-spacing:-1.32px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:1753.34px;letter-spacing:-0.2px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:2623.03px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:2882.99px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:3357.47px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:4396.67px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9545.6px;left:5631.05px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:0px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:365.13px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:839.61px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:1878.81px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:3113.19px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:4027.89px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:4393.02px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:5163.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9775.6px;left:5316.63px;letter-spacing:-0.34px;white-space:nowrap">management/</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.61px;white-space:nowrap">administration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:1328.81px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:1655.26px;white-space:nowrap">(0.13% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:2314.62px;letter-spacing:-0.49px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:3315.68px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:4116.51px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:4518.06px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:4756.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:4986.63px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:5442.42px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10005.6px;left:5768.98px;white-space:nowrap">2025) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:278.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:623.8px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:1067.88px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:1924.79px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:2712.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:2925.1px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:3399.58px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:4561.67px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:4758.79px;letter-spacing:-0.23px;white-space:nowrap">Agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10235.6px;left:5447.58px;text-rendering:optimizeLegibility;white-space:nowrap">Securities </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">25 </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:184px;font-weight:300;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.93px;white-space:nowrap">Portfolio. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:854.43px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1233.53px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1727.34px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2497.67px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">compensation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3799.51px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4100.19px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4801.76px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5057.42px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5946.12px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:212.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:557.63px;letter-spacing:-1.07px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1032.32px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1262.53px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1674.06px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1914.37px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2174.33px;white-space:nowrap">earning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2892.44px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3617.75px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3896.51px;letter-spacing:-1.19px;white-space:nowrap">invested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4684.24px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5128.32px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5985.22px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:230.21px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1106.12px;letter-spacing:-0.94px;white-space:nowrap">rebates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1816.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2198.71px;letter-spacing:-1.29px;white-space:nowrap">fees </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2610.24px;white-space:nowrap">paid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3040.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3275.29px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3428.58px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4317.29px;white-space:nowrap">lending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:5018.86px;letter-spacing:-0.54px;white-space:nowrap">agent. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:5620.63px;white-space:nowrap">Either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:838.86px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1079.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1424.2px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:2300.12px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:2720.14px;letter-spacing:-0.64px;white-space:nowrap">terminate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3641.71px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3986.75px;white-space:nowrap">loan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4417.62px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4641.05px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:5001.35px;text-rendering:optimizeLegibility;white-space:nowrap">time, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:5506.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:5888.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:0px;letter-spacing:-2.79px;white-space:nowrap">borrower, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:909.33px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:1376.93px;text-rendering:optimizeLegibility;white-space:nowrap">notice, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2030.92px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2214.29px;letter-spacing:-0.72px;white-space:nowrap">required </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:3018.13px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:3252.73px;letter-spacing:-0.61px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:3859.45px;letter-spacing:-0.84px;white-space:nowrap">borrowed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:4773.83px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:5662.53px;white-space:nowrap">within </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:6263.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-1.01px;white-space:nowrap">standard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:823.82px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:1275.42px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:1955.4px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2515.82px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2935.84px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:3208.58px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:3647.72px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:3877.93px;letter-spacing:-0.72px;white-space:nowrap">delay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:4395.49px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:4777.37px;letter-spacing:-0.81px;white-space:nowrap">costs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:5273.02px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:5485.61px;letter-spacing:-0.84px;white-space:nowrap">recovery </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:6299px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:888.7px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:1129px;letter-spacing:-0.64px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:1604.02px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:1987.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2217.4px;letter-spacing:-0.31px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2764.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2976.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:3321.81px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4178.71px;white-space:nowrap">should </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4819.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:5164.74px;letter-spacing:-0.84px;white-space:nowrap">borrower </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:6040.65px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:6270.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:888.7px;letter-spacing:-0.97px;white-space:nowrap">fail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:1200.01px;text-rendering:optimizeLegibility;letter-spacing:-1.16px;white-space:nowrap">financially. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2174px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2343.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2688.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:3182.05px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:3365.42px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:3716.47px;white-space:nowrap">able </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4141.33px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4375.94px;letter-spacing:-1.07px;white-space:nowrap">recover </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5091.26px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5979.96px;letter-spacing:-0.36px;white-space:nowrap">lent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:838.86px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:1258.88px;white-space:nowrap">sell </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:1599.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:1944.55px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:2801.46px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:3183.34px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:4039.49px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:4192.78px;letter-spacing:-0.45px;white-space:nowrap">replacement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:5359.71px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:212.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:557.63px;letter-spacing:-1.07px;white-space:nowrap">market, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:1284.01px;white-space:nowrap">incurring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:2122.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:2467.16px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:2823.37px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:3233.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:3578.44px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:4096.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:4327.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:4672.1px;letter-spacing:-0.45px;white-space:nowrap">replacement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:5839.02px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:183.37px;letter-spacing:-0.94px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:873.66px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:1327.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:1672.88px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:2191.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:2421.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:2766.54px;letter-spacing:-0.9px;white-space:nowrap">collateral. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:3677.27px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:4056.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:4550.18px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:4733.54px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:5135.2px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:5823.77px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2300px;left:6058.38px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:1034.04px;letter-spacing:-0.36px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:1473.18px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:2448.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:2886.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:3231.68px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:4447.05px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:4677.26px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:5037.55px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2530px;left:5481.63px;letter-spacing:-0.98px;white-space:nowrap">collateral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:0px;letter-spacing:-0.54px;white-space:nowrap">received, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:853.36px;letter-spacing:0.2px;white-space:nowrap">including, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:1758.6px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:2109.23px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:2460.28px;letter-spacing:-0.27px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:3122.86px;letter-spacing:-1.61px;white-space:nowrap">to, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:3406.99px;letter-spacing:-1.13px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:4132.3px;letter-spacing:-1.43px;white-space:nowrap">rate, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:4587.67px;letter-spacing:-0.46px;white-space:nowrap">credit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:5147.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:5529.33px;white-space:nowrap">liquidity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2760px;left:6285.47px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990px;left:0px;letter-spacing:-0.39px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990px;left:974.85px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990px;left:1413.46px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990px;left:1870.43px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:3335.2px;left:258.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:488.98px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:944.78px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:1271.34px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:1767.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:2112.13px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:2605.95px;white-space:nowrap">had </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:2987.83px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:3266.59px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:4155.29px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:4434.05px;white-space:nowrap">loan.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3687.9px;left:0px;letter-spacing:-0.62px;white-space:nowrap">Foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:3687.9px;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:3687.9px;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:184px;font-weight:300;position:absolute;top:3680.4px;left:2591.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:2970.16px;letter-spacing:-0.36px;white-space:nowrap">books </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:3543.57px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:3925.46px;letter-spacing:-1.07px;white-space:nowrap">records </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:4634.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:4864.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:5209.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:5703.72px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-0.49px;white-space:nowrap">maintained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1046.5px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1259.09px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1904.7px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:2488.43px;letter-spacing:-0.54px;white-space:nowrap">dollars.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:0px;letter-spacing:-0.15px;white-space:nowrap">Assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:608.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:990.75px;text-rendering:optimizeLegibility;white-space:nowrap">liabilities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:1814.03px;letter-spacing:-0.36px;white-space:nowrap">denominated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:3047.24px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:3259.82px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:3931.96px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:4751.59px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4255.6px;left:5086.21px;letter-spacing:-0.78px;white-space:nowrap">translated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:0px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:395.31px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:1040.92px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:1624.65px;letter-spacing:-0.54px;white-space:nowrap">dollars </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:2260.69px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:2484.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:2829.17px;letter-spacing:-0.68px;white-space:nowrap">prevailing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:3733.66px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:4612.05px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:5098.67px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:5322.11px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4485.6px;left:5948.27px;white-space:nowrap">end. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:936.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:1318.39px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:1799.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:2029.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:3063.35px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:4005.87px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:4707.33px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:5089.22px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:5952.68px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:0px;letter-spacing:-0.78px;white-space:nowrap">translated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:939.62px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:1163.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:1508.1px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:1909.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:2139.84px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:3018.23px;letter-spacing:-0.68px;white-space:nowrap">prevailing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:3922.72px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:4201.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;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:184px;font-weight:300;position:absolute;top:4945.6px;left:5501.72px;letter-spacing:-0.72px;white-space:nowrap">dates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:230.21px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;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:184px;font-weight:300;position:absolute;top:5175.6px;left:1867.85px;letter-spacing:-0.36px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:2237.92px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:2973.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:3355.75px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:4320.29px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:4820.34px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:5202.23px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:5779.19px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:672.14px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;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:184px;font-weight:300;position:absolute;top:5405.6px;left:2618.62px;letter-spacing:-0.86px;white-space:nowrap">represent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:3523.54px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:3867.51px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:4367.56px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:4749.44px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:5326.41px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:520.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;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:184px;font-weight:300;position:absolute;top:5635.6px;left:1905.77px;letter-spacing:-0.72px;white-space:nowrap">dates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:2435.15px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:2713.91px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;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:184px;font-weight:300;position:absolute;top:5635.6px;left:4783.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:5128.32px;text-rendering:optimizeLegibility;white-space:nowrap">acquisition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:6134.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">disposition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:1008.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:1238.68px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:1910.82px;letter-spacing:-0.27px;white-space:nowrap">currencies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:2929.61px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:3311.49px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;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:184px;font-weight:300;position:absolute;top:5865.6px;left:4595.51px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:5422.76px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:5767.8px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:230.21px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:574.17px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:1608.21px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:2309.68px;white-space:nowrap">accrued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:3063.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:3445.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:3790.17px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:4182.69px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:4737.95px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:5478.73px;white-space:nowrap">actually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">received. