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Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 337.45 Td (Fees and Expenses of the Fund) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 324.25 Td (The ) Tj ET Q q 0 0 0 rg BT 56.79 324.25 Td (following ) Tj ET Q q 0 0 0 rg BT 103.26 324.25 Td (table ) Tj ET Q q 0 0 0 rg BT 128.32 324.25 Td (describes ) Tj ET Q q 0 0 0 rg BT 172.94 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.07 324.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 211.47 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.04 324.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.44 324.25 Td (you ) Tj ET Q q 0 0 0 rg BT 294.63 324.25 Td (may ) Tj ET Q q 0 0 0 rg BT 317.26 324.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 336.83 324.25 Td (if ) Tj ET Q q 0 0 0 rg BT 347.24 324.25 Td (you ) Tj ET Q q 0 0 0 rg BT 367.43 324.25 Td (buy ) Tj ET Q q 0 0 0 rg BT 387.62 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.19 324.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 430.44 324.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 461.62 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.47 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.60 324.25 Td (Fund. ) Tj ET Q q 0 0 0 rg BT 520.39 324.25 Td (The ) Tj ET Q q 0 0 0 rg BT 541.18 324.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 562.58 324.25 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 311.05 Td (expressed ) Tj ET Q q 0 0 0 rg BT 82.15 311.05 Td (as ) Tj ET Q q 0 0 0 rg BT 94.08 311.05 Td (a ) Tj ET Q q 0 0 0 rg BT 101.74 311.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 152.15 311.05 Td (of ) Tj ET Q q 0 0 0 rg BT 164.08 311.05 Td (the ) Tj ET Q q 0 0 0 rg BT 180.30 311.05 Td (Fund) Tj ET Q q 0 0 0 rg BT 205.97 311.05 Td (s ) Tj ET Q q 0 0 0 rg BT 213.02 311.05 Td (average ) Tj ET Q q 0 0 0 rg BT 249.99 311.05 Td (net ) Tj ET Q q 0 0 0 rg BT 266.20 311.05 Td (assets. ) Tj ET Q q 0 0 0 rg BT 297.19 311.05 Td (This ) Tj ET Q q 0 0 0 rg BT 319.52 311.05 Td (table ) Tj ET Q q 0 0 0 rg BT 343.67 311.05 Td (and ) Tj ET Q q 0 0 0 rg BT 362.33 311.05 Td (the ) Tj ET Q q 0 0 0 rg BT 378.54 311.05 Td (Example ) Tj ET Q q 0 0 0 rg BT 420.41 311.05 Td (below ) Tj ET Q q 0 0 0 rg BT 450.07 311.05 Td (do ) Tj ET Q q 0 0 0 rg BT 463.84 311.05 Td (not ) Tj ET Q q 0 0 0 rg BT 480.68 311.05 Td (include ) Tj ET Q q 0 0 0 rg BT 515.83 311.05 Td (the ) Tj ET Q q 0 0 0 rg BT 532.04 311.05 Td (brokerage ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 297.85 Td (commissions ) Tj ET Q q 0 0 0 rg BT 96.20 297.85 Td (that ) Tj ET Q q 0 0 0 rg BT 115.44 297.85 Td (investors ) Tj ET Q q 0 0 0 rg BT 157.91 297.85 Td (may ) Tj ET Q q 0 0 0 rg BT 179.60 297.85 Td (pay ) Tj ET Q q 0 0 0 rg BT 198.23 297.85 Td (on ) Tj ET Q q 0 0 0 rg BT 211.98 297.85 Td (their ) Tj ET Q q 0 0 0 rg BT 234.89 297.85 Td (purchases ) Tj ET Q q 0 0 0 rg BT 281.01 297.85 Td (and ) Tj ET Q q 0 0 0 rg BT 299.65 297.85 Td (sales ) Tj ET Q q 0 0 0 rg BT 323.78 297.85 Td (of ) Tj ET Q q 0 0 0 rg BT 335.69 297.85 Td (Fund ) Tj ET Q q 0 0 0 rg BT 361.06 297.85 Td (shares.) Tj ET Q 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 278.35 458.00 -26.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 252.35 458.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 237.35 458.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 222.35 458.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 207.35 458.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 278.35 m 36.5 252.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 278.35 m 494.5 252.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 278.35 m 494.5 278.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 252.35000000000002 m 494.5 252.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 278.35 m 558.5 252.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 278.35 m 558.5 278.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 252.35000000000002 m 558.5 252.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 252.35000000000002 m 36.5 237.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 252.35000000000002 m 494.5 237.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 237.35000000000002 m 494.5 237.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 252.35000000000002 m 558.5 237.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 237.35000000000002 m 558.5 237.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 237.35000000000002 m 36.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 237.35000000000002 m 494.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 222.35000000000002 m 494.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 237.35000000000002 m 558.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 222.35000000000002 m 558.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 222.35000000000002 m 36.5 207.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 222.35000000000002 m 494.5 207.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 207.35000000000002 m 494.5 207.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 222.35000000000002 m 558.5 207.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 207.35000000000002 m 558.5 207.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 207.35000000000002 m 36.5 193.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 207.35000000000002 m 494.5 193.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 193.35000000000002 m 494.5 193.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 207.35000000000002 m 558.5 193.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 193.35000000000002 m 558.5 193.35000000000002 l s BT /F2 11.00 Tf ET q 0 0 0 rg BT 42.00 268.40 Td (Annual Fund Operating Expenses) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 201.85 268.40 Td ( \(expenses that you pay each year as a percentage of the value of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 42.00 257.22 Td (your investment\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 51.00 242.22 Td (Management Fees) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 511.75 242.22 Td (0.65%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 51.00 227.22 Td (Distribution and/or Service \(12b-1\) Fees) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 514.05 227.22 Td (None) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 51.00 212.22 Td (Other Expenses) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 511.75 212.22 Td (0.00%) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 39.00 197.40 Td (T) Tj ET Q q 0 0 0 rg BT 45.33 197.40 Td (otal ) Tj ET Q q 0 0 0 rg BT 65.19 197.40 Td (Annual Fund Operating Expenses) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 510.85 197.40 Td (0.65%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 171.65 Td (Example) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 158.45 Td (The ) Tj ET Q q 0 0 0 rg BT 55.22 158.45 Td (following ) Tj ET Q q 0 0 0 rg BT 100.12 158.45 Td (example ) Tj ET Q q 0 0 0 rg BT 139.49 158.45 Td (is ) Tj ET Q q 0 0 0 rg BT 148.95 158.45 Td (intended ) Tj ET Q q 0 0 0 rg BT 188.95 158.45 Td (to ) Tj ET Q q 0 0 0 rg BT 199.62 158.45 Td (help ) Tj ET Q q 0 0 0 rg BT 220.68 158.45 Td (retail ) Tj ET Q q 0 0 0 rg BT 245.39 158.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 287.23 158.45 Td (compare ) Tj ET Q q 0 0 0 rg BT 327.22 158.45 Td (the ) Tj ET Q q 0 0 0 rg BT 342.78 158.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 362.61 158.45 Td (of ) Tj ET Q q 0 0 0 rg BT 373.90 158.45 Td (investing ) Tj ET Q q 0 0 0 rg BT 416.35 158.45 Td (in ) Tj ET Q q 0 0 0 rg BT 427.02 158.45 Td (the ) Tj ET Q q 0 0 0 rg BT 442.58 158.45 Td (Fund ) Tj ET Q q 0 0 0 rg BT 467.32 158.45 Td (with ) Tj ET Q q 0 0 0 rg BT 488.99 158.45 Td (the ) Tj ET Q q 0 0 0 rg BT 504.55 158.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 524.39 158.45 Td (of ) Tj ET Q q 0 0 0 rg BT 535.67 158.45 Td (investing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 145.20 Td (in ) Tj ET Q q 0 0 0 rg BT 47.62 145.20 Td (other ) Tj ET Q q 0 0 0 rg BT 73.29 145.20 Td (funds. ) Tj ET Q q 0 0 0 rg BT 103.55 145.20 Td (It ) Tj ET Q q 0 0 0 rg BT 113.34 145.20 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 159.18 145.20 Td (the ) Tj ET Q q 0 0 0 rg BT 175.68 145.20 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 233.12 145.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 275.89 145.20 Td (that ) Tj ET Q q 0 0 0 rg BT 295.46 145.20 Td (such ) Tj ET Q q 0 0 0 rg BT 318.69 145.20 Td (investors ) Tj ET Q q 0 0 0 rg BT 361.47 145.20 Td (would ) Tj ET Q q 0 0 0 rg BT 392.04 145.20 Td (incur ) Tj ET Q q 0 0 0 rg BT 417.71 145.20 Td (over ) Tj ET Q q 0 0 0 rg BT 440.32 145.20 Td (various ) Tj ET Q q 0 0 0 rg BT 475.77 145.20 Td (periods ) Tj ET Q q 0 0 0 rg BT 511.22 145.20 Td (if ) Tj ET Q q 0 0 0 rg BT 521.00 145.20 Td (they ) Tj ET Q q 0 0 0 rg BT 543.01 145.20 Td (were ) Tj ET Q q 0 0 0 rg BT 567.45 145.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 132.00 Td (invest ) Tj ET Q q 0 0 0 rg BT 64.99 132.00 Td ($10,000 ) Tj ET Q q 0 0 0 rg BT 103.46 132.00 Td (in ) Tj ET Q q 0 0 0 rg BT 114.73 132.00 Td (the ) Tj ET Q q 0 0 0 rg BT 130.88 132.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 156.21 132.00 Td (for ) Tj ET Q q 0 0 0 rg BT 171.76 132.00 Td (the ) Tj ET Q q 0 0 0 rg BT 187.91 132.00 Td (time ) Tj ET Q q 0 0 0 rg BT 210.18 132.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 245.27 132.00 Td (indicated ) Tj ET Q q 0 0 0 rg BT 288.30 132.00 Td (and ) Tj ET Q q 0 0 0 rg BT 306.90 132.00 Td (then ) Tj ET Q q 0 0 0 rg BT 328.56 132.00 Td (redeem ) Tj ET Q q 0 0 0 rg BT 363.64 132.00 Td (all ) Tj ET Q q 0 0 0 rg BT 377.35 132.00 Td (of ) Tj ET Q q 0 0 0 rg BT 389.23 132.00 Td (the ) Tj ET Q q 0 0 0 rg BT 405.38 132.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 435.58 132.00 Td (at ) Tj ET Q q 0 0 0 rg BT 446.24 132.00 Td (the ) Tj ET Q q 0 0 0 rg BT 462.39 132.00 Td (end ) Tj ET Q q 0 0 0 rg BT 480.99 132.00 Td (of ) Tj ET Q q 0 0 0 rg BT 492.87 132.00 Td (those ) Tj ET Q q 0 0 0 rg BT 518.80 132.00 Td (periods. ) Tj ET Q q 0 0 0 rg BT 556.45 132.00 Td (This ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 118.80 Td (example ) Tj ET Q q 0 0 0 rg BT 75.90 118.80 Td (assumes ) Tj ET Q q 0 0 0 rg BT 115.20 118.80 Td (that ) Tj ET Q q 0 0 0 rg BT 134.33 118.80 Td (the ) Tj ET Q q 0 0 0 rg BT 150.41 118.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 175.67 118.80 Td (provides ) Tj ET Q q 0 0 0 rg BT 216.19 118.80 Td (a ) Tj ET Q q 0 0 0 rg BT 223.71 118.80 Td (return ) Tj ET Q q 0 0 0 rg BT 252.61 118.80 Td (of ) Tj ET Q q 0 0 0 rg BT 264.41 118.80 Td (5% ) Tj ET Q q 0 0 0 rg BT 281.72 118.80 Td (a ) Tj ET Q q 0 0 0 rg BT 289.24 118.80 Td (year ) Tj ET Q q 0 0 0 rg BT 310.80 118.80 Td (and ) Tj ET Q q 0 0 0 rg BT 329.32 118.80 Td (that ) Tj ET Q q 0 0 0 rg BT 348.46 118.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 392.64 118.80 Td (expenses ) Tj ET Q q 0 0 0 rg BT 434.98 118.80 Td (remain ) Tj ET Q q 0 0 0 rg BT 468.16 118.80 Td (the ) Tj ET Q q 0 0 0 rg BT 484.24 118.80 Td (same. ) Tj ET Q q 0 0 0 rg BT 511.65 118.80 Td (Although ) Tj ET Q q 0 0 0 rg BT 555.84 118.80 Td (your ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 105.60 Td (actual ) Tj ET Q q 0 0 0 rg BT 65.01 105.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 89.76 105.60 Td (may ) Tj ET Q q 0 0 0 rg BT 111.45 105.60 Td (be ) Tj ET Q q 0 0 0 rg BT 124.58 105.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 155.43 105.60 Td (or ) Tj ET Q q 0 0 0 rg BT 167.34 105.60 Td (lower) Tj ET Q q 0 0 0 rg BT 191.95 105.60 Td (, ) Tj ET Q q 0 0 0 rg BT 197.45 105.60 Td (based ) Tj ET Q q 0 0 0 rg BT 225.25 105.60 Td (on ) Tj ET Q q 0 0 0 rg BT 239.00 105.60 Td (these ) Tj ET Q q 0 0 0 rg BT 264.35 105.60 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 324.24 105.60 Td (your ) Tj ET Q q 0 0 0 rg BT 347.15 105.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 371.90 105.60 Td (would ) Tj ET Q q 0 0 0 rg BT 402.15 105.60 Td (be:) Tj ET Q 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 125.50 86.10 90.00 -14.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 215.50 86.10 90.00 -14.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 305.50 86.10 90.00 -14.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 395.50 86.10 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 86.10000000000002 m 125.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 86.10000000000002 m 215.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 86.10000000000002 m 215.5 86.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 72.10000000000002 m 215.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 86.10000000000002 m 305.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 86.10000000000002 m 305.5 86.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 72.10000000000002 m 305.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 86.10000000000002 m 395.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 86.10000000000002 m 395.5 86.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 72.10000000000002 m 395.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 86.10000000000002 m 485.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 86.10000000000002 m 485.5 86.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 72.10000000000002 m 485.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 72.10000000000002 m 125.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 72.10000000000002 m 215.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 72.10000000000002 m 215.5 72.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 57.10000000000002 m 215.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 72.10000000000002 m 305.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 57.10000000000002 m 305.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 72.10000000000002 m 395.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 57.10000000000002 m 395.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 72.10000000000002 m 485.5 57.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 57.10000000000002 m 485.5 57.10000000000002 l s BT /F2 11.00 Tf ET q 0 0 0 rg BT 155.15 76.15 Td (1) Tj ET Q q 0 0 0 rg BT 163.20 76.15 Td (Y) Tj ET Q q 0 0 0 rg BT 170.33 76.15 Td (ear) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 242.90 76.15 Td (3 ) Tj ET Q q 0 0 0 rg BT 250.74 76.15 Td (Y) Tj ET Q q 0 0 0 rg BT 257.47 76.15 Td (ears) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 332.90 76.15 Td (5 ) Tj ET Q q 0 0 0 rg BT 340.95 76.15 Td (Y) Tj ET Q q 0 0 0 rg BT 348.08 76.15 Td (ears) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 420.15 76.15 Td (10 ) Tj ET Q q 0 0 0 rg BT 433.49 76.15 Td (Y) Tj ET Q q 0 0 0 rg BT 440.22 76.15 Td (ears) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.75 61.97 Td ($66) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 249.00 61.97 Td ($208) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 339.00 61.97 Td ($362) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 429.00 61.97 Td ($810) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 245.00 0 0 54.00 38.00 667.62 cm /I1 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (2) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 739.60 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 80.09 739.60 Td (T) Tj ET Q q 0 0 0 rg BT 86.42 739.60 Td (urnover) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 726.40 Td (The ) Tj ET Q q 0 0 0 rg BT 56.46 726.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 82.44 726.40 Td (pays ) Tj ET Q q 0 0 0 rg BT 105.96 726.40 Td (transaction ) Tj ET Q q 0 0 0 rg BT 157.58 726.40 Td (costs, ) Tj ET Q q 0 0 0 rg BT 185.70 726.40 Td (such ) Tj ET Q q 0 0 0 rg BT 209.22 726.40 Td (as ) Tj ET Q q 0 0 0 rg BT 221.74 726.40 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 285.30 726.40 Td (when ) Tj ET Q q 0 0 0 rg BT 312.49 726.40 Td (it ) Tj ET Q q 0 0 0 rg BT 321.96 726.40 Td (buys ) Tj ET Q q 0 0 0 rg BT 346.11 726.40 Td (and ) Tj ET Q q 0 0 0 rg BT 365.35 726.40 Td (sells ) Tj ET Q q 0 0 0 rg BT 388.27 726.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 433.17 726.40 Td (\(or ) Tj ET Q q 0 0 0 rg BT 449.35 726.40 Td (turns ) Tj ET Q q 0 0 0 rg BT 479.60 726.40 Td (over ) Tj ET Q q 0 0 0 rg BT 507.39 726.40 Td (its ) Tj ET Q q 0 0 0 rg BT 521.14 726.40 Td (portfolio\). ) Tj ET Q q 0 0 0 rg BT 568.67 726.40 Td (A) Tj ET Q q 0 0 0 rg BT 576.00 726.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 713.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 66.35 713.20 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 107.09 713.20 Td (turnover ) Tj ET Q q 0 0 0 rg BT 146.61 713.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 165.34 713.20 Td (may ) Tj ET Q q 0 0 0 rg BT 186.53 713.20 Td (indicate ) Tj ET Q q 0 0 0 rg BT 223.59 713.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 253.94 713.20 Td (transaction ) Tj ET Q q 0 0 0 rg BT 304.45 713.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 328.70 713.20 Td (and ) Tj ET Q q 0 0 0 rg BT 346.83 713.20 Td (may ) Tj ET Q q 0 0 0 rg BT 368.02 713.20 Td (result ) Tj ET Q q 0 0 0 rg BT 394.71 713.20 Td (in ) Tj ET Q q 0 0 0 rg BT 405.51 713.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 435.86 713.20 Td (taxes ) Tj ET Q q 0 0 0 rg BT 460.71 713.20 Td (when ) Tj ET Q q 0 0 0 rg BT 486.79 713.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 511.66 713.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 541.39 713.20 Td (are ) Tj ET Q q 0 0 0 rg BT 557.07 713.20 Td (held ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 700.00 Td (in ) Tj ET Q q 0 0 0 rg BT 47.83 700.00 Td (a ) Tj ET Q q 0 0 0 rg BT 55.99 700.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 91.03 700.00 Td (account. ) Tj ET Q q 0 0 0 rg BT 131.02 700.00 Td (These ) Tj ET Q q 0 0 0 rg BT 160.56 700.00 Td (costs, ) Tj ET Q q 0 0 0 rg BT 188.59 700.00 Td (which ) Tj ET Q q 0 0 0 rg BT 218.75 700.00 Td (are ) Tj ET Q q 0 0 0 rg BT 235.45 700.00 Td (not ) Tj ET Q q 0 0 0 rg BT 252.78 700.00 Td (reflected ) Tj ET Q q 0 0 0 rg BT 294.53 700.00 Td (in ) Tj ET Q q 0 0 0 rg BT 306.36 700.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 338.96 700.00 Td (fund ) Tj ET Q q 0 0 0 rg BT 362.40 700.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 407.21 700.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 450.20 700.00 Td (or ) Tj ET Q q 0 0 0 rg BT 462.64 700.00 Td (in ) Tj ET Q q 0 0 0 rg BT 474.47 700.00 Td (the ) Tj ET Q q 0 0 0 rg BT 491.18 700.00 Td (example, ) Tj ET Q q 0 0 0 rg BT 534.47 700.00 Td (af) Tj ET Q q 0 0 0 rg BT 542.82 700.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 562.58 700.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 686.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 61.67 686.80 Td (s ) Tj ET Q q 0 0 0 rg BT 69.29 686.80 Td (performance. ) Tj ET Q q 0 0 0 rg BT 130.95 686.80 Td (For ) Tj ET Q q 0 0 0 rg BT 149.56 686.80 Td (the ) Tj ET Q q 0 0 0 rg BT 166.33 686.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 193.48 686.80 Td (year ) Tj ET Q q 0 0 0 rg BT 215.75 686.80 Td (ended ) Tj ET Q q 0 0 0 rg BT 244.61 686.80 Td (April ) Tj ET Q q 0 0 0 rg BT 271.16 686.80 Td (30, ) Tj ET Q q 0 0 0 rg BT 288.24 686.80 Td (2019, ) Tj ET Q q 0 0 0 rg BT 316.33 686.80 Td (the ) Tj ET Q q 0 0 0 rg BT 333.10 686.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 358.77 686.80 Td (s ) Tj ET Q q 0 0 0 rg BT 366.38 686.80 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 408.21 686.80 Td (turnover ) Tj ET Q q 0 0 0 rg BT 448.81 686.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 468.63 686.80 Td (was ) Tj ET Q q 0 0 0 rg BT 489.07 686.80 Td (80% ) Tj ET Q q 0 0 0 rg BT 512.56 686.80 Td (of ) Tj ET Q q 0 0 0 rg BT 525.06 686.80 Td (the ) Tj ET Q q 0 0 0 rg BT 541.83 686.80 Td (average ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 673.60 Td (value ) Tj ET Q q 0 0 0 rg BT 62.57 673.60 Td (of ) Tj ET Q q 0 0 0 rg BT 74.48 673.60 Td (its ) Tj ET Q q 0 0 0 rg BT 87.63 673.60 Td (portfolio.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 651.40 Td (Principal ) Tj ET Q q 0 0 0 rg BT 82.14 651.40 Td (Investment ) Tj ET Q q 0 0 0 rg BT 137.44 651.40 Td (Strategies ) Tj ET Q q 0 0 0 rg BT 186.62 651.40 Td (of ) Tj ET Q q 0 0 0 rg BT 198.53 651.40 Td (the ) Tj ET Q q 0 0 0 rg BT 215.94 651.40 Td (Fund) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 638.20 Td (The ) Tj ET Q q 0 0 0 rg BT 54.91 638.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 79.35 638.20 Td (employs ) Tj ET Q q 0 0 0 rg BT 118.43 638.20 Td (a ) Tj ET Q q 0 0 0 rg BT 125.13 638.20 Td (passive ) Tj ET Q q 0 0 0 rg BT 164.21 638.20 Td (management ) Tj ET Q q 0 0 0 rg BT 227.10 638.20 Td (\(or ) Tj ET Q q 0 0 0 rg BT 241.74 638.20 Td (indexing\) ) Tj ET Q q 0 0 0 rg BT 285.71 638.