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:853.36px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:1232.45px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:1935.21px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:2165.41px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:2630.76px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:3366.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:3748.59px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:4713.13px;letter-spacing:-0.72px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:5213.18px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:5595.07px;white-space:nowrap">losses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6325.6px;left:6172.03px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:1119.12px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:1529.15px;letter-spacing:-0.4px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:2165.52px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;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:184px;font-weight:300;position:absolute;top:6555.6px;left:3733.66px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:3946.25px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:4618.39px;letter-spacing:-0.36px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6555.6px;left:5438.02px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:0px;letter-spacing:-1.43px;white-space:nowrap">rates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:486.62px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:669.99px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:1021.04px;letter-spacing:-0.78px;white-space:nowrap">separately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:1979.79px;white-space:nowrap">disclosed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:2842.38px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:3193.01px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:3376.38px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:4182.69px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:4621.29px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:4965.25px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6785.6px;left:5701.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;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:184px;font-weight:300;position:absolute;top:7015.6px;left:2561.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;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:184px;font-weight:300;position:absolute;top:7015.6px;left:4516.23px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7015.6px;left:4794.99px;letter-spacing:-0.9px;white-space:nowrap">investments.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:241.16px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:696.95px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:1023.52px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:1573.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:1918.13px;letter-spacing:-1.07px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:2796.51px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:3198.06px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:3587.46px;white-space:nowrap">EUR </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:4001.68px;white-space:nowrap">&#8364;1.00 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:4551.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:4785.86px;white-space:nowrap">USD </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:5208.56px;white-space:nowrap">$1.17.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:7713.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.3px;white-space:nowrap">Contingencies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:1320.91px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:1538.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:1883.7px;white-space:nowrap">normal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:2564.43px;letter-spacing:-0.92px;white-space:nowrap">course </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:3199.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:3430.14px;white-space:nowrap">business, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:4289.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:4634.13px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:5127.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:5547.96px;letter-spacing:-0.72px;white-space:nowrap">enter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7706px;left:6073.26px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;left:0px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;left:866.36px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;left:1304.96px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;left:1974.09px;letter-spacing:-0.97px;white-space:nowrap">providers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;left:2848.29px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;left:3258.32px;letter-spacing:-0.94px;white-space:nowrap">contain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;left:3961.83px;letter-spacing:-0.74px;white-space:nowrap">general </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7936px;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:184px;font-weight:300;position:absolute;top:8166px;left:0px;white-space:nowrap">clauses. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:742.39px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:1121.48px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:1740.23px;letter-spacing:-0.27px;white-space:nowrap">maximum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:2668.36px;letter-spacing:-0.72px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:3525.37px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:4102.55px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:4641.38px;letter-spacing:-0.62px;white-space:nowrap">arrangements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8166px;left:5922.38px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:0px;letter-spacing:-0.12px;white-space:nowrap">unknown, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:925.12px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:1163.49px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:1533.45px;letter-spacing:-0.36px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:2126.63px;letter-spacing:-1.01px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:2796.73px;letter-spacing:-0.46px;white-space:nowrap">future </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:3394.42px;white-space:nowrap">claims </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:3997.49px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:4407.52px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:4827.54px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:5100.28px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8396px;left:5650.61px;letter-spacing:-0.87px;white-space:nowrap">against </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:838.86px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:1248.89px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:1716.06px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:2067.12px;letter-spacing:-0.94px;white-space:nowrap">yet </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:2391.1px;letter-spacing:-0.32px;white-space:nowrap">occurred. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:3282.28px;letter-spacing:-2.98px;white-space:nowrap">However, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:4153.68px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:4729.36px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:5008.12px;letter-spacing:-0.27px;white-space:nowrap">experience, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8626px;left:6081.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:493.82px;letter-spacing:-0.4px;white-space:nowrap">expects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:1215.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:1560.09px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:1916.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:2146.5px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:2529.68px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;left:2764.29px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8856px;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:9208.7px;left:0px;letter-spacing:-2.23px;white-space:nowrap">Tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:9208.7px;left:333.76px;text-rendering:optimizeLegibility;letter-spacing:-0.52px;white-space:nowrap">Information.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:1479.03px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:1858.12px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:2476.87px;white-space:nowrap">policy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:3043.31px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:3226.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:3461.28px;letter-spacing:-0.31px;white-space:nowrap">comply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:4151.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:4589.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:4934.68px;letter-spacing:-0.66px;white-space:nowrap">requirements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9201.2px;left:6176.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:345.04px;letter-spacing:-0.48px;white-space:nowrap">Internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:1081.74px;letter-spacing:-0.94px;white-space:nowrap">Revenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:1892.56px;white-space:nowrap">Code </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:2397.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:2627.97px;white-space:nowrap">1986, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:3177.54px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:3415.91px;white-space:nowrap">amended, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:4357.35px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:4931.52px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:5266.14px;letter-spacing:-0.2px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9431.2px;left:6211.67px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:0px;letter-spacing:-0.75px;white-space:nowrap">regulated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:891.6px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:1925.64px;letter-spacing:-0.2px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:2983.86px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:3365.74px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:3600.35px;letter-spacing:-0.44px;white-space:nowrap">distribute </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:4499.47px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:4749.87px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:4980.08px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:5235.74px;letter-spacing:-1.21px;white-space:nowrap">taxable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9661.2px;left:5918.84px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9891.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9891.2px;left:234.61px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9891.2px;left:490.27px;letter-spacing:-0.58px;white-space:nowrap">shareholders.</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:603px;width:387px"><div style="position:absolute;top:0px;left:0px;width:387px;height:603px">
		<div style="height:531.75px;left:0px;position:absolute;top:0px;transform:translate(28.800px,25.778px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64, )"></div>
		</div>
		<div style="height:15.40px;left:0px;position:absolute;top:0px;transform:translate(28.800px,567.326px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:12.24px">
			<div style="width:244.8px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.6px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size: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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:1380px;left:0px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;font-weight:300;position:absolute;top:2990.4px;left:0px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:241.16px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:696.95px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:1023.52px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:1573.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:1918.13px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:2840.23px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:3250.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:3481.01px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:4600.13px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:4900.8px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2990.4px;left:5565.21px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:312.28px;white-space:nowrap">purposes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:1174.34px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:1563.74px;white-space:nowrap">$60,541,716. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:2778.47px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:3157.56px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:3501.52px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:4466.06px;text-rendering:optimizeLegibility;letter-spacing:-0.41px;white-space:nowrap">appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3220.4px;left:5620.96px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:0px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:250.4px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:1369.52px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:1945.2px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:2223.96px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:2536.23px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:2946.8px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:3336.2px;white-space:nowrap">$20,087,743. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:4550.93px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:4954.94px;letter-spacing:-0.7px;white-space:nowrap">consisted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3450.4px;left:5834.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:0px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:922.11px;letter-spacing:-0.72px;white-space:nowrap">gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:1431.4px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;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:184px;font-weight:300;position:absolute;top:3680.4px;left:3550.83px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:3851.5px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:4101.9px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:5221.03px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:5521.7px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:6095.87px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:389.4px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:656.99px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1271.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1502.08px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:2020.5px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:2463.08px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:2775.35px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:3185.92px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:3416.12px;white-space:nowrap">$23,757,296 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:4577.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:4958.92px;letter-spacing:-0.97px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:5881.03px;letter-spacing:-0.72px;white-space:nowrap">gross </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:0px;letter-spacing:-0.78px;white-space:nowrap">unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;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:184px;font-weight:300;position:absolute;top:4140.4px;left:2124.59px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:2425.26px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:2675.66px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:3794.79px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:4095.46px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:4669.63px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:5196px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:5585.4px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4140.4px;left:5852.99px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:230.21px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:542.48px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:953.05px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:1395.63px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:1914.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4370.4px;left:2144.25px;white-space:nowrap">$3,669,553.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:872.91px;text-rendering:optimizeLegibility;white-space:nowrap">files </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:1278.54px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:1590.81px;letter-spacing:-0.54px;white-space:nowrap">returns </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:2282.61px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:2721.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:3066.25px;letter-spacing:-0.48px;white-space:nowrap">Internal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:3802.95px;letter-spacing:-0.94px;white-space:nowrap">Revenue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:4613.77px;letter-spacing:0.24px;white-space:nowrap">Service, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:5351.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:5696.26px;letter-spacing:-1.25px;white-space:nowrap">State </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4715.6px;left:6194.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:0px;letter-spacing:-0.27px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:451.49px;letter-spacing:-2.6px;white-space:nowrap">York, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:930.27px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:1312.16px;letter-spacing:-0.4px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:1997.51px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:2533.12px;letter-spacing:-1.28px;white-space:nowrap">states. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:3153.48px;text-rendering:optimizeLegibility;white-space:nowrap">Specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:3875.03px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:4109.64px;letter-spacing:-0.86px;white-space:nowrap">U.S. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:4502.16px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:5166.56px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:5548.45px;letter-spacing:-1.7px;white-space:nowrap">state </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4945.6px;left:6029.91px;letter-spacing:-1.61px;white-space:nowrap">taxes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:0px;letter-spacing:-2.1px;white-space:nowrap">generally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:888.81px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:1358.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:1588.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:1933.92px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:2246.19px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:2759.13px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:2971.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:3316.76px;letter-spacing:-1.56px;white-space:nowrap">four-year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:4171.84px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:4798px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5175.6px;left:5408.05px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:326.56px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:876.13px;letter-spacing:-0.4px;white-space:nowrap">remains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:1632.71px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:2321.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:2555.89px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">examination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:3688.87px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:3948.83px;letter-spacing:-0.77px;white-space:nowrap">taxing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:4527.08px;text-rendering:optimizeLegibility;white-space:nowrap">authorities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5405.6px;left:5587.12px;text-rendering:optimizeLegibility;white-space:nowrap">Specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:5635.6px;left:234.61px;letter-spacing:-1.07px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:906.75px;letter-spacing:-0.43px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:1779.55px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:1992.14px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:2566.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:2911.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:3405.17px;letter-spacing:-0.95px;white-space:nowrap">invests, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:4110.93px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:4361.33px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:4863.1px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:5175.37px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5635.6px;left:5688.31px;letter-spacing:-0.46px;white-space:nowrap">remain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:0px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:688.57px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:923.18px;text-rendering:optimizeLegibility;letter-spacing:-0.81px;white-space:nowrap">examination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:2056.16px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:2316.12px;letter-spacing:-0.77px;white-space:nowrap">taxing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:2894.38px;text-rendering:optimizeLegibility;white-space:nowrap">authorities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:3900.6px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:4113.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:4458.22px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">respective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5865.6px;left:5413.42px;text-rendering:optimizeLegibility;white-space:nowrap">jurisdictions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:379.09px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:880.86px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:1193.13px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:1706.07px;letter-spacing:-0.43px;white-space:nowrap">vary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:2126.85px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:2386.81px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:2856.67px;text-rendering:optimizeLegibility;white-space:nowrap">jurisdiction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:3885.34px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:4097.93px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:4672.