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 335.79 638.20 Td (approach ) Tj ET Q q 0 0 0 rg BT 377.92 638.20 Td (designed ) Tj ET Q q 0 0 0 rg BT 418.83 638.20 Td (to ) Tj ET Q q 0 0 0 rg BT 429.20 638.20 Td (track ) Tj ET Q q 0 0 0 rg BT 453.00 638.20 Td (the ) Tj ET Q q 0 0 0 rg BT 468.25 638.20 Td (total ) Tj ET Q q 0 0 0 rg BT 489.61 638.20 Td (return ) Tj ET Q q 0 0 0 rg BT 517.69 638.20 Td (performance, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 625.00 Td (before ) Tj ET Q q 0 0 0 rg BT 66.32 625.00 Td (fees ) Tj ET Q q 0 0 0 rg BT 86.25 625.00 Td (and ) Tj ET Q q 0 0 0 rg BT 104.36 625.00 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 149.05 625.00 Td (of ) Tj ET Q q 0 0 0 rg BT 160.44 625.00 Td (the ) Tj ET Q q 0 0 0 rg BT 176.10 625.00 Td (Index. ) Tj ET Q q 0 0 0 rg BT 205.96 625.00 Td (The ) Tj ET Q q 0 0 0 rg BT 225.29 625.00 Td (Index ) Tj ET Q q 0 0 0 rg BT 252.56 625.00 Td (is ) Tj ET Q q 0 0 0 rg BT 262.13 625.00 Td (based ) Tj ET Q q 0 0 0 rg BT 289.40 625.00 Td (on ) Tj ET Q q 0 0 0 rg BT 302.62 625.00 Td (a ) Tj ET Q q 0 0 0 rg BT 309.73 625.00 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 360.83 625.00 Td (methodology ) Tj ET Q q 0 0 0 rg BT 421.10 625.00 Td (developed ) Tj ET Q q 0 0 0 rg BT 468.53 625.00 Td (and ) Tj ET Q q 0 0 0 rg BT 486.64 625.00 Td (maintained ) Tj ET Q q 0 0 0 rg BT 537.74 625.00 Td (by ) Tj ET Q q 0 0 0 rg BT 550.97 625.00 Td (Index ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 611.80 Td (Design ) Tj ET Q q 0 0 0 rg BT 69.91 611.80 Td (Group ) Tj ET Q q 0 0 0 rg BT 100.77 611.80 Td (\(the ) Tj ET Q q 0 0 0 rg BT 120.62 611.80 Td (Index ) Tj ET Q q 0 0 0 rg BT 153.30 611.80 Td (Provider\), ) Tj ET Q q 0 0 0 rg BT 205.23 611.80 Td (an ) Tj ET Q q 0 0 0 rg BT 218.36 611.80 Td (af) Tj ET Q q 0 0 0 rg BT 226.71 611.80 Td (filiate ) Tj ET Q q 0 0 0 rg BT 255.11 611.80 Td (of ) Tj ET Q q 0 0 0 rg BT 267.02 611.80 Td (Pacer ) Tj ET Q q 0 0 0 rg BT 293.59 611.80 Td (Advisors, ) Tj ET Q q 0 0 0 rg BT 338.82 611.80 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 361.11 611.80 Td (the ) Tj ET Q q 0 0 0 rg BT 377.30 611.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 402.97 611.80 Td (s ) Tj ET Q q 0 0 0 rg BT 410.01 611.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 461.03 611.80 Td (adviser ) Tj ET Q q 0 0 0 rg BT 495.54 611.80 Td (\(the ) Tj ET Q q 0 0 0 rg BT 515.39 611.80 Td (Adviser\).) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 589.60 Td (The ) Tj ET Q q 0 0 0 rg BT 55.25 589.60 Td (Index) Tj ET Q 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 399.50 579.10 176.00 -164.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 579.1 m 399.5 519.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 575.5 579.1 m 575.5 519.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 579.1 m 575.5 579.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 519.1 m 399.5 415.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 575.5 519.1 m 575.5 415.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 415.1 m 575.5 415.1 l s BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 568.02 Td (The ) Tj ET Q q 0 0 0 rg BT 58.69 568.02 Td (Index ) Tj ET Q q 0 0 0 rg BT 87.33 568.02 Td (uses ) Tj ET Q q 0 0 0 rg BT 109.86 568.02 Td (an ) Tj ET Q q 0 0 0 rg BT 123.84 568.02 Td (objective, ) Tj ET Q q 0 0 0 rg BT 170.49 568.02 Td (rules-based ) Tj ET Q q 0 0 0 rg BT 224.17 568.02 Td (methodology ) Tj ET Q q 0 0 0 rg BT 285.82 568.02 Td (to ) Tj ET Q q 0 0 0 rg BT 297.96 568.02 Td (provide ) Tj ET Q q 0 0 0 rg BT 335.16 568.02 Td (exposure ) Tj ET Q q 0 0 0 rg BT 378.45 568.02 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 557.02 Td (lar) Tj ET Q q 0 0 0 rg BT 49.40 557.02 Td (ge ) Tj ET Q q 0 0 0 rg BT 61.66 557.02 Td (and ) Tj ET Q q 0 0 0 rg BT 79.41 557.02 Td (mid-capitalization ) Tj ET Q q 0 0 0 rg BT 161.31 557.02 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 202.91 557.02 Td (companies ) Tj ET Q q 0 0 0 rg BT 251.82 557.02 Td (in ) Tj ET Q q 0 0 0 rg BT 262.25 557.02 Td (developed ) Tj ET Q q 0 0 0 rg BT 309.33 557.02 Td (markets ) Tj ET Q q 0 0 0 rg BT 346.02 557.02 Td (with ) Tj ET Q q 0 0 0 rg BT 367.45 557.02 Td (high ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 546.02 Td (free ) Tj ET Q q 0 0 0 rg BT 57.68 546.02 Td (cash ) Tj ET Q q 0 0 0 rg BT 79.81 546.02 Td (flow ) Tj ET Q q 0 0 0 rg BT 102.55 546.02 Td (yields. ) Tj ET Q q 0 0 0 rg BT 134.16 546.02 Td (Companies ) Tj ET Q q 0 0 0 rg BT 186.24 546.02 Td (with ) Tj ET Q q 0 0 0 rg BT 208.39 546.02 Td (high ) Tj ET Q q 0 0 0 rg BT 230.53 546.02 Td (free ) Tj ET Q q 0 0 0 rg BT 250.20 546.02 Td (cash ) Tj ET Q q 0 0 0 rg BT 272.33 546.02 Td (flow ) Tj ET Q q 0 0 0 rg BT 295.08 546.02 Td (yields ) Tj ET Q q 0 0 0 rg BT 323.94 546.02 Td (are ) Tj ET Q q 0 0 0 rg BT 339.95 546.02 Td (commonly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 535.02 Td (referred ) Tj ET Q q 0 0 0 rg BT 75.55 535.02 Td (to ) Tj ET Q q 0 0 0 rg BT 86.86 535.02 Td (as ) Tj ET Q q 0 0 0 rg BT 98.77 535.02 Td (cash ) Tj ET Q q 0 0 0 rg BT 125.95 535.02 Td (cows.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 411.00 552.15 Td (Fr) Tj ET Q q 0 0 0 rg BT 422.40 552.15 Td (ee Cash Flow \(FCF\): ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 522.60 552.15 Td (A) Tj ET Q q 0 0 0 rg BT 529.94 552.15 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 411.00 540.97 Td (company) Tj ET Q q 0 0 0 rg BT 454.38 540.97 Td (s cash flow from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 411.00 529.97 Td (operations minus capital ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 411.00 518.97 Td (expenditures.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 411.00 502.15 Td (Enterprise ) Tj ET Q q 0 0 0 rg BT 463.65 502.15 Td (V) Tj ET Q q 0 0 0 rg BT 470.59 502.15 Td (alue \(EV\): ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 521.91 502.15 Td (A) Tj ET Q q 0 0 0 rg BT 529.25 502.15 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 411.00 490.97 Td (company) Tj ET Q q 0 0 0 rg BT 454.38 490.97 Td (s market capitalization ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 411.00 479.97 Td (plus its debt and minus its cash ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 411.00 468.97 Td (and cash equivalents.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 411.00 452.15 Td (Fr) Tj ET Q q 0 0 0 rg BT 422.40 452.15 Td (ee Cash Flow ) Tj ET Q q 0 0 0 rg BT 487.07 452.15 Td (Y) Tj ET Q q 0 0 0 rg BT 494.61 452.15 Td (ield:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 515.38 452.15 Td ( FCF / EV) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 508.02 Td (The ) Tj ET Q q 0 0 0 rg BT 57.20 508.02 Td (initial ) Tj ET Q q 0 0 0 rg BT 84.96 508.02 Td (index ) Tj ET Q q 0 0 0 rg BT 111.50 508.02 Td (universe ) Tj ET Q q 0 0 0 rg BT 150.87 508.02 Td (is ) Tj ET Q q 0 0 0 rg BT 160.31 508.02 Td (derived ) Tj ET Q q 0 0 0 rg BT 195.39 508.02 Td (from ) Tj ET Q q 0 0 0 rg BT 218.87 508.02 Td (the ) Tj ET Q q 0 0 0 rg BT 234.41 508.02 Td (component ) Tj ET Q q 0 0 0 rg BT 285.39 508.02 Td (companies ) Tj ET Q q 0 0 0 rg BT 334.53 508.02 Td (of ) Tj ET Q q 0 0 0 rg BT 345.79 508.02 Td (the ) Tj ET Q q 0 0 0 rg BT 361.33 508.02 Td (FTSE ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 497.02 Td (Developed ) Tj ET Q q 0 0 0 rg BT 88.25 497.02 Td (ex ) Tj ET Q q 0 0 0 rg BT 101.23 497.02 Td (US ) Tj ET Q q 0 0 0 rg BT 117.89 497.02 Td (Index. ) Tj ET Q q 0 0 0 rg BT 148.10 497.02 Td (The ) Tj ET Q q 0 0 0 rg BT 167.81 497.02 Td (initial ) Tj ET Q q 0 0 0 rg BT 196.07 497.02 Td (universe ) Tj ET Q q 0 0 0 rg BT 235.94 497.02 Td (of ) Tj ET Q q 0 0 0 rg BT 247.70 497.02 Td (companies ) Tj ET Q q 0 0 0 rg BT 297.34 497.02 Td (is ) Tj ET Q q 0 0 0 rg BT 307.28 497.02 Td (screened ) Tj ET Q q 0 0 0 rg BT 348.35 497.02 Td (based ) Tj ET Q q 0 0 0 rg BT 376.00 497.02 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 486.02 Td (their ) Tj ET Q q 0 0 0 rg BT 61.23 486.02 Td (average ) Tj ET Q q 0 0 0 rg BT 98.50 486.02 Td (projected ) Tj ET Q q 0 0 0 rg BT 142.50 486.02 Td (free ) Tj ET Q q 0 0 0 rg BT 162.66 486.02 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.28 486.02 Td (flows ) Tj ET Q q 0 0 0 rg BT 212.80 486.02 Td (and ) Tj ET Q q 0 0 0 rg BT 231.76 486.02 Td (earnings ) Tj ET Q q 0 0 0 rg BT 272.10 486.02 Td (\(if ) Tj ET Q q 0 0 0 rg BT 285.56 486.02 Td (available\) ) Tj ET Q q 0 0 0 rg BT 331.99 486.02 Td (over ) Tj ET Q q 0 0 0 rg BT 354.62 486.02 Td (each ) Tj ET Q q 0 0 0 rg BT 377.84 486.02 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 475.02 Td (the ) Tj ET Q q 0 0 0 rg BT 54.70 475.02 Td (next ) Tj ET Q q 0 0 0 rg BT 76.91 475.02 Td (two ) Tj ET Q q 0 0 0 rg BT 96.67 475.02 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 123.76 475.02 Td (years. ) Tj ET Q q 0 0 0 rg BT 152.98 475.02 Td (Companies ) Tj ET Q q 0 0 0 rg BT 205.74 475.02 Td (with ) Tj ET Q q 0 0 0 rg BT 228.57 475.02 Td (no ) Tj ET Q q 0 0 0 rg BT 242.83 475.02 Td (forward ) Tj ET Q q 0 0 0 rg BT 280.91 475.02 Td (year ) Tj ET Q q 0 0 0 rg BT 303.11 475.02 Td (estimates ) Tj ET Q q 0 0 0 rg BT 347.31 475.02 Td (available ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 464.02 Td (for ) Tj ET Q q 0 0 0 rg BT 52.74 464.02 Td (free ) Tj ET Q q 0 0 0 rg BT 71.75 464.02 Td (cash ) Tj ET Q q 0 0 0 rg BT 93.21 464.02 Td (flows ) Tj ET Q q 0 0 0 rg BT 119.57 464.02 Td (or ) Tj ET Q q 0 0 0 rg BT 130.65 464.02 Td (earnings ) Tj ET Q q 0 0 0 rg BT 169.83 464.02 Td (will ) Tj ET Q q 0 0 0 rg BT 188.86 464.02 Td (remain ) Tj ET Q q 0 0 0 rg BT 221.31 464.02 Td (in ) Tj ET Q q 0 0 0 rg BT 231.79 464.02 Td (the ) Tj ET Q q 0 0 0 rg BT 247.14 464.02 Td (Index ) Tj ET Q q 0 0 0 rg BT 274.10 464.02 Td (universe. ) Tj ET Q q 0 0 0 rg BT 316.03 464.02 Td (Companies ) Tj ET Q q 0 0 0 rg BT 367.44 464.02 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 453.02 Td (negative ) Tj ET Q q 0 0 0 rg BT 79.11 453.02 Td (average ) Tj ET Q q 0 0 0 rg BT 117.16 453.02 Td (projected ) Tj ET Q q 0 0 0 rg BT 161.94 453.02 Td (free ) Tj ET Q q 0 0 0 rg BT 182.88 453.02 Td (cash ) Tj ET Q q 0 0 0 rg BT 206.28 453.02 Td (flows ) Tj ET Q q 0 0 0 rg BT 234.58 453.02 Td (or ) Tj ET Q q 0 0 0 rg BT 247.60 453.02 Td (earnings ) Tj ET Q q 0 0 0 rg BT 288.71 453.02 Td (are ) Tj ET Q q 0 0 0 rg BT 306.00 453.02 Td (removed ) Tj ET Q q 0 0 0 rg BT 348.33 453.02 Td (from ) Tj ET Q q 0 0 0 rg BT 373.57 453.02 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 442.02 Td (Index ) Tj ET Q q 0 0 0 rg BT 70.11 442.02 Td (universe. ) Tj ET Q q 0 0 0 rg BT 115.63 442.02 Td (Additionally) Tj ET Q q 0 0 0 rg BT 170.52 442.02 Td (, ) Tj ET Q q 0 0 0 rg BT 180.34 442.02 Td (financial ) Tj ET Q q 0 0 0 rg BT 225.88 442.02 Td (companies, ) Tj ET Q q 0 0 0 rg BT 282.74 442.02 Td (other ) Tj ET Q q 0 0 0 rg BT 312.41 442.02 Td (than ) Tj ET Q q 0 0 0 rg BT 338.41 442.02 Td (real ) Tj ET Q q 0 0 0 rg BT 361.96 442.02 Td (estate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 431.02 Td (investment ) Tj ET Q q 0 0 0 rg BT 88.90 431.02 Td (trusts ) Tj ET Q q 0 0 0 rg BT 115.37 431.02 Td (\(REIT) Tj ET Q q 0 0 0 rg BT 147.58 431.02 Td (s\), ) Tj ET Q q 0 0 0 rg BT 165.79 431.02 Td (and ) Tj ET Q q 0 0 0 rg BT 184.30 431.02 Td (companies ) Tj ET Q q 0 0 0 rg BT 233.97 431.02 Td (with ) Tj ET Q q 0 0 0 rg BT 256.15 431.02 Td (a ) Tj ET Q q 0 0 0 rg BT 263.67 431.02 Td (market ) Tj ET Q q 0 0 0 rg BT 296.83 431.02 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 358.71 431.02 Td (of ) Tj ET Q q 0 0 0 rg BT 370.51 431.02 Td (less ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 38.00 420.02 Td (than ) Tj ET Q q 0 0 0 rg BT 59.69 420.02 Td ($3 ) Tj ET Q q 0 0 0 rg BT 73.44 420.02 Td (billion ) Tj ET Q q 0 0 0 rg BT 104.91 420.02 Td (are ) Tj ET Q q 0 0 0 rg BT 121.09 420.02 Td (excluded ) Tj ET Q q 0 0 0 rg BT 163.54 420.02 Td (from ) Tj ET Q q 0 0 0 rg BT 187.68 420.02 Td (the ) Tj ET Q q 0 0 0 rg BT 203.86 420.02 Td (Index ) Tj ET Q q 0 0 0 rg BT 231.66 420.02 Td (universe.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 393.40 Td (The ) Tj ET Q q 0 0 0 rg BT 56.42 393.40 Td (remaining ) Tj ET Q q 0 0 0 rg BT 104.34 393.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 154.71 393.40 Td (are ) Tj ET Q q 0 0 0 rg BT 171.46 393.40 Td (ranked ) Tj ET Q q 0 0 0 rg BT 204.71 393.40 Td (by ) Tj ET Q q 0 0 0 rg BT 219.03 393.40 Td (their ) Tj ET Q q 0 0 0 rg BT 242.51 393.40 Td (average ) Tj ET Q q 0 0 0 rg BT 280.03 393.40 Td (daily ) Tj ET Q q 0 0 0 rg BT 305.35 393.40 Td (trading ) Tj ET Q q 0 0 0 rg BT 339.83 393.40 Td (value ) Tj ET Q q 0 0 0 rg BT 366.97 393.40 Td (\(ADTV\) ) Tj ET Q q 0 0 0 rg BT 417.94 393.40 Td (for ) Tj ET Q q 0 0 0 rg BT 434.09 393.40 Td (the ) Tj ET Q q 0 0 0 rg BT 450.85 393.40 Td (prior ) Tj ET Q q 0 0 0 rg BT 475.55 393.40 Td (three ) Tj ET Q q 0 0 0 rg BT 500.86 393.40 Td (months. ) Tj ET Q q 0 0 0 rg BT 539.09 393.40 Td (The ) Tj ET Q q 0 0 0 rg BT 559.51 393.40 Td (500 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 380.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 86.20 380.20 Td (with ) Tj ET Q q 0 0 0 rg BT 108.91 380.20 Td (the ) Tj ET Q q 0 0 0 rg BT 125.50 380.20 Td (highest ) Tj ET Q q 0 0 0 rg BT 159.74 380.20 Td (ADTV) Tj ET Q q 0 0 0 rg BT 190.09 380.20 Td ( ) Tj ET Q q 0 0 0 rg BT 193.24 380.20 Td (are ) Tj ET Q q 0 0 0 rg BT 209.83 380.20 Td (then ) Tj ET Q q 0 0 0 rg BT 231.92 380.20 Td (ranked ) Tj ET Q q 0 0 0 rg BT 265.01 380.20 Td (by ) Tj ET Q q 0 0 0 rg BT 279.16 380.20 Td (their ) Tj ET Q q 0 0 0 rg BT 302.47 380.20 Td (free ) Tj ET Q q 0 0 0 rg BT 322.72 380.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 345.42 380.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 368.74 380.20 Td (yield ) Tj ET Q q 0 0 0 rg BT 393.89 380.20 Td (for ) Tj ET Q q 0 0 0 rg BT 409.87 380.20 Td (the ) Tj ET Q q 0 0 0 rg BT 426.47 380.20 Td (trailing ) Tj ET Q q 0 0 0 rg BT 461.39 380.20 Td (twelve ) Tj ET Q q 0 0 0 rg BT 493.87 380.20 Td (month ) Tj ET Q q 0 0 0 rg BT 525.14 380.20 Td (period. ) Tj ET Q q 0 0 0 rg BT 558.92 380.20 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 367.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 66.24 367.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 110.53 367.00 Td (of ) Tj ET Q q 0 0 0 rg BT 122.45 367.00 Td (the ) Tj ET Q q 0 0 0 rg BT 138.64 367.00 Td (100 ) Tj ET Q q 0 0 0 rg BT 157.89 367.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 207.68 367.00 Td (with ) Tj ET Q q 0 0 0 rg BT 229.98 367.00 Td (the ) Tj ET Q q 0 0 0 rg BT 246.17 367.00 Td (highest ) Tj ET Q q 0 0 0 rg BT 280.70 367.00 Td (free ) Tj ET Q q 0 0 0 rg BT 300.54 367.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 322.83 367.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 345.75 367.00 Td (yield ) Tj ET Q q 0 0 0 rg BT 370.49 367.00 Td (are ) Tj ET Q q 0 0 0 rg BT 386.67 367.00 Td (included ) Tj ET Q q 0 0 0 rg BT 427.29 367.00 Td (in ) Tj ET Q q 0 0 0 rg BT 438.60 367.00 Td (the ) Tj ET Q q 0 0 0 rg BT 454.79 367.00 Td (Index.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 344.80 Td (At ) Tj ET Q q 0 0 0 rg BT 49.84 344.80 Td (the ) Tj ET Q q 0 0 0 rg BT 66.11 344.80 Td (time ) Tj ET Q q 0 0 0 rg BT 88.50 344.80 Td (of ) Tj ET Q q 0 0 0 rg BT 100.50 344.80 Td (each ) Tj ET Q q 0 0 0 rg BT 123.48 344.80 Td (rebalance ) Tj ET Q q 0 0 0 rg BT 168.45 344.80 Td (of ) Tj ET Q q 0 0 0 rg BT 180.44 344.80 Td (the ) Tj ET Q q 0 0 0 rg BT 196.72 344.80 Td (Index, ) Tj ET Q q 0 0 0 rg BT 227.35 344.80 Td (the ) Tj ET Q q 0 0 0 rg BT 243.63 344.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 293.50 344.80 Td (included ) Tj ET Q q 0 0 0 rg BT 334.21 344.80 Td (in ) Tj ET Q q 0 0 0 rg BT 345.61 344.80 Td (the ) Tj ET Q q 0 0 0 rg BT 361.88 344.80 Td (Index ) Tj ET Q q 0 0 0 rg BT 389.76 344.80 Td (are ) Tj ET Q q 0 0 0 rg BT 406.03 344.80 Td (weighted ) Tj ET Q q 0 0 0 rg BT 449.18 344.80 Td (in ) Tj ET Q q 0 0 0 rg BT 460.57 344.80 Td (proportion ) Tj ET Q q 0 0 0 rg BT 509.85 344.80 Td (to ) Tj ET Q q 0 0 0 rg BT 521.24 344.80 Td (their ) Tj ET Q q 0 0 0 rg BT 544.23 344.80 Td (trailing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 331.60 Td (twelve ) Tj ET Q q 0 0 0 rg BT 67.85 331.60 Td (month ) Tj ET Q q 0 0 0 rg BT 98.50 331.60 Td (free ) Tj ET Q q 0 0 0 rg BT 118.12 331.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 140.20 331.60 Td (flow) Tj ET Q q 0 0 0 rg BT 159.65 331.60 Td (, ) Tj ET Q q 0 0 0 rg BT 164.93 331.60 Td (and ) Tj ET Q q 0 0 0 rg BT 183.35 331.60 Td (weightings ) Tj ET Q q 0 0 0 rg BT 234.15 331.60 Td (are ) Tj ET Q q 0 0 0 rg BT 250.12 331.60 Td (capped ) Tj ET Q q 0 0 0 rg BT 283.79 331.60 Td (at ) Tj ET Q q 0 0 0 rg BT 294.27 331.60 Td (2% ) Tj ET Q q 0 0 0 rg BT 311.46 331.60 Td (of ) Tj ET Q q 0 0 0 rg BT 323.16 331.60 Td (the ) Tj ET Q q 0 0 0 rg BT 339.13 331.60 Td (weight ) Tj ET Q q 0 0 0 rg BT 371.60 331.60 Td (of ) Tj ET Q q 0 0 0 rg BT 383.30 331.60 Td (the ) Tj ET Q q 0 0 0 rg BT 399.27 331.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 426.85 331.60 Td (for ) Tj ET Q q 0 0 0 rg BT 442.20 331.60 Td (any ) Tj ET Q q 0 0 0 rg BT 460.62 331.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 507.76 331.60 Td (company) Tj ET Q q 0 0 0 rg BT 547.37 331.60 Td (. ) Tj ET Q q 0 0 0 rg BT 552.09 331.60 Td (As ) Tj ET Q q 0 0 0 rg BT 566.85 331.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 318.40 Td (June ) Tj ET Q q 0 0 0 rg BT 59.00 318.40 Td (30, ) Tj ET Q q 0 0 0 rg BT 75.58 318.40 Td (2019, ) Tj ET Q q 0 0 0 rg BT 103.16 318.40 Td (the ) Tj ET Q q 0 0 0 rg BT 119.43 318.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 169.30 318.40 Td (included ) Tj ET Q q 0 0 0 rg BT 210.01 318.40 Td (in ) Tj ET Q q 0 0 0 rg BT 221.40 318.40 Td (the ) Tj ET Q q 0 0 0 rg BT 237.67 318.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 265.55 318.40 Td (had ) Tj ET Q q 0 0 0 rg BT 284.26 318.40 Td (a ) Tj ET Q q 0 0 0 rg BT 291.98 318.40 Td (market ) Tj ET Q q 0 0 0 rg BT 325.35 318.40 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 387.43 318.40 Td (of ) Tj ET Q q 0 0 0 rg BT 399.42 318.40 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 421.51 318.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 453.06 318.40 Td (to ) Tj ET Q q 0 0 0 rg BT 464.45 318.40 Td ($276.5 ) Tj ET Q q 0 0 0 rg BT 497.53 318.40 Td (billion. ) Tj ET Q q 0 0 0 rg BT 531.63 318.40 Td (The ) Tj ET Q q 0 0 0 rg BT 551.57 318.40 Td (index ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 305.20 Td (is ) Tj ET Q q 0 0 0 rg BT 46.25 305.20 Td (reconstituted ) Tj ET Q q 0 0 0 rg BT 105.97 305.20 Td (and ) Tj ET Q q 0 0 0 rg BT 124.76 305.20 Td (rebalanced ) Tj ET Q q 0 0 0 rg BT 175.30 305.20 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 240.52 305.20 Td (as ) Tj ET Q q 0 0 0 rg BT 252.60 305.20 Td (of ) Tj ET Q q 0 0 0 rg BT 264.67 305.20 Td (the ) Tj ET Q q 0 0 0 rg BT 281.02 305.20 Td (close ) Tj ET Q q 0 0 0 rg BT 306.53 305.20 Td (of ) Tj ET Q q 0 0 0 rg BT 318.60 305.20 Td (business ) Tj ET Q q 0 0 0 rg BT 358.79 305.20 Td (on ) Tj ET Q q 0 0 0 rg BT 372.70 305.20 Td (the ) Tj ET Q q 0 0 0 rg BT 389.04 305.20 Td (3) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 394.54 310.18 Td (rd) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 400.50 305.20 Td ( ) Tj ET Q q 0 0 0 rg BT 403.41 305.20 Td (Friday ) Tj ET Q q 0 0 0 rg BT 435.03 305.20 Td (of ) Tj ET Q q 0 0 0 rg BT 447.11 305.20 Td (June ) Tj ET Q q 0 0 0 rg BT 470.18 305.20 Td (and ) Tj ET Q q 0 0 0 rg BT 488.97 305.20 Td (December ) Tj ET Q q 0 0 0 rg BT 537.07 305.20 Td (based ) Tj ET Q q 0 0 0 rg BT 565.02 305.20 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 292.00 Td (data ) Tj ET Q q 0 0 0 rg BT 57.07 292.00 Td (as ) Tj ET Q q 0 0 0 rg BT 68.98 292.00 Td (of ) Tj ET Q q 0 0 0 rg BT 80.90 292.00 Td (the ) Tj ET Q q 0 0 0 rg BT 97.09 292.00 Td (1) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 102.59 296.98 Td (st) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 107.35 292.00 Td ( ) Tj ET Q q 0 0 0 rg BT 110.10 292.00 Td (Friday ) Tj ET Q q 0 0 0 rg BT 141.57 292.00 Td (of ) Tj ET Q q 0 0 0 rg BT 153.49 292.00 Td (the ) Tj ET Q q 0 0 0 rg BT 169.67 292.00 Td (applicable ) Tj ET Q q 0 0 0 rg BT 217.62 292.00 Td (rebalance ) Tj ET Q q 0 0 0 rg BT 262.50 292.00 Td (month.) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 269.80 Td (The ) Tj ET Q q 0 0 0 rg BT 55.25 269.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 80.71 269.80 Td (s ) Tj ET Q q 0 0 0 rg BT 87.75 269.80 Td (Investment ) Tj ET Q q 0 0 0 rg BT 138.14 269.80 Td (Strategy) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 256.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 66.69 256.60 Td (normal ) Tj ET Q q 0 0 0 rg BT 101.06 256.60 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 169.31 256.60 Td (at ) Tj ET Q q 0 0 0 rg BT 180.46 256.60 Td (least ) Tj ET Q q 0 0 0 rg BT 203.82 256.60 Td (80% ) Tj ET Q q 0 0 0 rg BT 227.19 256.60 Td (of ) Tj ET Q q 0 0 0 rg BT 239.55 256.60 Td (the ) Tj ET Q q 0 0 0 rg BT 256.20 256.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 281.87 256.60 Td (s ) Tj ET Q q 0 0 0 rg BT 289.35 256.60 Td (total ) Tj ET Q q 0 0 0 rg BT 312.11 256.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.98 256.60 Td (\(exclusive ) Tj ET Q q 0 0 0 rg BT 389.38 256.60 Td (of ) Tj ET Q q 0 0 0 rg BT 401.75 256.60 Td (collateral ) Tj ET Q q 0 0 0 rg BT 445.87 256.60 Td (held ) Tj ET Q q 0 0 0 rg BT 468.01 256.60 Td (from ) Tj ET Q q 0 0 0 rg BT 492.60 256.