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:5017.14px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6095.6px;left:5510.96px;letter-spacing:-1.07px;white-space:nowrap">invests.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6448.3px;left:0px;white-space:nowrap">Dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:6448.3px;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:6448.3px;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:6448.3px;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:6448.3px;left:2687.14px;letter-spacing:-0.38px;white-space:nowrap">Shareholders.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:3938.02px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:4317.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:4810.93px;letter-spacing:-1.07px;white-space:nowrap">records </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6440.8px;left:5520.13px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;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:184px;font-weight:300;position:absolute;top:6670.8px;left:1535.38px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:1769.99px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:2025.65px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:3216.86px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:3495.62px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:3840.65px;letter-spacing:-0.81px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:4908.64px;letter-spacing:-0.72px;white-space:nowrap">date. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6670.8px;left:5406.76px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">timing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:608.87px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:990.75px;letter-spacing:-0.64px;white-space:nowrap">character </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:1875.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:2105.47px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:2768.8px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:3470.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:3852.15px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;left:4480.89px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6900.8px;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:184px;font-weight:300;position:absolute;top:6900.8px;left:6049.36px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:0px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:1086.25px;white-space:nowrap">annually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:1880.1px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:2092.69px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:3152.72px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:3591.33px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:4236.93px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:4820.66px;letter-spacing:-1.34px;white-space:nowrap">federal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7130.8px;left:5485.07px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:0px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;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:184px;font-weight:300;position:absolute;top:7360.8px;left:1397.77px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:1971.94px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;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:184px;font-weight:300;position:absolute;top:7360.8px;left:2908.88px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;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:184px;font-weight:300;position:absolute;top:7360.8px;left:4400.64px;white-space:nowrap">principles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7360.8px;left:5302.13px;letter-spacing:-0.59px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:0px;letter-spacing:-0.36px;white-space:nowrap">accepted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:855.51px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:1068.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:1413.13px;letter-spacing:-0.31px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:2058.74px;letter-spacing:-1.07px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:2642.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:2872.68px;letter-spacing:-0.24px;white-space:nowrap">America. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;left:3702.29px;white-space:nowrap">These </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7590.8px;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:184px;font-weight:300;position:absolute;top:7590.8px;left:5299.23px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:0px;letter-spacing:-1.07px;white-space:nowrap">relate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:559.88px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:794.49px;letter-spacing:-0.42px;white-space:nowrap">restructuring </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:1992.35px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:2222.56px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:2885.89px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:3828.41px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:4207.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:4701.32px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;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:184px;font-weight:300;position:absolute;top:7820.8px;left:5691.53px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7820.8px;left:5844.82px;text-rendering:optimizeLegibility;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:575.24px;letter-spacing:-0.48px;white-space:nowrap">proceeds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:1435.91px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:1911.68px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:2540.42px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:3074.41px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:4196.97px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:4435.34px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;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:184px;font-weight:300;position:absolute;top:8050.8px;left:5657.05px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8050.8px;left:6132.82px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:0px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:1034.04px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:1735.51px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:2117.39px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:2853.34px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:3482.08px;letter-spacing:-0.61px;white-space:nowrap">gains. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:4035.95px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:4294.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:4448.02px;letter-spacing:-0.4px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:5053.13px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8280.8px;left:5397.09px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:0px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:701.46px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:1216.12px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:1598.01px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:1941.97px;letter-spacing:-0.95px;white-space:nowrap">realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:2677.92px;letter-spacing:-0.86px;white-space:nowrap">gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:3092.89px;white-space:nowrap">(loss) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:3607.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;left:3886.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8510.8px;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:184px;font-weight:300;position:absolute;top:8510.8px;left:6047.21px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8740.8px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8740.8px;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:184px;font-weight:300;position:absolute;top:8740.8px;left:1025.77px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8740.8px;left:1651.93px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8740.8px;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:184px;font-weight:300;position:absolute;top:8740.8px;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:184px;font-weight:300;position:absolute;top:8740.8px;left:3676.73px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8740.8px;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:184px;font-weight:300;position:absolute;top:8740.8px;left:5306px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8740.8px;left:5926.14px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;left:0px;white-space:nowrap">period. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;left:679.98px;letter-spacing:-1.74px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;left:1788.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;left:2133.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;left:2627.32px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;left:3047.34px;letter-spacing:-0.17px;white-space:nowrap">periodically </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;left:4111.14px;letter-spacing:-1.5px;white-space:nowrap">make </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8970.8px;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:184px;font-weight:300;position:absolute;top:9200.8px;left:0px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:659.46px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:1322.79px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:1553px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:1808.66px;letter-spacing:-0.67px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:2437.4px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:3274.22px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:4014.14px;text-rendering:optimizeLegibility;white-space:nowrap">impacting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:4934.42px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:5279.46px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:5706.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9200.8px;left:5937.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9430.8px;left:0px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:379.09px;letter-spacing:-1.34px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:691.37px;letter-spacing:-0.64px;white-space:nowrap">character </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:1575.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:1806.08px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:2505.29px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:2937.45px;text-rendering:optimizeLegibility;letter-spacing:-0.19px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:4090.95px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:4440.07px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:4712.81px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:5799.06px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9776px;left:6022.5px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006px;left:0px;white-space:nowrap">end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006px;left:387.04px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006px;left:617.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006px;left:962.29px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006px;left:1661.49px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10006px;left:2153.38px;letter-spacing:-5.26px;white-space:nowrap">year.</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">27 </div></div>
		</div>
		<div style="height:533.05px;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">B. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:0px;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:0px;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:0px;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:0px;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:0px;left:4147.75px;letter-spacing:-0.47px;white-space:nowrap">Agreements</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:352.7px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:872.91px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:1056.28px;white-space:nowrap">party </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:1569px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:1803.61px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:2071.2px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:3110.4px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:3917.46px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:4951.5px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:352.7px;left:5390.11px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:1186.26px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:1798.56px;letter-spacing:-0.21px;white-space:nowrap">(&#8220;DWSI&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:2692.1px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:3071.19px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:3565.01px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:3966.66px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;left:4319.33px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:582.7px;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:184px;font-weight:300;position:absolute;top:812.7px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:812.7px;left:1034.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:812.7px;left:1472.65px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:812.7px;left:1947.13px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:812.7px;left:2986.33px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:812.7px;left:4220.71px;letter-spacing:-0.21px;white-space:nowrap">Americas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:812.7px;left:5135.41px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:812.7px;left:5500.54px;letter-spacing:-0.75px;white-space:nowrap">(&#8220;DIMA&#8221;). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1042.7px;left:0px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1042.7px;left:528.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1042.7px;left:910.08px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1042.7px;left:1456.86px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1042.7px;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:184px;font-weight:300;position:absolute;top:1042.7px;left:2609.38px;letter-spacing:-0.21px;white-space:nowrap">companies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:602.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:947.78px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:1986.98px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:2794.04px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:3828.09px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:4266.69px;letter-spacing:-0.36px;white-space:nowrap">DWSI, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:4848.7px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:5376.89px;letter-spacing:-0.4px;white-space:nowrap">directs </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1387.9px;left:6021.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:0px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:1119.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:1349.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:1694.37px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:2188.18px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:2400.77px;letter-spacing:-0.49px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:3460.81px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:3899.41px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;left:4155.08px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1617.9px;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:184px;font-weight:300;position:absolute;top:1847.9px;left:0px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1847.9px;left:711.78px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1847.9px;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:184px;font-weight:300;position:absolute;top:1847.9px;left:2184.42px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1847.9px;left:2712.62px;letter-spacing:-0.29px;white-space:nowrap">determines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1847.9px;left:3769.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1847.9px;left:4114.69px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1847.9px;left:5057.21px;letter-spacing:-0.4px;white-space:nowrap">instruments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1847.9px;left:6166.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:0px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:535.61px;letter-spacing:-0.86px;white-space:nowrap">contracts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;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:184px;font-weight:300;position:absolute;top:2077.9px;left:2119.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:2354.15px;letter-spacing:-0.9px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:3473.27px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:3707.88px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:3980.63px;letter-spacing:-0.29px;white-space:nowrap">purchased, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:5004.89px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:5417.29px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2077.9px;left:5657.59px;letter-spacing:-0.94px;white-space:nowrap">entered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2307.9px;left:0px;letter-spacing:-0.86px;white-space:nowrap">into </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2307.9px;left:395.31px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2307.9px;left:655.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2307.9px;left:1000.31px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:379.09px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:1418.29px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:2225.35px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:3259.39px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:4062.05px;letter-spacing:-0.43px;white-space:nowrap">DWSI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:4590.24px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:5028.85px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:5182.14px;letter-spacing:-1.29px;white-space:nowrap">fee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2653.1px;left:5562.41px;letter-spacing:-0.48px;white-space:nowrap">computed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:0px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:661.29px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:1043.17px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:1775.36px;letter-spacing:-2.15px;white-space:nowrap">monthly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:2594.78px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:2818.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:3163.25px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:3811.54px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:4213.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:4443.29px;white-space:nowrap">0.65% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:5036.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:5267.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2883.1px;left:5612.15px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:0px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:738.2px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:1399.49px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:1743.46px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:2331.91px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:2610.24px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:2844.85px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:3226.74px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:4076.02px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:4571.77px;white-space:nowrap">million, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:5272.59px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:5654.47px;white-space:nowrap">0.60% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3113.1px;left:6248.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3343.1px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3343.1px;left:456.97px;letter-spacing:-0.15px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3343.1px;left:1045.43px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3343.1px;left:1258.02px;letter-spacing:-1.15px;white-space:nowrap">excess </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3343.1px;left:1872.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3343.1px;left:2103.11px;white-space:nowrap">$100 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3343.1px;left:2598.86px;white-space:nowrap">million. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:0px;letter-spacing:-1.74px;white-space:nowrap">Accordingly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:1108.49px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:1409.16px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:1754.2px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:2029.63px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:2751.93px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:3361.98px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:3817.77px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:4144.34px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:4693.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:5038.95px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:5365.4px;letter-spacing:-0.72px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3688.3px;left:6202.65px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:345.04px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:1384.24px;letter-spacing:0.12px;white-space:nowrap">Advisory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:2191.3px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:3225.34px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:3614.75px;letter-spacing:-0.49px;white-space:nowrap">equivalent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:4589.17px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:4823.78px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:5091.37px;letter-spacing:-0.49px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3918.3px;left:6092.43px;letter-spacing:-1.72px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:230.21px;white-space:nowrap">0.65% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:823.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:1054.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:1399.06px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:2017.81px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:2756.02px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:3417.3px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4148.3px;left:3761.27px;letter-spacing:-0.15px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;left:602.74px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;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:184px;font-weight:300;position:absolute;top:4493.5px;left:2297px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;left:3331.04px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;left:3769.65px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;left:4371.32px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;left:4918.1px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4493.5px;left:5720.75px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4723.5px;left:0px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4723.5px;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:184px;font-weight:300;position:absolute;top:4723.5px;left:1787.18px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4723.5px;left:2541.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4723.5px;left:2776px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4723.5px;left:3121.04px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4723.5px;left:3668.67px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4723.5px;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:184px;font-weight:300;position:absolute;top:4723.5px;left:5396.98px;letter-spacing:-0.54px;white-space:nowrap">Agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:0px;letter-spacing:-0.6px;white-space:nowrap">provides </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:802.66px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:1349.43px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:1788.04px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:2055.63px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:2703.92px;letter-spacing:-1.29px;white-space:nowrap">fee, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:3084.19px;letter-spacing:-0.48px;white-space:nowrap">computed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:4035.84px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:4697.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:5079.01px;letter-spacing:-0.94px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4953.5px;left:5811.2px;letter-spacing:-2.15px;white-space:nowrap">monthly, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:230.21px;white-space:nowrap">0.20% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:823.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:1054.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:1399.06px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:2017.81px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:2756.02px;letter-spacing:-0.31px;white-space:nowrap">weekly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;left:3417.3px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5183.5px;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:5696.8px;left:0px;white-space:nowrap">C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:5696.8px;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:5696.8px;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:5696.8px;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:184px;font-weight:300;position:absolute;top:6049.5px;left:0px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:474.48px;letter-spacing:0.27px;white-space:nowrap">Service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:1158.12px;letter-spacing:-0.54px;white-space:nowrap">Company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:2039.19px;letter-spacing:1.25px;white-space:nowrap">(&#8220;DSC&#8221;), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:2816.39px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;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:184px;font-weight:300;position:absolute;top:6049.5px;left:3787.59px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:4017.79px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:4619.46px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:4802.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6049.5px;left:5147.87px;letter-spacing:-1.43px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:0px;letter-spacing:-0.54px;white-space:nowrap">agent, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:601.78px;letter-spacing:-0.27px;white-space:nowrap">dividend-paying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:2055.2px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:2603.15px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:2985.04px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:4095.46px;letter-spacing:0.27px;white-space:nowrap">service </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:4764.59px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:5312.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6279.5px;left:5542.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:0px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:547.64px;letter-spacing:-0.95px;white-space:nowrap">Pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:1380.16px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:1614.77px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:1768.06px;letter-spacing:-0.99px;white-space:nowrap">sub-transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:2887.29px;letter-spacing:-0.23px;white-space:nowrap">agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:3555.66px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:4569.3px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:5396.55px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6509.5px;left:5797.13px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:0px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:514.01px;white-space:nowrap">GIDS, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:1042.42px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;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:184px;font-weight:300;position:absolute;top:6739.5px;left:2298.18px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:2698.76px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:3051.43px;letter-spacing:-0.86px;white-space:nowrap">delegated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:3974.82px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:4638.15px;letter-spacing:-1.43px;white-space:nowrap">transfer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:5376.36px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6739.5px;left:5924.32px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:0px;letter-spacing:-0.27px;white-space:nowrap">dividend-paying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:1453.42px;letter-spacing:-0.63px;white-space:nowrap">agent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:2001.38px;text-rendering:optimizeLegibility;white-space:nowrap">functions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:2872.25px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:3106.86px;white-space:nowrap">SS&amp;C. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:3674.69px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:4075.26px;letter-spacing:-0.54px;white-space:nowrap">compensates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:5292.89px;white-space:nowrap">SS&amp;C </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:5806.9px;white-space:nowrap">out </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6969.5px;left:6157.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:345.04px;letter-spacing:-1.61px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:671.49px;white-space:nowrap">it </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:842.08px;letter-spacing:-0.6px;white-space:nowrap">receives </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:1612.4px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:2088.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:2433.21px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:2980.85px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:3319.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:3664.16px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:3939.59px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:4661.89px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:5271.94px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:5727.73px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7199.5px;left:6054.3px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:345.04px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:1085.82px;letter-spacing:-0.6px;white-space:nowrap">charged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:1844.11px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:2078.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:2423.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:2917.58px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:3177.54px;white-space:nowrap">DSC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:3578.12px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:4384.42px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:4597.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:4942.05px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7429.5px;left:5907.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">Operations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:1022.87px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:1600.05px;letter-spacing:0.21px;white-space:nowrap">&#8220;Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:2458.78px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:2693.39px;letter-spacing:-0.54px;white-space:nowrap">shareholders&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:3974.61px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:5011.02px;white-space:nowrap">$5,962, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:5725.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7659.5px;left:5956.11px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7889.5px;left:0px;white-space:nowrap">$1,962 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7889.5px;left:661.07px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7889.5px;left:844.44px;white-space:nowrap">unpaid.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:602.74px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:870.33px;letter-spacing:-0.54px;white-space:nowrap">agreement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:1883.96px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:2322.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:2667.61px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:3215.24px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:3762.02px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:3945.39px;letter-spacing:-0.54px;white-space:nowrap">compensated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:5192.24px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8234.7px;left:5492.91px;letter-spacing:-0.54px;white-space:nowrap">providing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:0px;letter-spacing:-0.4px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:663.33px;letter-spacing:-0.64px;white-space:nowrap">pre-press </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:1541.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:1923.71px;letter-spacing:-0.59px;white-space:nowrap">regulatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:2880.95px;text-rendering:optimizeLegibility;white-space:nowrap">filing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:3358.76px;letter-spacing:0.24px;white-space:nowrap">services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:4112.97px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:4347.58px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:4692.62px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:5240.25px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:5578.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8464.7px;left:5923.56px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:0px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:722.3px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:1332.35px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:1788.14px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:2114.71px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:2664.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:3009.32px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:3750.1px;letter-spacing:-0.6px;white-space:nowrap">charged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:4508.39px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:4743px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:5088.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:5581.86px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8694.7px;left:5841.82px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:0px;white-space:nowrap">included </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:806.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:1018.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:1363.94px;letter-spacing:-0.97px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:2329.77px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;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:184px;font-weight:300;position:absolute;top:8924.7px;left:3582.84px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:4160.02px;letter-spacing:-0.48px;white-space:nowrap">&#8220;Reports </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:4983.52px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8924.7px;left:5218.13px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:381.88px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;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:184px;font-weight:300;position:absolute;top:9154.7px;left:2268.96px;letter-spacing:-0.32px;white-space:nowrap">expenses&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:3222.44px;letter-spacing:-0.88px;white-space:nowrap">aggregated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:4258.85px;white-space:nowrap">$834, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:4808.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:5038.62px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:5612.79px;white-space:nowrap">$284 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9154.7px;left:6108.54px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9384.7px;left:0px;white-space:nowrap">unpaid.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:0px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:880.21px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:1362.54px;letter-spacing:-0.27px;white-space:nowrap">AG, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:1727.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:2072.06px;white-space:nowrap">majority </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:2858.39px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:3968.81px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:4181.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:4526.44px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:5000.92px;letter-spacing:-0.61px;white-space:nowrap">Group, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:5657.37px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9729.9px;left:6039.26px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.49px;white-space:nowrap">affiliates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:788.69px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:1208.71px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:1893.96px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:2827.77px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:4013.07px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:4251.44px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:4404.73px;letter-spacing:-0.46px;white-space:nowrap">result </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;left:4956.02px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9959.9px;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:184px;font-weight:300;position:absolute;top:10189.9px;left:0px;letter-spacing:-0.23px;white-space:nowrap">agency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;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:184px;font-weight:300;position:absolute;top:10189.9px;left:1795.23px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;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:184px;font-weight:300;position:absolute;top:10189.9px;left:2815.85px;text-rendering:optimizeLegibility;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;left:3704.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;left:3983.31px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;left:4588.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;left:4818.41px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;left:5163.45px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;left:5711.08px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10189.9px;left:6121.11px;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: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">28 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:14.62px;left:0px;position:absolute;top:0px;transform:translate(48.850px,568.108px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:309.71px">
			<div style="width:6194.2px;height:216px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.82px) rotate(0deg) scale(0.05)">

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










							<div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:572.67px;letter-spacing:-0.29px;white-space:nowrap">determined </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1658.92px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;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:184px;font-weight:300;position:absolute;top:0px;left:2921.77px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3134.36px;letter-spacing:-0.2px;white-space:nowrap">compliance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4195.79px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4634.39px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4979.43px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5598.18px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:6036.57px;white-space:nowrap">17e-1 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.63px;white-space:nowrap">procedures. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1101.4px;letter-spacing:-0.81px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1439.67px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1784.71px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2060.14px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2782.44px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3392.49px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3848.28px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4174.84px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4724.41px;white-space:nowrap">Deutsche </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5604.63px;white-space:nowrap">Bank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:6086.95px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:351.05px;letter-spacing:-0.67px;white-space:nowrap">receive </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1036.3px;letter-spacing:-1.77px;white-space:nowrap">brokerage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1970.12px;letter-spacing:-0.18px;white-space:nowrap">commissions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3155.41px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3631.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3976.22px;white-space:nowrap">Fund.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:805.2px;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:184px;font-weight:300;position:absolute;top:805.2px;left:1414.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:805.2px;left:1644.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:805.2px;left:1989.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:805.2px;left:2483.16px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:805.2px;left:2817.78px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:805.2px;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:184px;font-weight:300;position:absolute;top:805.2px;left:3916.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:805.2px;left:4147.02px;letter-spacing:0.21px;white-space:nowrap">DIMA.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:872.91px;letter-spacing:-1.4px;white-space:nowrap">pays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:1315.6px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:1785.46px;letter-spacing:-0.6px;white-space:nowrap">Director </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:2552.88px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:2985.36px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:3168.73px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:3519.79px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:3787.37px;letter-spacing:-1.03px;white-space:nowrap">&#8220;interested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:4823.56px;letter-spacing:-0.54px;white-space:nowrap">person&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:5571.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:5802.18px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150.4px;left:6348.96px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380.4px;left:0px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380.4px;left:474.48px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">International </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380.4px;left:1660.74px;white-space:nowrap">GmbH </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380.4px;left:2273.05px;letter-spacing:-0.84px;white-space:nowrap">retainer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380.4px;left:3023.07px;letter-spacing:-1.07px;white-space:nowrap">fees. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:379.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:872.91px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:1292.93px;letter-spacing:-1.23px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:1859.79px;letter-spacing:-0.43px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:2303.88px;white-space:nowrap">balances </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:3125.