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 537.34 256.60 Td (lending\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 243.40 Td (will ) Tj ET Q q 0 0 0 rg BT 57.38 243.40 Td (be ) Tj ET Q q 0 0 0 rg BT 72.02 243.40 Td (invested ) Tj ET Q q 0 0 0 rg BT 112.95 243.40 Td (in ) Tj ET Q q 0 0 0 rg BT 125.77 243.40 Td (the ) Tj ET Q q 0 0 0 rg BT 143.47 243.40 Td (component ) Tj ET Q q 0 0 0 rg BT 196.61 243.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 242.42 243.40 Td (of ) Tj ET Q q 0 0 0 rg BT 255.85 243.40 Td (the ) Tj ET Q q 0 0 0 rg BT 273.55 243.40 Td (Index) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 298.60 251.03 278.15 -10.00 re f /GS0 gs q 0 0 0 rg BT 298.60 243.40 Td ( ) Tj ET Q q 0 0 0 rg BT 302.86 243.40 Td (and ) Tj ET Q q 0 0 0 rg BT 323.01 243.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 379.83 243.40 Td (that ) Tj ET Q q 0 0 0 rg BT 400.59 243.40 Td (have ) Tj ET Q q 0 0 0 rg BT 425.62 243.40 Td (economic ) Tj ET Q q 0 0 0 rg BT 472.64 243.40 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 539.81 243.40 Td (that ) Tj ET Q q 0 0 0 rg BT 560.57 243.40 Td (are ) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 36.00 237.83 371.15 -10.00 re f /GS0 gs q 0 0 0 rg BT 36.00 230.20 Td (substantially ) Tj ET Q q 0 0 0 rg BT 94.27 230.20 Td (identical ) Tj ET Q q 0 0 0 rg BT 134.80 230.20 Td (to ) Tj ET Q q 0 0 0 rg BT 146.02 230.20 Td (the ) Tj ET Q q 0 0 0 rg BT 162.11 230.20 Td (economic ) Tj ET Q q 0 0 0 rg BT 207.53 230.20 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 273.10 230.20 Td (of ) Tj ET Q q 0 0 0 rg BT 284.92 230.20 Td (such ) Tj ET Q q 0 0 0 rg BT 307.75 230.20 Td (component ) Tj ET Q q 0 0 0 rg BT 359.28 230.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 403.48 230.20 Td (\() Tj ET Q BT /F4 11.00 Tf ET 1 1 1 rg /GS0 gs 407.15 237.84 15.88 -10.00 re f /GS0 gs q 0 0 0 rg BT 407.15 230.20 Td (e.g.) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 423.03 237.83 94.51 -10.00 re f /GS0 gs q 0 0 0 rg BT 423.03 230.20 Td (, ) Tj ET Q q 0 0 0 rg BT 428.44 230.20 Td (depositary ) Tj ET Q q 0 0 0 rg BT 476.92 230.20 Td (receipts\).) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 517.54 230.20 Td ( ) Tj ET Q q 0 0 0 rg BT 520.00 230.20 Td (The ) Tj ET Q q 0 0 0 rg BT 539.18 230.20 Td (Adviser ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 217.00 Td (expects ) Tj ET Q q 0 0 0 rg BT 71.26 217.00 Td (that, ) Tj ET Q q 0 0 0 rg BT 92.78 217.00 Td (over ) Tj ET Q q 0 0 0 rg BT 114.60 217.00 Td (time, ) Tj ET Q q 0 0 0 rg BT 139.17 217.00 Td (the ) Tj ET Q q 0 0 0 rg BT 154.89 217.00 Td (correlation ) Tj ET Q q 0 0 0 rg BT 204.80 217.00 Td (between ) Tj ET Q q 0 0 0 rg BT 243.73 217.00 Td (the ) Tj ET Q q 0 0 0 rg BT 259.44 217.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 285.11 217.00 Td (s ) Tj ET Q q 0 0 0 rg BT 291.67 217.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 349.52 217.00 Td (and ) Tj ET Q q 0 0 0 rg BT 367.68 217.00 Td (that ) Tj ET Q q 0 0 0 rg BT 386.45 217.00 Td (of ) Tj ET Q q 0 0 0 rg BT 397.88 217.00 Td (the ) Tj ET Q q 0 0 0 rg BT 413.60 217.00 Td (Index, ) Tj ET Q q 0 0 0 rg BT 443.67 217.00 Td (before ) Tj ET Q q 0 0 0 rg BT 474.03 217.00 Td (fees ) Tj ET Q q 0 0 0 rg BT 494.02 217.00 Td (and ) Tj ET Q q 0 0 0 rg BT 512.17 217.00 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 556.91 217.00 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 203.80 Td (be ) Tj ET Q q 0 0 0 rg BT 49.13 203.80 Td (95% ) Tj ET Q q 0 0 0 rg BT 72.05 203.80 Td (or ) Tj ET Q q 0 0 0 rg BT 83.96 203.80 Td (better) Tj ET Q q 0 0 0 rg BT 108.39 203.80 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 181.60 Td (The ) Tj ET Q q 0 0 0 rg BT 55.89 181.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 81.29 181.60 Td (will ) Tj ET Q q 0 0 0 rg BT 101.19 181.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 144.89 181.60 Td (use ) Tj ET Q q 0 0 0 rg BT 162.34 181.60 Td (a ) Tj ET Q q 0 0 0 rg BT 170.01 181.60 Td (replication ) Tj ET Q q 0 0 0 rg BT 229.59 181.60 Td (strategy ) Tj ET Q q 0 0 0 rg BT 267.20 181.60 Td (to ) Tj ET Q q 0 0 0 rg BT 278.54 181.60 Td (achieve ) Tj ET Q q 0 0 0 rg BT 314.91 181.60 Td (its ) Tj ET Q q 0 0 0 rg BT 328.09 181.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 379.15 181.60 Td (objective, ) Tj ET Q q 0 0 0 rg BT 425.00 181.60 Td (meaning ) Tj ET Q q 0 0 0 rg BT 465.66 181.60 Td (it ) Tj ET Q q 0 0 0 rg BT 474.56 181.60 Td (will ) Tj ET Q q 0 0 0 rg BT 494.45 181.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 523.51 181.60 Td (in ) Tj ET Q q 0 0 0 rg BT 534.86 181.60 Td (all ) Tj ET Q q 0 0 0 rg BT 548.64 181.60 Td (of ) Tj ET Q q 0 0 0 rg BT 560.58 181.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 168.40 Td (component ) Tj ET Q q 0 0 0 rg BT 87.63 168.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 131.92 168.40 Td (of ) Tj ET Q q 0 0 0 rg BT 143.83 168.40 Td (the ) Tj ET Q q 0 0 0 rg BT 160.02 168.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 187.81 168.40 Td (in ) Tj ET Q q 0 0 0 rg BT 199.12 168.40 Td (the ) Tj ET Q q 0 0 0 rg BT 215.31 168.40 Td (same ) Tj ET Q q 0 0 0 rg BT 240.66 168.40 Td (approximate ) Tj ET Q q 0 0 0 rg BT 298.39 168.40 Td (proportion ) Tj ET Q q 0 0 0 rg BT 347.58 168.40 Td (as ) Tj ET Q q 0 0 0 rg BT 359.49 168.40 Td (in ) Tj ET Q q 0 0 0 rg BT 370.80 168.40 Td (the ) Tj ET Q q 0 0 0 rg BT 386.98 168.40 Td (Index.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 146.20 Td (The ) Tj ET Q q 0 0 0 rg BT 55.83 146.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 81.17 146.20 Td (is ) Tj ET Q q 0 0 0 rg BT 91.23 146.20 Td (considered ) Tj ET Q q 0 0 0 rg BT 141.60 146.20 Td (to ) Tj ET Q q 0 0 0 rg BT 152.88 146.20 Td (be ) Tj ET Q q 0 0 0 rg BT 165.99 146.20 Td (non-diversified, ) Tj ET Q q 0 0 0 rg BT 238.67 146.20 Td (which ) Tj ET Q q 0 0 0 rg BT 268.27 146.20 Td (means ) Tj ET Q q 0 0 0 rg BT 299.10 146.20 Td (that ) Tj ET Q q 0 0 0 rg BT 318.32 146.20 Td (it ) Tj ET Q q 0 0 0 rg BT 327.16 146.20 Td (may ) Tj ET Q q 0 0 0 rg BT 348.82 146.20 Td (invest ) Tj ET Q q 0 0 0 rg BT 377.82 146.20 Td (more ) Tj ET Q q 0 0 0 rg BT 403.15 146.20 Td (of ) Tj ET Q q 0 0 0 rg BT 415.03 146.20 Td (its ) Tj ET Q q 0 0 0 rg BT 428.15 146.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 456.54 146.20 Td (in ) Tj ET Q q 0 0 0 rg BT 467.82 146.20 Td (the ) Tj ET Q q 0 0 0 rg BT 483.98 146.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 528.25 146.20 Td (of ) Tj ET Q q 0 0 0 rg BT 540.13 146.20 Td (a ) Tj ET Q q 0 0 0 rg BT 547.74 146.20 Td (single ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 133.00 Td (issuer ) Tj ET Q q 0 0 0 rg BT 64.41 133.00 Td (or ) Tj ET Q q 0 0 0 rg BT 76.33 133.00 Td (a ) Tj ET Q q 0 0 0 rg BT 83.96 133.00 Td (smaller ) Tj ET Q q 0 0 0 rg BT 119.09 133.00 Td (number ) Tj ET Q q 0 0 0 rg BT 155.44 133.00 Td (of ) Tj ET Q q 0 0 0 rg BT 167.35 133.00 Td (issuers ) Tj ET Q q 0 0 0 rg BT 200.04 133.00 Td (than ) Tj ET Q q 0 0 0 rg BT 221.73 133.00 Td (if ) Tj ET Q q 0 0 0 rg BT 231.20 133.00 Td (it ) Tj ET Q q 0 0 0 rg BT 240.06 133.00 Td (were ) Tj ET Q q 0 0 0 rg BT 264.19 133.00 Td (a ) Tj ET Q q 0 0 0 rg BT 271.82 133.00 Td (diversified ) Tj ET Q q 0 0 0 rg BT 321.61 133.00 Td (fund.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 110.80 Td (Principal ) Tj ET Q q 0 0 0 rg BT 82.14 110.80 Td (Risks ) Tj ET Q q 0 0 0 rg BT 110.57 110.80 Td (of ) Tj ET Q q 0 0 0 rg BT 122.48 110.80 Td (Investing ) Tj ET Q q 0 0 0 rg BT 168.63 110.80 Td (in ) Tj ET Q q 0 0 0 rg BT 180.55 110.80 Td (the ) Tj ET Q q 0 0 0 rg BT 197.97 110.80 Td (Fund) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 97.60 Td (Y) Tj ET Q q 0 0 0 rg BT 42.84 97.60 Td (ou ) Tj ET Q q 0 0 0 rg BT 56.10 97.60 Td (can ) Tj ET Q q 0 0 0 rg BT 73.63 97.60 Td (lose ) Tj ET Q q 0 0 0 rg BT 93.61 97.60 Td (money ) Tj ET Q q 0 0 0 rg BT 125.80 97.60 Td (on ) Tj ET Q q 0 0 0 rg BT 139.06 97.60 Td (your ) Tj ET Q q 0 0 0 rg BT 161.49 97.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 212.02 97.60 Td (in ) Tj ET Q q 0 0 0 rg BT 222.83 97.60 Td (the ) Tj ET Q q 0 0 0 rg BT 238.53 97.60 Td (Fund. ) Tj ET Q q 0 0 0 rg BT 266.00 97.60 Td (The ) Tj ET Q q 0 0 0 rg BT 285.36 97.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 310.23 97.60 Td (is ) Tj ET Q q 0 0 0 rg BT 319.83 97.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 353.25 97.60 Td (to ) Tj ET Q q 0 0 0 rg BT 364.06 97.60 Td (the ) Tj ET Q q 0 0 0 rg BT 379.76 97.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 402.80 97.60 Td (summarized ) Tj ET Q q 0 0 0 rg BT 458.82 97.60 Td (below) Tj ET Q q 0 0 0 rg BT 484.99 97.60 Td (. ) Tj ET Q q 0 0 0 rg BT 490.00 97.60 Td (Some ) Tj ET Q q 0 0 0 rg BT 517.32 97.60 Td (or ) Tj ET Q q 0 0 0 rg BT 528.74 97.60 Td (all ) Tj ET Q q 0 0 0 rg BT 541.99 97.60 Td (of ) Tj ET Q q 0 0 0 rg BT 553.42 97.60 Td (these ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 84.40 Td (risks ) Tj ET Q q 0 0 0 rg BT 59.97 84.40 Td (may ) Tj ET Q q 0 0 0 rg BT 82.09 84.40 Td (adversely ) Tj ET Q q 0 0 0 rg BT 127.43 84.40 Td (af) Tj ET Q q 0 0 0 rg BT 135.77 84.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 155.44 84.40 Td (the ) Tj ET Q q 0 0 0 rg BT 172.07 84.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 197.74 84.40 Td (s ) Tj ET Q q 0 0 0 rg BT 205.21 84.40 Td (net ) Tj ET Q q 0 0 0 rg BT 221.83 84.40 Td (asset ) Tj ET Q q 0 0 0 rg BT 246.40 84.40 Td (value ) Tj ET Q q 0 0 0 rg BT 273.41 84.40 Td (per ) Tj ET Q q 0 0 0 rg BT 290.64 84.40 Td (share ) Tj ET Q q 0 0 0 rg BT 317.04 84.40 Td (\(NA) Tj ET Q q 0 0 0 rg BT 340.05 84.40 Td (V\), ) Tj ET Q q 0 0 0 rg BT 362.48 84.40 Td (trading ) Tj ET Q q 0 0 0 rg BT 396.82 84.40 Td (price, ) Tj ET Q q 0 0 0 rg BT 424.74 84.40 Td (yield, ) Tj ET Q q 0 0 0 rg BT 452.67 84.40 Td (total ) Tj ET Q q 0 0 0 rg BT 475.41 84.40 Td (return ) Tj ET Q q 0 0 0 rg BT 504.86 84.40 Td (and/or ) Tj ET Q q 0 0 0 rg BT 536.15 84.40 Td (ability ) Tj ET Q q 0 0 0 rg BT 567.44 84.40 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 71.20 Td (meet ) Tj ET Q q 0 0 0 rg BT 60.27 71.20 Td (its ) Tj ET Q q 0 0 0 rg BT 73.56 71.20 Td (objectives. ) Tj ET Q q 0 0 0 rg BT 123.81 71.20 Td (For ) Tj ET Q q 0 0 0 rg BT 141.98 71.20 Td (more ) Tj ET Q q 0 0 0 rg BT 167.48 71.20 Td (information ) Tj ET Q q 0 0 0 rg BT 222.31 71.20 Td (about ) Tj ET Q q 0 0 0 rg BT 249.65 71.20 Td (the ) Tj ET Q q 0 0 0 rg BT 265.98 71.20 Td (risks ) Tj ET Q q 0 0 0 rg BT 289.66 71.20 Td (of ) Tj ET Q q 0 0 0 rg BT 301.72 71.20 Td (investing ) Tj ET Q q 0 0 0 rg BT 344.95 71.20 Td (in ) Tj ET Q q 0 0 0 rg BT 356.40 71.20 Td (the ) Tj ET Q q 0 0 0 rg BT 372.73 71.20 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 401.00 71.20 Td (see ) Tj ET Q q 0 0 0 rg BT 417.94 71.20 Td (the ) Tj ET Q q 0 0 0 rg BT 434.27 71.20 Td (section ) Tj ET Q q 0 0 0 rg BT 468.33 71.20 Td (in ) Tj ET Q q 0 0 0 rg BT 479.78 71.20 Td (the ) Tj ET Q q 0 0 0 rg BT 496.12 71.