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:3337.81px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:3812.29px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:4496.57px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1725.6px;left:4966.97px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:1162.09px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:1709.73px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:2283.9px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:2467.27px;letter-spacing:-0.2px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:3336.95px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:3596.91px;letter-spacing:0.18px;white-space:nowrap">DIMA. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:4198.58px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:4577.68px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:5071.49px;letter-spacing:-0.29px;white-space:nowrap">indirectly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.6px;left:5939.68px;letter-spacing:-0.72px;white-space:nowrap">bears </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;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:184px;font-weight:300;position:absolute;top:2185.6px;left:1539.25px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:2073.24px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:2303.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:2648.49px;letter-spacing:-0.36px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:3511.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:3742.15px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:4216.63px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:4900.91px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.6px;left:5371.31px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:0px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:1162.09px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:1709.73px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:2184.21px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:2868.49px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:3338.89px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:4573.27px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.6px;left:5735.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:0px;white-space:nowrap">does </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:472.55px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:823.6px;letter-spacing:-1.07px;white-space:nowrap">pay </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:1183.9px;white-space:nowrap">DIMA </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:1730.67px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:1998.26px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:3032.3px;letter-spacing:-0.34px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:4254.87px;letter-spacing:-1.29px;white-space:nowrap">fee. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:4635.15px;letter-spacing:-0.54px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:5109.63px;letter-spacing:-0.81px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.6px;left:5793.91px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:0px;letter-spacing:-0.34px;white-space:nowrap">Management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:1234.38px;letter-spacing:-0.49px;white-space:nowrap">Government </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:2396.47px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:2890.29px;letter-spacing:-0.36px;white-space:nowrap">seeks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:3422.46px;letter-spacing:-0.27px;white-space:nowrap">maximum </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:4350.59px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:5049.79px;letter-spacing:-0.31px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:5751.26px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.6px;left:5985.87px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.6px;left:0px;letter-spacing:-0.92px;white-space:nowrap">extent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.6px;left:611.66px;letter-spacing:-0.83px;white-space:nowrap">consistent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.6px;left:1561.16px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.6px;left:1999.77px;letter-spacing:-0.59px;white-space:nowrap">stability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.6px;left:2733.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.6px;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:3618.9px;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:3618.9px;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:3618.9px;left:1131.81px;text-rendering:optimizeLegibility;white-space:nowrap">Securities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:0px;letter-spacing:-0.54px;white-space:nowrap">Purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:936.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:1318.39px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:1799.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:2029.31px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:3063.35px;text-rendering:optimizeLegibility;white-space:nowrap">securities, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:4005.87px;letter-spacing:-0.81px;white-space:nowrap">excluding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3971.6px;left:4885.01px;letter-spacing:-0.88px;white-space:nowrap">short-term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:0px;letter-spacing:-0.83px;white-space:nowrap">investments, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:1172.94px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:1473.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:1818.65px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:2094.08px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:2816.39px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:3426.44px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:3882.23px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:4208.79px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:4704.54px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4201.6px;left:5195.89px;white-space:nowrap">$18,253,525 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4431.6px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4431.6px;left:381.88px;white-space:nowrap">$17,538,180, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4431.6px;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:4944.9px;left:0px;white-space:nowrap">E. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:4944.9px;left:225.62px;letter-spacing:-0.32px;white-space:nowrap">Capital</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:984.41px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:1259.84px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:1982.15px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:2592.2px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:3047.99px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:3374.55px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:3924.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:4269.16px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:4762.98px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:5089.86px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5297.6px;left:5440.92px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:0px;letter-spacing:-1.07px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:360.29px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:979.37px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:1209.57px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:1465.23px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:2298.18px;letter-spacing:-0.69px;white-space:nowrap">stock. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:2859.57px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:3498.95px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:3843.98px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:4276.14px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:4886.19px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5527.6px;left:5853.31px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:0px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:549.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:894.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:1388.43px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:2358.88px;white-space:nowrap">145,500 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:3131.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:3361.66px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:3617.32px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:4236.4px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:4466.6px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:5299.55px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:5807.12px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5757.6px;left:6085.88px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:0px;white-space:nowrap">open </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:501.77px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:1174.34px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:1397.77px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:1551.06px;letter-spacing:-0.9px;white-space:nowrap">total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:2006.86px;letter-spacing:-0.97px;white-space:nowrap">cost </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:2417.42px;white-space:nowrap">$1,282,114 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:3466.83px;white-space:nowrap">($8.81 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:4082.14px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:4820.34px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:5168.93px;letter-spacing:-0.4px;white-space:nowrap">share). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5987.6px;left:5822.48px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:0px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:738.2px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:1540.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:1770.96px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:2309.79px;letter-spacing:-0.32px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:3280.23px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:3953.13px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:4942.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:5287.73px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6217.6px;left:6143.89px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:234.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:579.65px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:1007.08px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:1355.66px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:1889.66px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:2113.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:2458.13px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:2909.74px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:3139.94px;letter-spacing:-0.32px;white-space:nowrap">purchase, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:4049.91px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6447.6px;left:4439.32px;white-space:nowrap">16.89%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:639.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:984.41px;white-space:nowrap">six </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:1259.84px;letter-spacing:-0.31px;white-space:nowrap">months </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:1982.15px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:2592.2px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:3047.99px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:3374.55px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:3870.3px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:4252.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:4597.23px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:5029.38px;white-space:nowrap">ended </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6792.8px;left:5639.43px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:326.56px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:876.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:1221.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:1714.99px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:2320.74px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:2621.42px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:3430.95px;letter-spacing:-1.07px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:4646.32px;white-space:nowrap">25,515 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:5307.39px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7022.8px;left:5689.28px;white-space:nowrap">31,877 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;left:0px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;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:184px;font-weight:300;position:absolute;top:7252.8px;left:1812.42px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;left:2191.51px;letter-spacing:-1.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;left:2929.72px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;left:3732.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;left:3962.47px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;left:4501.3px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7252.8px;left:5107.05px;letter-spacing:-0.4px;white-space:nowrap">shares, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:0px;letter-spacing:-0.21px;white-space:nowrap">comparing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:989.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:1334.61px;white-space:nowrap">issue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:1826.06px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:2316.77px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:2551.38px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:2896.42px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:3323.85px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:3672.43px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:4206.43px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:4429.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:4774.9px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:5226.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7482.8px;left:5456.71px;white-space:nowrap">issuance, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7712.8px;left:0px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7712.8px;left:389.4px;white-space:nowrap">17.39% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7712.8px;left:1094.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7712.8px;left:1476.41px;white-space:nowrap">17.28%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:7712.8px;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:8226.1px;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:8226.1px;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:8226.1px;left:793.54px;letter-spacing:-0.6px;white-space:nowrap">Repurchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:0px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:307.98px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:686.32px;white-space:nowrap">28, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:1012.88px;white-space:nowrap">2023, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:1562.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:1907.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:2401.31px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:3443.09px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:3853.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:4198.15px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:4770.82px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8578.8px;left:5001.03px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;left:0px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;left:884.73px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;left:1152.31px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;left:2056.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;left:2286.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;left:2631.73px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;left:3330.94px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:8808.8px;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:184px;font-weight:300;position:absolute;top:8808.8px;left:5593.56px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:345.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:838.86px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:1073.47px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:2110.95px;white-space:nowrap">up </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:2389.28px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:2623.89px;white-space:nowrap">687,213 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:3396.46px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:4015.54px;white-space:nowrap">during </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:4635.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:4980.72px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9038.8px;left:5606.88px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:0px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:660.11px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:875.17px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:1370.92px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:2125.23px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:2503.57px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:2830.14px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:3379.71px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:3758.8px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:4252.62px;letter-spacing:-0.54px;white-space:nowrap">repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9268.8px;left:5404.39px;white-space:nowrap">177,321 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:0px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:619.07px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:1446.33px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:2106.44px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:2321.49px;white-space:nowrap">2023 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:2817.25px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:3199.13px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:3577.47px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:3904.03px;white-space:nowrap">2024. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:4453.6px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:4761.58px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:5139.92px;white-space:nowrap">25, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:5466.48px;white-space:nowrap">2024, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9498.8px;left:6016.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:493.82px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:1535.6px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:1945.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:2290.66px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:2863.33px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:3093.54px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:3941.74px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:4826.46px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:5094.05px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9728.8px;left:5998.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;left:345.04px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;left:1044.25px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;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:184px;font-weight:300;position:absolute;top:9958.8px;left:3306.88px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;left:4279.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;left:4624.08px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;left:5117.9px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:9958.8px;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:184px;font-weight:300;position:absolute;top:10188.8px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:234.61px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:1090.76px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:2191.41px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:2810.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:3040.68px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:3296.35px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:4129.3px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:4636.87px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:10188.8px;left:4849.45px;letter-spacing:-0.72px;white-space:nowrap">open-market </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>