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 521.79 71.20 Td (s ) Tj ET Q q 0 0 0 rg BT 528.97 71.20 Td (prospectus ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 58.00 Td (entitled ) Tj ET Q q 0 0 0 rg BT 71.74 58.00 Td (Additional ) Tj ET Q q 0 0 0 rg BT 126.42 58.00 Td (Information ) Tj ET Q q 0 0 0 rg BT 181.71 58.00 Td (about ) Tj ET Q q 0 0 0 rg BT 208.90 58.00 Td (the ) Tj ET Q q 0 0 0 rg BT 225.09 58.00 Td (Principal ) Tj ET Q q 0 0 0 rg BT 267.55 58.00 Td (Risks ) Tj ET Q q 0 0 0 rg BT 294.76 58.00 Td (of ) Tj ET Q q 0 0 0 rg BT 306.67 58.00 Td (Investing ) Tj ET Q q 0 0 0 rg BT 350.36 58.00 Td (in ) Tj ET Q q 0 0 0 rg BT 361.67 58.00 Td (the ) Tj ET Q q 0 0 0 rg BT 377.85 58.00 Td (Funds.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (3) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 4.00 0 0 11.00 36.00 737.03 cm /I2 Do Q q 0 0 0 rg BT 40.00 739.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 739.40 Td (Calculation ) Tj ET Q q 0 0 0 rg BT 106.97 739.40 Td (Methodology ) Tj ET Q q 0 0 0 rg BT 171.77 739.40 Td (Risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.92 739.40 Td ( ) Tj ET Q q 0 0 0 rg BT 198.77 739.40 Td (The ) Tj ET Q q 0 0 0 rg BT 218.95 739.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 247.07 739.40 Td (relies ) Tj ET Q q 0 0 0 rg BT 273.97 739.40 Td (directly ) Tj ET Q q 0 0 0 rg BT 310.65 739.40 Td (or ) Tj ET Q q 0 0 0 rg BT 322.89 739.40 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 368.12 739.40 Td (on ) Tj ET Q q 0 0 0 rg BT 382.19 739.40 Td (various ) Tj ET Q q 0 0 0 rg BT 417.65 739.40 Td (sources ) Tj ET Q q 0 0 0 rg BT 453.72 739.40 Td (of ) Tj ET Q q 0 0 0 rg BT 465.96 739.40 Td (information ) Tj ET Q q 0 0 0 rg BT 520.97 739.40 Td (to ) Tj ET Q q 0 0 0 rg BT 532.61 739.40 Td (assess ) Tj ET Q q 0 0 0 rg BT 562.57 739.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 726.20 Td (criteria ) Tj ET Q q 0 0 0 rg BT 83.36 726.20 Td (of ) Tj ET Q q 0 0 0 rg BT 95.25 726.20 Td (issuers ) Tj ET Q q 0 0 0 rg BT 127.92 726.20 Td (included ) Tj ET Q q 0 0 0 rg BT 168.52 726.20 Td (in ) Tj ET Q q 0 0 0 rg BT 179.80 726.20 Td (the ) Tj ET Q q 0 0 0 rg BT 195.96 726.20 Td (Index, ) Tj ET Q q 0 0 0 rg BT 226.48 726.20 Td (including ) Tj ET Q q 0 0 0 rg BT 270.75 726.20 Td (information ) Tj ET Q q 0 0 0 rg BT 325.41 726.20 Td (that ) Tj ET Q q 0 0 0 rg BT 344.63 726.20 Td (may ) Tj ET Q q 0 0 0 rg BT 366.29 726.20 Td (be ) Tj ET Q q 0 0 0 rg BT 379.39 726.20 Td (based ) Tj ET Q q 0 0 0 rg BT 407.16 726.20 Td (on ) Tj ET Q q 0 0 0 rg BT 420.88 726.20 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 478.00 726.20 Td (and ) Tj ET Q q 0 0 0 rg BT 496.61 726.20 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 543.01 726.20 Td (Neither ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 65.65 713.00 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 93.73 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 109.87 713.00 Td (Index ) Tj ET Q q 0 0 0 rg BT 137.63 713.00 Td (Provider) Tj ET Q q 0 0 0 rg BT 175.07 713.00 Td (, ) Tj ET Q q 0 0 0 rg BT 180.53 713.00 Td (or ) Tj ET Q q 0 0 0 rg BT 192.40 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 207.96 713.00 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 245.49 713.00 Td (can ) Tj ET Q q 0 0 0 rg BT 263.47 713.00 Td (of) Tj ET Q q 0 0 0 rg BT 272.43 713.00 Td (fer ) Tj ET Q q 0 0 0 rg BT 287.35 713.00 Td (assurances ) Tj ET Q q 0 0 0 rg BT 337.09 713.00 Td (that ) Tj ET Q q 0 0 0 rg BT 356.30 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 372.45 713.00 Td (Index) Tj ET Q q 0 0 0 rg BT 400.55 713.00 Td (s ) Tj ET Q q 0 0 0 rg BT 407.54 713.00 Td (calculation ) Tj ET Q q 0 0 0 rg BT 458.50 713.00 Td (methodology ) Tj ET Q q 0 0 0 rg BT 519.26 713.00 Td (or ) Tj ET Q q 0 0 0 rg BT 531.14 713.00 Td (sources ) Tj ET Q q 0 0 0 rg BT 566.84 713.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 699.80 Td (information ) Tj ET Q q 0 0 0 rg BT 105.15 699.80 Td (will ) Tj ET Q q 0 0 0 rg BT 125.98 699.80 Td (provide ) Tj ET Q q 0 0 0 rg BT 163.29 699.80 Td (an ) Tj ET Q q 0 0 0 rg BT 177.39 699.80 Td (accurate ) Tj ET Q q 0 0 0 rg BT 217.74 699.80 Td (assessment ) Tj ET Q q 0 0 0 rg BT 270.33 699.80 Td (of ) Tj ET Q q 0 0 0 rg BT 283.21 699.80 Td (included ) Tj ET Q q 0 0 0 rg BT 324.81 699.80 Td (issuers ) Tj ET Q q 0 0 0 rg BT 358.46 699.80 Td (or ) Tj ET Q q 0 0 0 rg BT 371.34 699.80 Td (a ) Tj ET Q q 0 0 0 rg BT 379.94 699.80 Td (correct ) Tj ET Q q 0 0 0 rg BT 414.19 699.80 Td (valuation ) Tj ET Q q 0 0 0 rg BT 458.83 699.80 Td (of ) Tj ET Q q 0 0 0 rg BT 471.71 699.80 Td (securities, ) Tj ET Q q 0 0 0 rg BT 519.72 699.80 Td (nor ) Tj ET Q q 0 0 0 rg BT 538.10 699.80 Td (can ) Tj ET Q q 0 0 0 rg BT 557.08 699.80 Td (they ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 686.60 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 95.00 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 111.19 686.60 Td (availability ) Tj ET Q q 0 0 0 rg BT 163.42 686.60 Td (or ) Tj ET Q q 0 0 0 rg BT 175.33 686.60 Td (timeliness ) Tj ET Q q 0 0 0 rg BT 222.69 686.60 Td (of ) Tj ET Q q 0 0 0 rg BT 234.60 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 250.79 686.60 Td (production ) Tj ET Q q 0 0 0 rg BT 301.20 686.60 Td (of ) Tj ET Q q 0 0 0 rg BT 313.11 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 329.30 686.60 Td (Index.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 662.03 cm /I3 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 662.03 cm /I4 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 664.40 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 121.09 664.40 Td (Risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 145.24 664.40 Td ( ) Tj ET Q q 0 0 0 rg BT 149.00 664.40 Td (If ) Tj ET Q q 0 0 0 rg BT 160.09 664.40 Td (the ) Tj ET Q q 0 0 0 rg BT 177.29 664.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 206.10 664.40 Td (concentrates ) Tj ET Q q 0 0 0 rg BT 264.83 664.40 Td (in ) Tj ET Q q 0 0 0 rg BT 277.15 664.40 Td (an ) Tj ET Q q 0 0 0 rg BT 291.30 664.40 Td (industry ) Tj ET Q q 0 0 0 rg BT 331.12 664.40 Td (or ) Tj ET Q q 0 0 0 rg BT 344.05 664.40 Td (group ) Tj ET Q q 0 0 0 rg BT 373.47 664.40 Td (of ) Tj ET Q q 0 0 0 rg BT 386.40 664.40 Td (industries, ) Tj ET Q q 0 0 0 rg BT 435.69 664.40 Td (the ) Tj ET Q q 0 0 0 rg BT 452.89 664.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 478.57 664.40 Td (s ) Tj ET Q q 0 0 0 rg BT 486.61 664.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 542.92 664.40 Td (may ) Tj ET Q q 0 0 0 rg BT 565.63 664.40 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 651.20 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 108.22 651.20 Td (accordingly) Tj ET Q q 0 0 0 rg BT 159.43 651.20 Td (. ) Tj ET Q q 0 0 0 rg BT 164.71 651.20 Td (In ) Tj ET Q q 0 0 0 rg BT 176.41 651.20 Td (such ) Tj ET Q q 0 0 0 rg BT 199.10 651.20 Td (event, ) Tj ET Q q 0 0 0 rg BT 228.21 651.20 Td (the ) Tj ET Q q 0 0 0 rg BT 244.18 651.20 Td (value ) Tj ET Q q 0 0 0 rg BT 270.53 651.20 Td (of ) Tj ET Q q 0 0 0 rg BT 282.23 651.20 Td (the ) Tj ET Q q 0 0 0 rg BT 298.20 651.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 323.87 651.20 Td (s ) Tj ET Q q 0 0 0 rg BT 330.68 651.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 360.71 651.20 Td (may ) Tj ET Q q 0 0 0 rg BT 382.18 651.20 Td (rise ) Tj ET Q q 0 0 0 rg BT 400.59 651.20 Td (and ) Tj ET Q q 0 0 0 rg BT 419.01 651.20 Td (fall ) Tj ET Q q 0 0 0 rg BT 436.20 651.20 Td (more ) Tj ET Q q 0 0 0 rg BT 461.33 651.20 Td (than ) Tj ET Q q 0 0 0 rg BT 482.80 651.20 Td (the ) Tj ET Q q 0 0 0 rg BT 498.77 651.20 Td (value ) Tj ET Q q 0 0 0 rg BT 525.13 651.20 Td (of ) Tj ET Q q 0 0 0 rg BT 536.82 651.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 566.85 651.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 638.00 Td (a ) Tj ET Q q 0 0 0 rg BT 57.16 638.00 Td (fund ) Tj ET Q q 0 0 0 rg BT 80.09 638.00 Td (that ) Tj ET Q q 0 0 0 rg BT 99.36 638.00 Td (invests ) Tj ET Q q 0 0 0 rg BT 132.69 638.00 Td (in ) Tj ET Q q 0 0 0 rg BT 144.02 638.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 188.33 638.00 Td (of ) Tj ET Q q 0 0 0 rg BT 200.27 638.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 250.08 638.00 Td (in ) Tj ET Q q 0 0 0 rg BT 261.41 638.00 Td (a ) Tj ET Q q 0 0 0 rg BT 269.06 638.00 Td (broader ) Tj ET Q q 0 0 0 rg BT 305.43 638.00 Td (range ) Tj ET Q q 0 0 0 rg BT 332.63 638.00 Td (of ) Tj ET Q q 0 0 0 rg BT 344.56 638.00 Td (industries. ) Tj ET Q q 0 0 0 rg BT 392.86 638.00 Td (In ) Tj ET Q q 0 0 0 rg BT 404.80 638.00 Td (addition, ) Tj ET Q q 0 0 0 rg BT 446.37 638.00 Td (at ) Tj ET Q q 0 0 0 rg BT 457.08 638.00 Td (times, ) Tj ET Q q 0 0 0 rg BT 486.44 638.00 Td (an ) Tj ET Q q 0 0 0 rg BT 499.59 638.00 Td (industry ) Tj ET Q q 0 0 0 rg BT 538.42 638.00 Td (or ) Tj ET Q q 0 0 0 rg BT 550.36 638.00 Td (group ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 624.80 Td (of ) Tj ET Q q 0 0 0 rg BT 62.55 624.80 Td (industries ) Tj ET Q q 0 0 0 rg BT 109.21 624.80 Td (in ) Tj ET Q q 0 0 0 rg BT 121.65 624.80 Td (which ) Tj ET Q q 0 0 0 rg BT 152.42 624.80 Td (the ) Tj ET Q q 0 0 0 rg BT 169.74 624.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 196.24 624.80 Td (is ) Tj ET Q q 0 0 0 rg BT 207.46 624.80 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 267.54 624.80 Td (may ) Tj ET Q q 0 0 0 rg BT 290.36 624.80 Td (be ) Tj ET Q q 0 0 0 rg BT 304.63 624.80 Td (out ) Tj ET Q q 0 0 0 rg BT 322.57 624.80 Td (of ) Tj ET Q q 0 0 0 rg BT 335.61 624.80 Td (favor ) Tj ET Q q 0 0 0 rg BT 362.71 624.80 Td (and ) Tj ET Q q 0 0 0 rg BT 382.47 624.80 Td (underperform ) Tj ET Q q 0 0 0 rg BT 446.83 624.80 Td (other ) Tj ET Q q 0 0 0 rg BT 473.32 624.80 Td (industries ) Tj ET Q q 0 0 0 rg BT 519.98 624.80 Td (or ) Tj ET Q q 0 0 0 rg BT 533.03 624.80 Td (groups ) Tj ET Q q 0 0 0 rg BT 566.86 624.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 611.60 Td (industries.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 587.03 cm /I5 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 587.03 cm /I6 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 589.40 Td (Curr) Tj ET Q q 0 0 0 rg BT 73.13 589.40 Td (ency ) Tj ET Q q 0 0 0 rg BT 97.35 589.40 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 146.02 589.40 Td (Rate ) Tj ET Q q 0 0 0 rg BT 170.85 589.40 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 197.84 589.40 Td (The ) Tj ET Q q 0 0 0 rg BT 217.78 589.