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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:184px;font-weight:300;position:absolute;top:0px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1126.86px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1569.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1914.47px;letter-spacing:-0.5px;white-space:nowrap">twelve-month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3203.54px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3829.7px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4305.47px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4965.58px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5180.63px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5676.39px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:0px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:378.34px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:704.9px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1254.47px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1633.56px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2127.38px;letter-spacing:-0.54px;white-space:nowrap">repurchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3279.16px;white-space:nowrap">19,000 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3940.23px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4559.31px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5386.56px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:6046.67px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:0px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:495.75px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:877.64px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1333.43px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1659.99px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2209.56px;white-space:nowrap">On </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2517.54px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2895.88px;white-space:nowrap">25, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3222.44px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3772.01px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4117.05px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4610.87px;white-space:nowrap">announced </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:5652.65px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:345.04px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:917.71px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1147.91px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1996.11px;letter-spacing:-0.84px;white-space:nowrap">approved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:2880.84px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3148.43px;letter-spacing:-0.43px;white-space:nowrap">extension </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4052.6px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4282.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4627.84px;letter-spacing:-0.67px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:5327.05px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.46px;white-space:nowrap">authorization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:1225.15px;text-rendering:optimizeLegibility;white-space:nowrap">permitting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2197.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2542.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:3036.17px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:3270.78px;text-rendering:optimizeLegibility;letter-spacing:-0.48px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:4095.24px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:4329.85px;letter-spacing:-0.36px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:5186.01px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:619.07px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:849.28px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:1104.94px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:1937.89px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2445.46px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2658.05px;letter-spacing:-0.72px;white-space:nowrap">open-market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:3850px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:4976.86px;letter-spacing:-0.64px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:5419.43px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:5764.47px;letter-spacing:-0.61px;white-space:nowrap">twelve-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:0px;letter-spacing:-0.36px;white-space:nowrap">month </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:637.23px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:1263.39px;letter-spacing:-0.86px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:1739.16px;letter-spacing:-0.38px;white-space:nowrap">August </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2399.27px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2614.33px;white-space:nowrap">2025 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:3110.08px;letter-spacing:-0.54px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:3864.39px;white-space:nowrap">July </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4242.73px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4569.3px;white-space:nowrap">2026. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:5118.87px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:5497.96px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:5991.78px;white-space:nowrap">did </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:351.05px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:1388.54px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2007.61px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2834.86px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:3801.98px;white-space:nowrap">1, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4017.04px;white-space:nowrap">2024 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4512.79px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4894.68px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5350.47px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5677.03px;white-space:nowrap">2025.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:0px;letter-spacing:-0.63px;white-space:nowrap">Repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:1162.73px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:1511.86px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:1784.6px;white-space:nowrap">made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:2334.92px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:2875.68px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:3220.72px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:3839.47px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:4458.54px;letter-spacing:-0.72px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:4978.68px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:5202.12px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:5355.41px;letter-spacing:-0.48px;white-space:nowrap">discount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1955.2px;left:6157.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:0px;letter-spacing:-0.27px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:343.96px;letter-spacing:-0.18px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:847.34px;letter-spacing:-0.54px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:1365.76px;letter-spacing:-0.27px;white-space:nowrap">(&#8220;NAV&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:2111.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:2493.05px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:2950.02px;letter-spacing:-0.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:3891.25px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:4225.87px;white-space:nowrap">deemed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:5004.36px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:5238.96px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:5511.71px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:5724.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2185.2px;left:6069.34px;letter-spacing:-0.54px;white-space:nowrap">best </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:0px;letter-spacing:-1.02px;white-space:nowrap">interests </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:810.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:1040.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:1385.63px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:1933.27px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:2312.36px;letter-spacing:-0.31px;white-space:nowrap">amount </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:3053.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:3435.03px;text-rendering:optimizeLegibility;white-space:nowrap">timing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:4043.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:4274.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:4619.14px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:5741.7px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:6090.82px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:0px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:223.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;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:184px;font-weight:300;position:absolute;top:2645.2px;left:1488.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:1718.32px;letter-spacing:0.18px;white-space:nowrap">DIMA, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:2319.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:2665.03px;white-space:nowrap">Funds&#8217; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:3297.74px;letter-spacing:-2.11px;white-space:nowrap">administrator, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:4572.52px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:4954.4px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:5642.98px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:5877.59px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.2px;white-space:nowrap">conditions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:966.26px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:1348.14px;letter-spacing:-0.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;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:184px;font-weight:300;position:absolute;top:2875.2px;left:3769px;letter-spacing:-0.54px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:4329.42px;letter-spacing:-0.54px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:4688.43px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:4961.17px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:5239.93px;letter-spacing:-0.43px;white-space:nowrap">assurance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2875.2px;left:6169.35px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:3105.2px;left:345.04px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:963.79px;letter-spacing:-0.54px;white-space:nowrap">repurchases </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:2086.35px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:2435.47px;letter-spacing:-0.46px;white-space:nowrap">reduce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:3097.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:3442.44px;letter-spacing:-0.46px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:4090.73px;letter-spacing:-0.4px;white-space:nowrap">between </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:4917.99px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:5263.03px;letter-spacing:-1.23px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3105.2px;left:5935.6px;white-space:nowrap">price </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;font-weight:300;position:absolute;top:3335.2px;left:230.21px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:575.24px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:1193.99px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:1813.07px;letter-spacing:-1.67px;white-space:nowrap">referred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:2581.46px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:2816.06px;letter-spacing:-0.18px;white-space:nowrap">below </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:3404.74px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:3786.62px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:4042.29px;letter-spacing:-2.15px;white-space:nowrap">NAV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:4469.72px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3335.2px;left:4818.3px;letter-spacing:-0.54px;white-space:nowrap">share.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Monthly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:794.6px;letter-spacing:-0.54px;white-space:nowrap">updates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:1552.57px;letter-spacing:-0.2px;white-space:nowrap">concerning </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:2581.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:2926.17px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:3544.92px;letter-spacing:-0.59px;white-space:nowrap">repurchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:4582.4px;letter-spacing:-1.07px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:5384.95px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3680.4px;left:5719.57px;letter-spacing:-0.7px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:278.76px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:534.42px;letter-spacing:-2.01px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:992.9px;letter-spacing:-0.43px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1355.13px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:1578.56px;letter-spacing:-0.61px;white-space:nowrap">dws.com</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:3910.4px;left:2363.5px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:4423.7px;left:0px;white-space:nowrap">G. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:194px;font-weight:bold;position:absolute;top:4423.7px;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:4423.7px;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:4423.7px;left:1912.1px;letter-spacing:-0.31px;white-space:nowrap">Ownership</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:0px;letter-spacing:-0.86px;white-space:nowrap">From </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:511.22px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:962.82px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:1197.43px;text-rendering:optimizeLegibility;white-space:nowrap">time, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:1702.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:2047.89px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:2541.71px;letter-spacing:-1.07px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:2961.73px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:3428.91px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;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:184px;font-weight:300;position:absolute;top:4776.4px;left:4860.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4776.4px;left:5090.4px;letter-spacing:-0.94px;white-space:nowrap">several </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5006.4px;left:0px;letter-spacing:-0.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5006.4px;left:1110.42px;letter-spacing:-0.48px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5006.4px;left:1947.24px;white-space:nowrap">holding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5006.4px;left:2654.82px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5006.4px;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:184px;font-weight:300;position:absolute;top:5006.4px;left:3750.42px;letter-spacing:-0.93px;white-space:nowrap">percentage </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5006.4px;left:4793.06px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5006.4px;left:5023.26px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:0px;letter-spacing:-0.45px;white-space:nowrap">outstanding. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:1154.46px;letter-spacing:-0.98px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:2193.66px;text-rendering:optimizeLegibility;white-space:nowrap">activities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:3017.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:3248.12px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:3786.94px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:4978.14px;letter-spacing:-0.36px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5236.4px;left:5511.17px;letter-spacing:-1.18px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:153.29px;letter-spacing:-0.48px;white-space:nowrap">material </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:933.82px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:1589.84px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:1868.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:2213.64px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:2761.28px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:3002.44px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:3458.23px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:3784.79px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:4334.37px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:4860.73px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5466.4px;left:5352.08px;letter-spacing:-0.32px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:0px;letter-spacing:-0.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:1191.2px;letter-spacing:-0.43px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:1601.23px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:2036.83px;letter-spacing:-0.92px;white-space:nowrap">approximately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:3341.14px;white-space:nowrap">26%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:3823.25px;white-space:nowrap">10% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:4251.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;left:4633.43px;white-space:nowrap">6%, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5696.4px;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:184px;font-weight:300;position:absolute;top:5696.4px;left:6141.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5926.4px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5926.4px;left:345.04px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5926.4px;left:1445.68px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5926.4px;left:2064.76px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5926.4px;left:2294.96px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5926.4px;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(28.800px,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:-0.71px;white-space:nowrap">Report </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1038.43px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:1405.65px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:0px;left:2487.25px;text-rendering:optimizeLegibility;letter-spacing:-0.33px;white-space:nowrap">Meeting</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:291px;font-weight:bold;position:absolute;top:408px;left:367.23px;letter-spacing:-0.62px;white-space:nowrap">Stockholders</div></div>
		</div>
		<div style="height:17.13px;left:0px;position:absolute;top:0px;transform:translate(280.800px,48.670px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:77.76px">
			<div style="width:1555.2px;height:241.88px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.04px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:179px;font-weight:bold;position:absolute;top:0px;left:505.3px;letter-spacing:-0.23px;white-space:nowrap">(Unaudited)</div></div>
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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">30 </div></div>
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		<div style="background-color:transparent;height:10.80px;left:0px;position:absolute;top:0px;transform:translate(41.150px,568.424px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAAtCAYAAACETLrHAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGD4z8DAwMDEAAWjjAFnAADYRAFZxfqA0wAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="height:14.42px;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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:486.59px;left:0px;position:absolute;top:0px;transform:translate(28.800px,70.936px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:329.76px">
			<div style="width:6595.2px;height:9647.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.22px) rotate(0deg) scale(0.05)">



























							<div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:379.09px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1047.79px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:1836.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:2066.47px;letter-spacing:-0.5px;white-space:nowrap">Stockholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3248.44px;white-space:nowrap">(the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:3659.22px;text-rendering:optimizeLegibility;letter-spacing:0.78px;white-space:nowrap">&#8220;Meeting&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4703.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:4933.35px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:0px;left:5312.44px;letter-spacing:-0.48px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Equity </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:600.49px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1148.13px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1513.25px;letter-spacing:-0.67px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:1902.66px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2338.25px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:2617.01px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3072.8px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3399.37px;white-space:nowrap">2025. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:3948.94px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4190.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:4535.14px;white-space:nowrap">close </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5035.51px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:5265.71px;white-space:nowrap">business </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:230px;left:6070.84px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:0px;letter-spacing:-1.07px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:431.84px;white-space:nowrap">16, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:758.4px;white-space:nowrap">2025, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1307.97px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:1653.01px;letter-spacing:-1.23px;white-space:nowrap">record </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2277.13px;letter-spacing:-0.86px;white-space:nowrap">date </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:2721.43px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3022.1px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:3367.14px;text-rendering:optimizeLegibility;letter-spacing:-0.38px;white-space:nowrap">determination </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4679.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:460px;left:4910.15px;letter-spacing:-0.7px;white-space:nowrap">stockholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">entitled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:733.58px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:968.19px;letter-spacing:-0.86px;white-space:nowrap">vote </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1406.15px;letter-spacing:-0.72px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1629.59px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:1974.63px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:2819.07px;letter-spacing:-0.54px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3345.44px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:3836.79px;white-space:nowrap">issued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4442.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:690px;left:4824.42px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:0px;white-space:nowrap">6,725,724 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:937.9px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:1556.