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 243.45 589.40 Td (s ) Tj ET Q q 0 0 0 rg BT 250.57 589.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 279.08 589.40 Td (may ) Tj ET Q q 0 0 0 rg BT 300.85 589.40 Td (include ) Tj ET Q q 0 0 0 rg BT 336.07 589.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 391.46 589.40 Td (denominated ) Tj ET Q q 0 0 0 rg BT 451.11 589.40 Td (in ) Tj ET Q q 0 0 0 rg BT 462.51 589.40 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 505.07 589.40 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 555.85 589.40 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.20 Td (as ) Tj ET Q q 0 0 0 rg BT 61.36 576.20 Td (the ) Tj ET Q q 0 0 0 rg BT 77.50 576.20 Td (euro, ) Tj ET Q q 0 0 0 rg BT 102.49 576.20 Td (or ) Tj ET Q q 0 0 0 rg BT 114.35 576.20 Td (in ) Tj ET Q q 0 0 0 rg BT 125.60 576.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.84 576.20 Td (or ) Tj ET Q q 0 0 0 rg BT 181.70 576.20 Td (other ) Tj ET Q q 0 0 0 rg BT 207.00 576.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 235.36 576.20 Td (that ) Tj ET Q q 0 0 0 rg BT 254.56 576.20 Td (provide ) Tj ET Q q 0 0 0 rg BT 290.86 576.20 Td (exposure ) Tj ET Q q 0 0 0 rg BT 333.26 576.20 Td (to ) Tj ET Q q 0 0 0 rg BT 344.52 576.20 Td (such ) Tj ET Q q 0 0 0 rg BT 367.38 576.20 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 418.02 576.20 Td (Changes ) Tj ET Q q 0 0 0 rg BT 458.60 576.20 Td (in ) Tj ET Q q 0 0 0 rg BT 469.85 576.20 Td (currency ) Tj ET Q q 0 0 0 rg BT 511.02 576.20 Td (exchange ) Tj ET Q q 0 0 0 rg BT 555.25 576.20 Td (rates ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.44 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 84.94 563.00 Td (relative ) Tj ET Q q 0 0 0 rg BT 120.98 563.00 Td (value ) Tj ET Q q 0 0 0 rg BT 147.86 563.00 Td (of ) Tj ET Q q 0 0 0 rg BT 160.08 563.00 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 202.87 563.00 Td (currencies ) Tj ET Q q 0 0 0 rg BT 251.12 563.00 Td (will ) Tj ET Q q 0 0 0 rg BT 271.29 563.00 Td (af) Tj ET Q q 0 0 0 rg BT 279.64 563.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 299.18 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 315.68 563.00 Td (value ) Tj ET Q q 0 0 0 rg BT 342.56 563.00 Td (of ) Tj ET Q q 0 0 0 rg BT 354.79 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 371.28 563.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 396.96 563.00 Td (s ) Tj ET Q q 0 0 0 rg BT 404.30 563.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 455.63 563.00 Td (and ) Tj ET Q q 0 0 0 rg BT 474.57 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 491.07 563.00 Td (value ) Tj ET Q q 0 0 0 rg BT 517.95 563.00 Td (of ) Tj ET Q q 0 0 0 rg BT 530.17 563.00 Td (your ) Tj ET Q q 0 0 0 rg BT 553.40 563.00 Td (Fund ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 549.80 Td (shares. ) Tj ET Q q 0 0 0 rg BT 82.43 549.80 Td (Currency ) Tj ET Q q 0 0 0 rg BT 126.04 549.80 Td (exchange ) Tj ET Q q 0 0 0 rg BT 170.26 549.80 Td (rates ) Tj ET Q q 0 0 0 rg BT 193.71 549.80 Td (can ) Tj ET Q q 0 0 0 rg BT 211.66 549.80 Td (be ) Tj ET Q q 0 0 0 rg BT 224.73 549.80 Td (very ) Tj ET Q q 0 0 0 rg BT 246.96 549.80 Td (volatile ) Tj ET Q q 0 0 0 rg BT 282.64 549.80 Td (and ) Tj ET Q q 0 0 0 rg BT 301.21 549.80 Td (can ) Tj ET Q q 0 0 0 rg BT 319.16 549.80 Td (change ) Tj ET Q q 0 0 0 rg BT 352.99 549.80 Td (quickly ) Tj ET Q q 0 0 0 rg BT 388.68 549.80 Td (and ) Tj ET Q q 0 0 0 rg BT 407.24 549.80 Td (unpredictably) Tj ET Q q 0 0 0 rg BT 467.01 549.80 Td (. ) Tj ET Q q 0 0 0 rg BT 471.85 549.80 Td (As ) Tj ET Q q 0 0 0 rg BT 486.76 549.80 Td (a ) Tj ET Q q 0 0 0 rg BT 494.33 549.80 Td (result, ) Tj ET Q q 0 0 0 rg BT 524.21 549.80 Td (the ) Tj ET Q q 0 0 0 rg BT 540.33 549.80 Td (value ) Tj ET Q q 0 0 0 rg BT 566.84 549.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 536.60 Td (an ) Tj ET Q q 0 0 0 rg BT 62.63 536.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 113.65 536.60 Td (in ) Tj ET Q q 0 0 0 rg BT 124.96 536.60 Td (the ) Tj ET Q q 0 0 0 rg BT 141.15 536.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 166.51 536.60 Td (may ) Tj ET Q q 0 0 0 rg BT 188.20 536.60 Td (change ) Tj ET Q q 0 0 0 rg BT 222.10 536.60 Td (quickly ) Tj ET Q q 0 0 0 rg BT 257.84 536.60 Td (and ) Tj ET Q q 0 0 0 rg BT 276.48 536.60 Td (without ) Tj ET Q q 0 0 0 rg BT 312.84 536.60 Td (warning ) Tj ET Q q 0 0 0 rg BT 351.63 536.60 Td (and ) Tj ET Q q 0 0 0 rg BT 370.27 536.60 Td (you ) Tj ET Q q 0 0 0 rg BT 389.52 536.60 Td (may ) Tj ET Q q 0 0 0 rg BT 411.21 536.60 Td (lose ) Tj ET Q q 0 0 0 rg BT 431.67 536.60 Td (money) Tj ET Q q 0 0 0 rg BT 460.90 536.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 4.00 0 0 11.00 36.00 512.03 cm /I7 Do Q q 0 0 0 rg BT 40.00 514.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 514.40 Td (ETF) Tj ET Q q 0 0 0 rg BT 70.48 514.40 Td ( ) Tj ET Q q 0 0 0 rg BT 73.23 514.40 Td (Risks.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 101.66 514.40 Td ( ) Tj ET Q q 0 0 0 rg BT 104.22 514.40 Td (The ) Tj ET Q q 0 0 0 rg BT 124.07 514.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 149.43 514.40 Td (is ) Tj ET Q q 0 0 0 rg BT 159.52 514.40 Td (an ) Tj ET Q q 0 0 0 rg BT 172.65 514.40 Td (ETF ) Tj ET Q q 0 0 0 rg BT 194.96 514.40 Td (and, ) Tj ET Q q 0 0 0 rg BT 216.34 514.40 Td (as ) Tj ET Q q 0 0 0 rg BT 228.26 514.40 Td (a ) Tj ET Q q 0 0 0 rg BT 235.89 514.40 Td (result ) Tj ET Q q 0 0 0 rg BT 263.08 514.40 Td (of ) Tj ET Q q 0 0 0 rg BT 274.99 514.40 Td (an ) Tj ET Q q 0 0 0 rg BT 288.12 514.40 Td (ETF) Tj ET Q q 0 0 0 rg BT 310.73 514.40 Td (s ) Tj ET Q q 0 0 0 rg BT 317.76 514.40 Td (structure, ) Tj ET Q q 0 0 0 rg BT 361.75 514.40 Td (is ) Tj ET Q q 0 0 0 rg BT 371.84 514.40 Td (exposed ) Tj ET Q q 0 0 0 rg BT 410.63 514.40 Td (to ) Tj ET Q q 0 0 0 rg BT 421.94 514.40 Td (the ) Tj ET Q q 0 0 0 rg BT 438.13 514.40 Td (following ) Tj ET Q q 0 0 0 rg BT 483.65 514.40 Td (risks:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 489.83 cm /I8 Do Q q 0 0 0 rg BT 58.00 492.20 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 492.20 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 124.13 492.20 Td (Participants ) Tj ET Q q 0 0 0 rg BT 182.37 492.20 Td (\(APs\), ) Tj ET Q q 0 0 0 rg BT 226.26 492.20 Td (Market ) Tj ET Q q 0 0 0 rg BT 261.87 492.20 Td (Makers, ) Tj ET Q q 0 0 0 rg BT 301.47 492.20 Td (and ) Tj ET Q q 0 0 0 rg BT 321.82 492.20 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 365.40 492.20 Td (Pr) Tj ET Q q 0 0 0 rg BT 375.99 492.20 Td (oviders ) Tj ET Q q 0 0 0 rg BT 412.23 492.20 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 479.63 492.20 Td (Risk.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 501.32 492.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 505.18 492.20 Td (The ) Tj ET Q q 0 0 0 rg BT 526.13 492.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 552.60 492.20 Td (has ) Tj ET Q q 0 0 0 rg BT 571.12 492.20 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 479.00 Td (limited ) Tj ET Q q 0 0 0 rg BT 106.12 479.00 Td (number ) Tj ET Q q 0 0 0 rg BT 142.68 479.00 Td (of ) Tj ET Q q 0 0 0 rg BT 154.81 479.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.24 479.00 Td (institutions ) Tj ET Q q 0 0 0 rg BT 248.10 479.00 Td (that ) Tj ET Q q 0 0 0 rg BT 267.56 479.00 Td (may ) Tj ET Q q 0 0 0 rg BT 289.45 479.00 Td (act ) Tj ET Q q 0 0 0 rg BT 305.23 479.00 Td (as ) Tj ET Q q 0 0 0 rg BT 316.70 479.00 Td (APs. ) Tj ET Q q 0 0 0 rg BT 340.76 479.00 Td (In ) Tj ET Q q 0 0 0 rg BT 352.88 479.00 Td (addition, ) Tj ET Q q 0 0 0 rg BT 394.64 479.00 Td (there ) Tj ET Q q 0 0 0 rg BT 419.58 479.00 Td (may ) Tj ET Q q 0 0 0 rg BT 441.48 479.00 Td (be ) Tj ET Q q 0 0 0 rg BT 454.82 479.00 Td (a ) Tj ET Q q 0 0 0 rg BT 462.66 479.00 Td (limited ) Tj ET Q q 0 0 0 rg BT 496.79 479.00 Td (number ) Tj ET Q q 0 0 0 rg BT 533.35 479.00 Td (of ) Tj ET Q q 0 0 0 rg BT 545.47 479.00 Td (market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 465.80 Td (makers ) Tj ET Q q 0 0 0 rg BT 106.90 465.80 Td (and/or ) Tj ET Q q 0 0 0 rg BT 138.15 465.80 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 178.57 465.80 Td (providers ) Tj ET Q q 0 0 0 rg BT 223.25 465.80 Td (in ) Tj ET Q q 0 0 0 rg BT 234.95 465.80 Td (the ) Tj ET Q q 0 0 0 rg BT 251.52 465.80 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 310.93 465.80 Td (T) Tj ET Q q 0 0 0 rg BT 316.88 465.80 Td (o ) Tj ET Q q 0 0 0 rg BT 325.52 465.80 Td (the ) Tj ET Q q 0 0 0 rg BT 342.10 465.80 Td (extent ) Tj ET Q q 0 0 0 rg BT 372.12 465.80 Td (either ) Tj ET Q q 0 0 0 rg BT 400.30 465.80 Td (of ) Tj ET Q q 0 0 0 rg BT 412.60 465.80 Td (the ) Tj ET Q q 0 0 0 rg BT 429.18 465.80 Td (following ) Tj ET Q q 0 0 0 rg BT 475.09 465.80 Td (events ) Tj ET Q q 0 0 0 rg BT 506.33 465.80 Td (occur) Tj ET Q q 0 0 0 rg BT 530.32 465.80 Td (, ) Tj ET Q q 0 0 0 rg BT 536.21 465.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 566.84 465.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 452.60 Td (the ) Tj ET Q q 0 0 0 rg BT 87.98 452.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 113.14 452.60 Td (may ) Tj ET Q q 0 0 0 rg BT 134.62 452.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 159.15 452.60 Td (at ) Tj ET Q q 0 0 0 rg BT 169.63 452.60 Td (a ) Tj ET Q q 0 0 0 rg BT 177.05 452.60 Td (material ) Tj ET Q q 0 0 0 rg BT 215.63 452.60 Td (discount ) Tj ET Q q 0 0 0 rg BT 255.45 452.60 Td (to ) Tj ET Q q 0 0 0 rg BT 266.54 452.60 Td (NA) Tj ET Q q 0 0 0 rg BT 281.01 452.60 Td (V) Tj ET Q q 0 0 0 rg BT 288.76 452.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.30 452.60 Td (and ) Tj ET Q q 0 0 0 rg BT 309.72 452.60 Td (possibly ) Tj ET Q q 0 0 0 rg BT 348.94 452.60 Td (face ) Tj ET Q q 0 0 0 rg BT 369.79 452.60 Td (delisting: ) Tj ET Q q 0 0 0 rg BT 413.28 452.60 Td (\(i\)) Tj ET Q q 0 0 0 rg BT 425.80 452.60 Td (APs ) Tj ET Q q 0 0 0 rg BT 446.69 452.60 Td (exit ) Tj ET Q q 0 0 0 rg BT 465.72 452.