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:1787.18px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2132.22px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:2750.97px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:3583.92px;letter-spacing:-0.69px;white-space:nowrap">stock, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:4145.3px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:4615.17px;letter-spacing:-0.54px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:5149.16px;white-space:nowrap">being </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:920px;left:5687.88px;text-rendering:optimizeLegibility;letter-spacing:-0.24px;white-space:nowrap">entitled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:0px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:234.61px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:622.08px;letter-spacing:-0.72px;white-space:nowrap">vote, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:1113.86px;text-rendering:optimizeLegibility;letter-spacing:-0.37px;white-space:nowrap">constituting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2208.7px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2459.1px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:2689.31px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:3034.35px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:3653.1px;letter-spacing:-0.49px;white-space:nowrap">outstanding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:4753.74px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:5349.39px;text-rendering:optimizeLegibility;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1150px;left:6291.91px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:345.04px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:1189.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:1534.52px;letter-spacing:-0.54px;white-space:nowrap">holders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2241.46px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:2471.67px;white-space:nowrap">5,274,402 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:3409.57px;letter-spacing:-0.46px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4028.64px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4258.85px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:4603.89px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:5222.64px;letter-spacing:-0.31px;white-space:nowrap">common </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1380px;left:6055.59px;letter-spacing:-0.81px;white-space:nowrap">stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:0px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:491.35px;letter-spacing:-0.9px;white-space:nowrap">represented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:1617.13px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:1829.72px;letter-spacing:-0.61px;white-space:nowrap">person </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2488.11px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2728.41px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:2988.37px;letter-spacing:-3.68px;white-space:nowrap">proxy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:3560.07px;text-rendering:optimizeLegibility;letter-spacing:-0.37px;white-space:nowrap">constituting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4654.91px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:4808.2px;white-space:nowrap">quorum. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5619.24px;letter-spacing:-1.61px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1610px;left:5860.4px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:0px;text-rendering:optimizeLegibility;letter-spacing:0.12px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:844.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:1189.48px;letter-spacing:-0.64px;white-space:nowrap">following </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:2044.78px;text-rendering:optimizeLegibility;letter-spacing:-1.07px;white-space:nowrap">matters </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:2769.98px;letter-spacing:-1.07px;white-space:nowrap">were </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:3261.33px;letter-spacing:-0.72px;white-space:nowrap">voted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:3813.58px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:4320.94px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:4580.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:4925.94px;letter-spacing:-0.65px;white-space:nowrap">stockholders. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:1840px;left:6144.53px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.32px;white-space:nowrap">resulting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:815.55px;letter-spacing:-0.72px;white-space:nowrap">votes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:1338.58px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:1673.2px;letter-spacing:-0.75px;white-space:nowrap">presented </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2070px;left:2617.66px;letter-spacing:-0.11px;white-space:nowrap">below:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:0px;white-space:nowrap">1.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:259.2px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:510.14px;white-space:nowrap">elect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:991.71px;letter-spacing:-0.54px;white-space:nowrap">two </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:1380.04px;white-space:nowrap">(2) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:1672.76px;white-space:nowrap">Class </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:2162.5px;white-space:nowrap">II </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:2319.66px;letter-spacing:-0.88px;white-space:nowrap">Directors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:3221.68px;white-space:nowrap">each </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:3691.54px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:3926.15px;white-space:nowrap">serve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:4451.02px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:4751.69px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:4904.98px;letter-spacing:-0.43px;white-space:nowrap">term </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:5383.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2415.2px;left:5613.64px;letter-spacing:-0.54px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:259.2px;letter-spacing:-1.16px;white-space:nowrap">years </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:772.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:1154.02px;text-rendering:optimizeLegibility;letter-spacing:-0.36px;white-space:nowrap">until </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:1597.89px;white-space:nowrap">his </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:1895.56px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:2135.86px;white-space:nowrap">her </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:2484.44px;white-space:nowrap">successor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:3390.12px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:3573.49px;letter-spacing:-0.27px;white-space:nowrap">elected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:4275.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:2645.2px;left:4657.8px;text-rendering:optimizeLegibility;white-space:nowrap">qualifies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:379.09px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:914.7px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:1762.9px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:1993.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:2338.14px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:2831.96px;white-space:nowrap">whose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:3458.23px;letter-spacing:-0.36px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:4021.77px;text-rendering:optimizeLegibility;letter-spacing:-0.43px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:4960.53px;text-rendering:optimizeLegibility;letter-spacing:-0.54px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:5428.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4228.8px;left:5773.17px;text-rendering:optimizeLegibility;letter-spacing:-0.13px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:0px;letter-spacing:-0.81px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:334.62px;letter-spacing:-5.91px;white-space:nowrap">Mr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:676.22px;letter-spacing:-0.36px;white-space:nowrap">Bernhard </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:1547.3px;letter-spacing:-0.61px;white-space:nowrap">Koepp, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:2209.56px;letter-spacing:-5.91px;white-space:nowrap">Dr. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:2498.85px;letter-spacing:-2.39px;white-space:nowrap">Wolfgang </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:3374.01px;white-space:nowrap">Leoni </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:3902.21px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:4284.09px;white-space:nowrap">Ms. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:4658.56px;letter-spacing:-0.1px;white-space:nowrap">Hepsen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4458.8px;left:5374.53px;letter-spacing:-0.75px;white-space:nowrap">Uzcan.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:0px;white-space:nowrap">2.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:259.2px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:510.14px;text-rendering:optimizeLegibility;letter-spacing:-0.77px;white-space:nowrap">ratify </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:1015.77px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:1360.81px;letter-spacing:-0.36px;white-space:nowrap">appointment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:2557.6px;letter-spacing:-0.36px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:2817.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:3162.6px;white-space:nowrap">Audit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:3685.74px;text-rendering:optimizeLegibility;letter-spacing:-0.21px;white-space:nowrap">Committee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:4716.67px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:5098.56px;letter-spacing:0px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:5443.59px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:4804px;left:6016.26px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:259.2px;letter-spacing:-0.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:1107.4px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:1337.61px;letter-spacing:-0.45px;white-space:nowrap">Ernst </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:1839.7px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:2036.82px;letter-spacing:-2.6px;white-space:nowrap">Young </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:2620.66px;letter-spacing:-5.8px;white-space:nowrap">LLP, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:2991.26px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:3258.85px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:4439.2px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:5022.5px;text-rendering:optimizeLegibility;letter-spacing:-0.39px;white-space:nowrap">accounting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5034px;left:6038.5px;text-rendering:optimizeLegibility;white-space:nowrap">firm, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:259.2px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:497.57px;letter-spacing:-0.18px;white-space:nowrap">independent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:1677.92px;letter-spacing:-0.72px;white-space:nowrap">auditors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:2449.85px;letter-spacing:-1.34px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:2750.53px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:3095.57px;text-rendering:optimizeLegibility;letter-spacing:-0.31px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:3587.45px;letter-spacing:-0.54px;white-space:nowrap">year </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:4019.61px;white-space:nowrap">ending </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:4672.63px;white-space:nowrap">December </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:5639.75px;white-space:nowrap">31, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:5264px;left:5966.31px;white-space:nowrap">2025.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:0px;white-space:nowrap">3.	</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:259.2px;letter-spacing:-6.62px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:510.14px;letter-spacing:-0.18px;white-space:nowrap">adopt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:1077.97px;text-rendering:optimizeLegibility;white-space:nowrap">Articles </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:1782.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:2012.75px;letter-spacing:-0.21px;white-space:nowrap">Amendment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:3164.96px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:3399.57px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:3744.61px;letter-spacing:-1.99px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:4363.36px;letter-spacing:-0.27px;white-space:nowrap">charter </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:5055.05px;letter-spacing:-0.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:5289.66px;letter-spacing:-0.43px;white-space:nowrap">eliminate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6568.6px;left:6162.35px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6798.6px;left:259.2px;text-rendering:optimizeLegibility;letter-spacing:-0.29px;white-space:nowrap">classification </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6798.6px;left:1427.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6798.6px;left:1658.05px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6798.6px;left:2003.09px;letter-spacing:-0.54px;white-space:nowrap">Board </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6798.6px;left:2575.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;font-weight:300;position:absolute;top:6798.6px;left:2805.96px;letter-spacing:-0.97px;white-space:nowrap">Directors.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3077.4px;left:4522.52px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3077.4px;left:5175.99px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3077.4px;left:5370.4px;letter-spacing:-2.11px;white-space:nowrap">Votes</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3356.4px;left:4314.61px;letter-spacing:-0.73px;white-space:nowrap">For</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:3356.4px;left:5528.03px;white-space:nowrap">Withheld</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:270px;white-space:nowrap">Ms. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:576.39px;white-space:nowrap">Fiona </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:1011.71px;letter-spacing:0.11px;white-space:nowrap">Flannery</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:4071.86px;white-space:nowrap">5,016,825</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3635.4px;left:5579.49px;white-space:nowrap">257,574</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:270px;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:3914.4px;left:506.69px;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:3914.4px;left:1026.47px;letter-spacing:-0.35px;white-space:nowrap">Hatje</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:4071.86px;white-space:nowrap">5,074,113</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:3914.4px;left:5579.49px;white-space:nowrap">200,285</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5696.2px;left:2799.92px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5696.2px;left:3453.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5696.2px;left:3647.8px;letter-spacing:-2.11px;white-space:nowrap">Votes</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5975.2px;left:1224.01px;letter-spacing:-0.73px;white-space:nowrap">For</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5975.2px;left:3186.61px;letter-spacing:-0.73px;white-space:nowrap">Against</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:5975.2px;left:5268.76px;letter-spacing:-0.67px;white-space:nowrap">Abstain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6254.2px;left:981.26px;white-space:nowrap">5,066,858</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6254.2px;left:3167.49px;white-space:nowrap">171,871</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:6254.2px;left:5301.11px;white-space:nowrap">35,673</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7230.8px;left:2799.92px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7230.8px;left:3453.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7230.8px;left:3647.8px;letter-spacing:-2.11px;white-space:nowrap">Votes</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7509.8px;left:1224.01px;letter-spacing:-0.73px;white-space:nowrap">For</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7509.8px;left:3186.61px;letter-spacing:-0.73px;white-space:nowrap">Against</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:149px;font-weight:bold;position:absolute;top:7509.8px;left:5268.76px;letter-spacing:-0.67px;white-space:nowrap">Abstain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7788.8px;left:981.26px;white-space:nowrap">3,712,536</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7788.8px;left:3167.49px;white-space:nowrap">131,594</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:7788.8px;left:5301.11px;white-space:nowrap">22,294</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: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: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">31 </div></div>
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		<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:-0.55px;white-space:nowrap">dws.com/en-us/resources/proxy-voting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5040px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5236.61px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5464.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:5746.99px;letter-spacing:-0.66px;white-space:nowrap">SEC&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8038.6px;left:6163.15px;letter-spacing:-1.65px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:1670.8px;letter-spacing:-0.35px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:1967.17px;white-space:nowrap">&#8212; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:2170.81px;letter-spacing:-1.76px;white-space:nowrap">sec.gov. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:2776.29px;letter-spacing:-5.42px;white-space:nowrap">To </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:2981.6px;letter-spacing:-0.5px;white-space:nowrap">obtain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:3483.28px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:3608.7px;text-rendering:optimizeLegibility;letter-spacing:-0.22px;white-space:nowrap">written </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:4169.62px;letter-spacing:-0.53px;white-space:nowrap">copy </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:4550.98px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:4739.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:5021.63px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:5527.88px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8254.6px;left:6110.24px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:1670.8px;letter-spacing:-0.56px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:2527.91px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:3133.3px;letter-spacing:-0.49px;white-space:nowrap">charge, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:3704.24px;white-space:nowrap">upon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:4119.34px;letter-spacing:-0.54px;white-space:nowrap">request, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:4754.97px;letter-spacing:-0.35px;white-space:nowrap">call </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5034.64px;white-space:nowrap">us </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5238.46px;letter-spacing:-0.35px;white-space:nowrap">toll </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5509.86px;letter-spacing:-0.53px;white-space:nowrap">free </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8470.6px;left:5841.65px;letter-spacing:-0.88px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8686.6px;left:1670.8px;white-space:nowrap">(800) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:8686.6px;left:2092.76px;white-space:nowrap">437-6269.</div></div>
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			<div style="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:532.44px;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: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, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:3189.9px;text-rendering:optimizeLegibility;letter-spacing:-0.25px;white-space:nowrap">fiscal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:3592.35px;text-rendering:optimizeLegibility;letter-spacing:-0.95px;white-space:nowrap">first </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:3911.04px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:4223.5px;letter-spacing:-0.44px;white-space:nowrap">third </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:4609.51px;letter-spacing:-0.61px;white-space:nowrap">quarter-end, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:5561.37px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:151.2px;left:5686.79px;letter-spacing:-0.49px;white-space:nowrap">complete </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:2331.91px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:2980.46px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">listing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:3443.38px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:3593.41px;letter-spacing:-0.57px;white-space:nowrap">posted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:4128.75px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:4356.83px;letter-spacing:-0.39px;white-space:nowrap">dws.com, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:5083.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:5396.22px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:5546.25px;letter-spacing:-0.57px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:367.2px;left:6216.24px;letter-spacing:-0.53px;white-space:nowrap">free </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:1670.8px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:1859.15px;letter-spacing:-0.57px;white-space:nowrap">charge </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:2386.05px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:2598.75px;text-rendering:optimizeLegibility;letter-spacing:-0.56px;white-space:nowrap">contacting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:3393.02px;letter-spacing:-0.44px;white-space:nowrap">your </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:3760.31px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:4406.4px;letter-spacing:-1.19px;white-space:nowrap">intermediary, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:5408.52px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:5605.14px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:5739.34px;letter-spacing:-0.55px;white-space:nowrap">you </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:6044.59px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:583.2px;left:6318.37px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:1670.8px;letter-spacing:-0.38px;white-space:nowrap">direct </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:2128.8px;letter-spacing:-2.55px;white-space:nowrap">investor, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:2774.09px;letter-spacing:-0.29px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:2986.79px;letter-spacing:-0.22px;white-space:nowrap">calling </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:3484.07px;white-space:nowrap">(800) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:3906.03px;white-space:nowrap">728-3337. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:4684.48px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:4862.64px;text-rendering:optimizeLegibility;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:5543.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:799.2px;left:5826.01px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:1670.8px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:2319.34px;text-rendering:optimizeLegibility;letter-spacing:-0.27px;white-space:nowrap">listing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:2782.26px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:2932.29px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:3288.08px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:3646.93px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:3929.24px;letter-spacing:-0.44px;white-space:nowrap">SEC </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:4233.95px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:4462.03px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:4744.34px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:5250.59px;letter-spacing:-0.53px;white-space:nowrap">Form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1015.2px;left:5669.74px;letter-spacing:-0.25px;white-space:nowrap">N-PORT </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:1670.8px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:1983.25px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:2268.9px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:2492.05px;letter-spacing:-0.57px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:3162.04px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:3390.12px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:3672.42px;letter-spacing:-0.66px;white-space:nowrap">SEC&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4088.58px;letter-spacing:-1.65px;white-space:nowrap">Web </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4463.7px;letter-spacing:-0.35px;white-space:nowrap">site </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4760.07px;letter-spacing:-0.59px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:4942.88px;letter-spacing:-1.76px;white-space:nowrap">sec.gov. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1231.2px;left:5548.36px;text-rendering:optimizeLegibility;white-space:nowrap">Additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:2331.91px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:2980.46px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:3226.46px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:3508.77px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:3912.8px;letter-spacing:-0.66px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:4186.58px;white-space:nowrap">also </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:4515.2px;letter-spacing:-0.57px;white-space:nowrap">posted </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:5050.55px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:5278.62px;letter-spacing:-0.44px;white-space:nowrap">dws.com </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1447.2px;left:5961.53px;letter-spacing:-0.7px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:1670.8px;text-rendering:optimizeLegibility;white-space:nowrap">time </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:2040.29px;letter-spacing:-0.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:2232.25px;text-rendering:optimizeLegibility;white-space:nowrap">time. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:2645.77px;white-space:nowrap">Please </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:3149.82px;white-space:nowrap">see </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:3438.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:3720.32px;letter-spacing:-1.63px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:4226.57px;letter-spacing:-0.55px;white-space:nowrap">current </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:4798.65px;letter-spacing:-0.32px;white-space:nowrap">prospectus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:5636.16px;letter-spacing:-1.1px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1663.2px;left:5882.17px;letter-spacing:-0.53px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:152px;font-weight:300;position:absolute;top:1879.2px;left:1670.8px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">information.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size: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:193px;font-weight:bold;position:absolute;top:0px;left:0px;letter-spacing:-0.41px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:573.96px;letter-spacing:-0.62px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:918.78px;letter-spacing:-0.41px;white-space:nowrap">three </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:1460.08px;white-space:nowrap">closed-end </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:2504.97px;white-space:nowrap">funds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:3066.25px;text-rendering:optimizeLegibility;letter-spacing:-0.76px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:3934.22px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:4156.04px;letter-spacing:-0.3px;white-space:nowrap">European </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:0px;left:5080.41px;text-rendering:optimizeLegibility;white-space:nowrap">equities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:0px;white-space:nowrap">advised </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:751.09px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:1145.55px;letter-spacing:-0.59px;white-space:nowrap">administered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:2401.2px;letter-spacing:-0.39px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:2672.01px;white-space:nowrap">wholly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:3334.27px;letter-spacing:-0.07px;white-space:nowrap">owned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:4012.64px;letter-spacing:-0.08px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:5138.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:5376.04px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:280px;left:5730.85px;letter-spacing:-0.81px;white-space:nowrap">DWS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:193px;font-weight:bold;position:absolute;top:560px;left:0px;letter-spacing:-0.45px;white-space:nowrap">Group:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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:184px;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-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-3</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-028303-14 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:300;position:absolute;top:0px;left:759.54px;white-space:nowrap">(8/25)</div></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">
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    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b) Not applicable</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 2.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Code of Ethics.</B></TD></TR>
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    <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>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
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    <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>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 3.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Audit Committee Financial Expert.</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 4.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Principal Accountant Fees and Services.</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 5.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Audit Committee of Listed Registrants.</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
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    <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>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 6.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Investments.</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 7.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Financial Statements and Financial Highlights for Open-End Management Investment Companies.</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 84%">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 8.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 84%">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 9.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Proxy Disclosures for Open-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 10.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 11.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Statement Regarding Basis for Approval of Investment Advisory Contract.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 12.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 13.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Portfolio Managers of Closed-End Management Investment Companies.</B></TD></TR>
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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">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Hansjoerg Pack*, Director, Senior Portfolio Manager Equity and Portfolio Manager of the Fund</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">Joined DWS in 1997 and the Fund in 2025.</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: 0.25in"></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">BA in Business Administration from Sheffield Hallam University; Master's Degree in Economics (&quot;Diplom-Volkswirt&quot;) from University of Duisburg-Essen; CEFA - Certified European Financial Analyst.</FONT></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">* <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Hansjoerg Pack replaced Juan Barriobero de la Pisa as portfolio manager of the Fund effective July 1, 2025.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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 semi-annual report dated June 30, 2025.</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 semi-annual report dated June 30, 2025.</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"><FONT STYLE="font-size: 12pt">Juan Barriobero de la Pisa</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>
    <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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Hansjoerg Pack</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>
    <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">$100,001 - $500,000</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>
  </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 semi-annual report dated June 30, 2025.</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">Hansjoerg Pack</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">$216,329,865</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>
  </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>&nbsp;</B></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>&nbsp;</B></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>&nbsp;</B></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>&nbsp;</B></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>&nbsp;</B></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>&nbsp;</B></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>&nbsp;</B></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">$63,661,443</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">Hansjoerg Pack</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">2</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$2,611,088,747</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>
  </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">&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">Hansjoerg Pack</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>
  </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>
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<P STYLE="margin: 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 16%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 84%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 14.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="height: 71.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 29%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 71.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 71.5pt">
    <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: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 71.5pt">
    <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: 22%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 71.5pt">
    <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: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 71.5pt">
    <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: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&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: 14.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&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: 14.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&nbsp;</TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt"><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: 14.5pt; 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: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 1 through February 29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&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;</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: 14.5pt; 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: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt"><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: 14.5pt; 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: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&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;</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: 14.5pt; 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: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt"><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: 14.5pt; 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: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$&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;</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: 14.5pt; 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: 14.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="height: 14.5pt; 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: 14.5pt">&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: 14.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; 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: 14.5pt; 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: 14.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="height: 14.5pt; 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: 14.5pt"><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: 14.5pt; 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; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; 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;</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: 14.5pt; 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; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt; 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: 14.5pt"><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: 14.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="height: 40.05pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 40.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025. </FONT></TD></TR>
  <TR STYLE="height: 14.5pt; vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.5pt">&nbsp;</TD></TR>
  <TR STYLE="height: 0.75in; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 25, 2025, 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, 2025 through July 31, 2026. The Fund did not repurchase shares between December 1, 2024 and June 30, 2025.</FONT></TD></TR>
  <TR STYLE="height: 9pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 9pt">&nbsp;</TD></TR>
  <TR STYLE="height: 41.85pt; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 41.85pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">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% Arial, 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 Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 15.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&#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.&nbsp;&nbsp;Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 16.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Controls and Procedures.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD STYLE="width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">The Chief Executive and Financial Officers concluded that the Registrant&#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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b) </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">There have been no changes in the registrant&#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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 17.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 18.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Recovery of Erroneously Awarded Compensation.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Item 19.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Exhibits</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99cert.htm" STYLE="-sec-extract: exhibit">Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99906cert.htm" STYLE="-sec-extract: exhibit">Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</A></TD></TR>
  </TABLE>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">The European Equity Fund, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Executive Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">8/29/2025</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">&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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Executive Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">8/29/2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Diane Kenneally</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Diane Kenneally</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Financial Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">8/29/2025</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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</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-CSRS 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, Hepsen Uzcan, certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>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 of the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>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></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%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt">8/29/2025</TD>
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt"><P>/s/Hepsen Uzcan</P>
</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; font-size: 10pt; color: #0F4761; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; text-align: right; font-size: 14pt; color: #0F4761">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt">Principal Executive Officer</TD></TR>
  </TABLE>
<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-CSRS Certification under Sarbanes Oxley Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>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 of the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>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></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="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">8/29/2025</TD>
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt"><P>/s/Diane Kenneally</P>
</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; color: #0F4761; font-style: italic">&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-bottom: 4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; text-align: right; font-size: 14pt; color: #0F4761">&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"><B></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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</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>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, Hepsen Uzcan, certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (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%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt">8/29/2025</TD>
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt">/s/Hepsen Uzcan</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; font-size: 10pt; color: #0F4761; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; text-align: right; font-size: 14pt; color: #0F4761">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-size: 10pt">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">&nbsp;</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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (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">8/29/2025</TD>
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">/s/Diane Kenneally</TD></TR>
  <TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; color: #0F4761; font-style: italic">&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-bottom: 4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: normal; text-align: right; font-size: 14pt; color: #0F4761">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt">Principal Financial Officer</TD></TR>
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