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.71 452.60 Td (business ) Tj ET Q q 0 0 0 rg BT 521.53 452.60 Td (or ) Tj ET Q q 0 0 0 rg BT 533.23 452.60 Td (otherwise ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 439.40 Td (become ) Tj ET Q q 0 0 0 rg BT 108.15 439.40 Td (unable ) Tj ET Q q 0 0 0 rg BT 139.42 439.40 Td (to ) Tj ET Q q 0 0 0 rg BT 149.92 439.40 Td (process ) Tj ET Q q 0 0 0 rg BT 184.86 439.40 Td (creation ) Tj ET Q q 0 0 0 rg BT 222.23 439.40 Td (and/or ) Tj ET Q q 0 0 0 rg BT 252.28 439.40 Td (redemption ) Tj ET Q q 0 0 0 rg BT 304.33 439.40 Td (orders ) Tj ET Q q 0 0 0 rg BT 333.76 439.40 Td (and ) Tj ET Q q 0 0 0 rg BT 351.60 439.40 Td (no ) Tj ET Q q 0 0 0 rg BT 364.54 439.40 Td (other ) Tj ET Q q 0 0 0 rg BT 388.66 439.40 Td (APs ) Tj ET Q q 0 0 0 rg BT 408.95 439.40 Td (step ) Tj ET Q q 0 0 0 rg BT 428.62 439.40 Td (forward ) Tj ET Q q 0 0 0 rg BT 465.39 439.40 Td (to ) Tj ET Q q 0 0 0 rg BT 475.89 439.40 Td (perform ) Tj ET Q q 0 0 0 rg BT 513.27 439.40 Td (these ) Tj ET Q q 0 0 0 rg BT 537.82 439.40 Td (services, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 426.20 Td (or ) Tj ET Q q 0 0 0 rg BT 83.54 426.20 Td (\(ii\)market ) Tj ET Q q 0 0 0 rg BT 132.65 426.20 Td (makers ) Tj ET Q q 0 0 0 rg BT 166.80 426.20 Td (and/or ) Tj ET Q q 0 0 0 rg BT 197.28 426.20 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 236.94 426.20 Td (providers ) Tj ET Q q 0 0 0 rg BT 280.87 426.20 Td (exit ) Tj ET Q q 0 0 0 rg BT 299.74 426.20 Td (the ) Tj ET Q q 0 0 0 rg BT 315.56 426.20 Td (business ) Tj ET Q q 0 0 0 rg BT 355.23 426.20 Td (or ) Tj ET Q q 0 0 0 rg BT 366.77 426.20 Td (significantly ) Tj ET Q q 0 0 0 rg BT 424.14 426.20 Td (reduce ) Tj ET Q q 0 0 0 rg BT 455.83 426.20 Td (their ) Tj ET Q q 0 0 0 rg BT 478.37 426.20 Td (business ) Tj ET Q q 0 0 0 rg BT 518.03 426.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 560.12 426.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 413.00 Td (no ) Tj ET Q q 0 0 0 rg BT 85.75 413.00 Td (other ) Tj ET Q q 0 0 0 rg BT 111.10 413.00 Td (entities ) Tj ET Q q 0 0 0 rg BT 145.62 413.00 Td (step ) Tj ET Q q 0 0 0 rg BT 166.09 413.00 Td (forward ) Tj ET Q q 0 0 0 rg BT 203.66 413.00 Td (to ) Tj ET Q q 0 0 0 rg BT 214.96 413.00 Td (perform ) Tj ET Q q 0 0 0 rg BT 253.14 413.00 Td (their ) Tj ET Q q 0 0 0 rg BT 276.05 413.00 Td (functions. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 388.43 cm /I9 Do Q q 0 0 0 rg BT 58.00 390.80 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 390.80 Td (Costs ) Tj ET Q q 0 0 0 rg BT 99.52 390.80 Td (of ) Tj ET Q q 0 0 0 rg BT 111.15 390.80 Td (Buying ) Tj ET Q q 0 0 0 rg BT 145.38 390.80 Td (or ) Tj ET Q q 0 0 0 rg BT 158.23 390.80 Td (Selling ) Tj ET Q q 0 0 0 rg BT 191.85 390.80 Td (Shar) Tj ET Q q 0 0 0 rg BT 212.22 390.80 Td (es ) Tj ET Q q 0 0 0 rg BT 224.45 390.80 Td (of ) Tj ET Q q 0 0 0 rg BT 236.08 390.80 Td (the ) Tj ET Q q 0 0 0 rg BT 252.59 390.80 Td (Fund.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 278.56 390.80 Td ( ) Tj ET Q q 0 0 0 rg BT 281.63 390.80 Td (Due ) Tj ET Q q 0 0 0 rg BT 303.02 390.80 Td (to ) Tj ET Q q 0 0 0 rg BT 314.65 390.80 Td (the ) Tj ET Q q 0 0 0 rg BT 331.16 390.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 356.23 390.80 Td (of ) Tj ET Q q 0 0 0 rg BT 368.46 390.80 Td (buying ) Tj ET Q q 0 0 0 rg BT 402.09 390.80 Td (or ) Tj ET Q q 0 0 0 rg BT 414.32 390.80 Td (selling ) Tj ET Q q 0 0 0 rg BT 446.72 390.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 477.28 390.80 Td (of ) Tj ET Q q 0 0 0 rg BT 489.51 390.80 Td (the ) Tj ET Q q 0 0 0 rg BT 506.02 390.80 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 534.46 390.80 Td (including ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 377.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 120.59 377.60 Td (commissions ) Tj ET Q q 0 0 0 rg BT 182.66 377.60 Td (imposed ) Tj ET Q q 0 0 0 rg BT 224.56 377.60 Td (by ) Tj ET Q q 0 0 0 rg BT 240.18 377.60 Td (brokers ) Tj ET Q q 0 0 0 rg BT 277.79 377.60 Td (and ) Tj ET Q q 0 0 0 rg BT 298.29 377.60 Td (bid/ask ) Tj ET Q q 0 0 0 rg BT 334.69 377.60 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 375.04 377.60 Td (frequent ) Tj ET Q q 0 0 0 rg BT 416.31 377.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 452.09 377.60 Td (of ) Tj ET Q q 0 0 0 rg BT 465.87 377.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 497.98 377.60 Td (of ) Tj ET Q q 0 0 0 rg BT 511.77 377.60 Td (the ) Tj ET Q q 0 0 0 rg BT 529.82 377.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 557.06 377.60 Td (may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 364.40 Td (significantly ) Tj ET Q q 0 0 0 rg BT 129.90 364.40 Td (reduce ) Tj ET Q q 0 0 0 rg BT 162.12 364.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 213.30 364.40 Td (results ) Tj ET Q q 0 0 0 rg BT 244.93 364.40 Td (and ) Tj ET Q q 0 0 0 rg BT 263.72 364.40 Td (an ) Tj ET Q q 0 0 0 rg BT 277.01 364.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 328.19 364.40 Td (in ) Tj ET Q q 0 0 0 rg BT 339.66 364.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 370.06 364.40 Td (of ) Tj ET Q q 0 0 0 rg BT 382.13 364.40 Td (the ) Tj ET Q q 0 0 0 rg BT 398.48 364.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 424.00 364.40 Td (may ) Tj ET Q q 0 0 0 rg BT 445.85 364.40 Td (not ) Tj ET Q q 0 0 0 rg BT 462.82 364.40 Td (be ) Tj ET Q q 0 0 0 rg BT 476.11 364.40 Td (advisable ) Tj ET Q q 0 0 0 rg BT 520.56 364.40 Td (for ) Tj ET Q q 0 0 0 rg BT 536.30 364.40 Td (investors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 351.20 Td (who ) Tj ET Q q 0 0 0 rg BT 93.69 351.20 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 139.20 351.20 Td (regularly ) Tj ET Q q 0 0 0 rg BT 181.65 351.20 Td (making ) Tj ET Q q 0 0 0 rg BT 217.40 351.20 Td (small ) Tj ET Q q 0 0 0 rg BT 243.98 351.20 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 326.63 cm /I10 Do Q q 0 0 0 rg BT 58.00 329.00 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 329.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 92.37 329.00 Td (es ) Tj ET Q q 0 0 0 rg BT 104.28 329.00 Td (of ) Tj ET Q q 0 0 0 rg BT 115.58 329.00 Td (the ) Tj ET Q q 0 0 0 rg BT 131.76 329.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 157.72 329.00 Td (May ) Tj ET Q q 0 0 0 rg BT 180.01 329.00 Td (T) Tj ET Q q 0 0 0 rg BT 185.52 329.00 Td (rade ) Tj ET Q q 0 0 0 rg BT 208.42 329.00 Td (at ) Tj ET Q q 0 0 0 rg BT 219.72 329.00 Td (Prices ) Tj ET Q q 0 0 0 rg BT 250.56 329.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 278.97 329.00 Td (Than ) Tj ET Q q 0 0 0 rg BT 304.33 329.00 Td (NA) Tj ET Q q 0 0 0 rg BT 317.84 329.00 Td (V) Tj ET Q q 0 0 0 rg BT 323.14 329.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 325.89 329.00 Td ( ) Tj ET Q q 0 0 0 rg BT 328.03 329.00 Td (As ) Tj ET Q q 0 0 0 rg BT 342.99 329.00 Td (with ) Tj ET Q q 0 0 0 rg BT 365.29 329.00 Td (all ) Tj ET Q q 0 0 0 rg BT 379.03 329.00 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 408.36 329.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 438.59 329.00 Td (of ) Tj ET Q q 0 0 0 rg BT 450.49 329.00 Td (the ) Tj ET Q q 0 0 0 rg BT 466.67 329.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 492.03 329.00 Td (may ) Tj ET Q q 0 0 0 rg BT 513.71 329.00 Td (be ) Tj ET Q q 0 0 0 rg BT 526.84 329.00 Td (bought ) Tj ET Q q 0 0 0 rg BT 560.14 329.00 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 315.80 Td (sold ) Tj ET Q q 0 0 0 rg BT 92.72 315.80 Td (in ) Tj ET Q q 0 0 0 rg BT 103.65 315.80 Td (the ) Tj ET Q q 0 0 0 rg BT 119.47 315.80 Td (secondary ) Tj ET Q q 0 0 0 rg BT 166.45 315.80 Td (market ) Tj ET Q q 0 0 0 rg BT 199.37 315.80 Td (at ) Tj ET Q q 0 0 0 rg BT 209.69 315.80 Td (market ) Tj ET Q q 0 0 0 rg BT 242.61 315.80 Td (prices. ) Tj ET Q q 0 0 0 rg BT 273.83 315.80 Td (The ) Tj ET Q q 0 0 0 rg BT 293.31 315.80 Td (price ) Tj ET Q q 0 0 0 rg BT 317.68 315.80 Td (of ) Tj ET Q q 0 0 0 rg BT 329.22 315.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 359.09 315.80 Td (of ) Tj ET Q q 0 0 0 rg BT 370.64 315.80 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 398.38 315.80 Td (like ) Tj ET Q q 0 0 0 rg BT 417.26 315.80 Td (the ) Tj ET Q q 0 0 0 rg BT 433.08 315.80 Td (price ) Tj ET Q q 0 0 0 rg BT 457.44 315.80 Td (of ) Tj ET Q q 0 0 0 rg BT 468.99 315.80 Td (all ) Tj ET Q q 0 0 0 rg BT 482.36 315.80 Td (traded ) Tj ET Q q 0 0 0 rg BT 512.23 315.80 Td (securities, ) Tj ET Q q 0 0 0 rg BT 558.90 315.80 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 302.60 Td (be ) Tj ET Q q 0 0 0 rg BT 84.05 302.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 116.87 302.60 Td (to ) Tj ET Q q 0 0 0 rg BT 127.09 302.60 Td (factors ) Tj ET Q q 0 0 0 rg BT 158.68 302.60 Td (such ) Tj ET Q q 0 0 0 rg BT 180.51 302.60 Td (as ) Tj ET Q q 0 0 0 rg BT 191.34 302.60 Td (supply ) Tj ET Q q 0 0 0 rg BT 222.34 302.60 Td (and ) Tj ET Q q 0 0 0 rg BT 239.89 302.60 Td (demand, ) Tj ET Q q 0 0 0 rg BT 279.13 302.60 Td (as ) Tj ET Q q 0 0 0 rg BT 289.95 302.60 Td (well ) Tj ET Q q 0 0 0 rg BT 310.56 302.60 Td (as ) Tj ET Q q 0 0 0 rg BT 321.39 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 336.49 302.60 Td (current ) Tj ET Q q 0 0 0 rg BT 369.30 302.60 Td (value ) Tj ET Q q 0 0 0 rg BT 394.79 302.60 Td (of ) Tj ET Q q 0 0 0 rg BT 405.61 302.60 Td (the ) Tj ET Q q 0 0 0 rg BT 420.72 302.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 446.39 302.60 Td (s ) Tj ET Q q 0 0 0 rg BT 452.34 302.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 492.50 302.60 Td (holdings. ) Tj ET Q q 0 0 0 rg BT 534.44 302.60 Td (Although ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 289.40 Td (it ) Tj ET Q q 0 0 0 rg BT 80.94 289.40 Td (is ) Tj ET Q q 0 0 0 rg BT 91.10 289.40 Td (expected ) Tj ET Q q 0 0 0 rg BT 133.01 289.40 Td (that ) Tj ET Q q 0 0 0 rg BT 152.33 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 168.59 289.40 Td (market ) Tj ET Q q 0 0 0 rg BT 201.96 289.40 Td (price ) Tj ET Q q 0 0 0 rg BT 226.77 289.40 Td (of ) Tj ET Q q 0 0 0 rg BT 238.76 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 255.02 289.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 285.33 289.40 Td (of ) Tj ET Q q 0 0 0 rg BT 297.32 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 313.59 289.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 339.03 289.40 Td (will ) Tj ET Q q 0 0 0 rg BT 358.97 289.40 Td (approximate ) Tj ET Q q 0 0 0 rg BT 416.77 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 433.03 289.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 458.71 289.40 Td (s ) Tj ET Q q 0 0 0 rg BT 465.81 289.40 Td (NA) Tj ET Q q 0 0 0 rg BT 480.28 289.40 Td (V) Tj ET Q q 0 0 0 rg BT 486.81 289.40 Td (, ) Tj ET Q q 0 0 0 rg BT 492.38 289.40 Td (there ) Tj ET Q q 0 0 0 rg BT 517.19 289.40 Td (may ) Tj ET Q q 0 0 0 rg BT 538.96 289.40 Td (be ) Tj ET Q q 0 0 0 rg BT 552.17 289.40 Td (times ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 276.20 Td (when ) Tj ET Q q 0 0 0 rg BT 99.66 276.20 Td (the ) Tj ET Q q 0 0 0 rg BT 116.94 276.20 Td (market ) Tj ET Q q 0 0 0 rg BT 151.31 276.20 Td (price ) Tj ET Q q 0 0 0 rg BT 177.13 276.20 Td (of ) Tj ET Q q 0 0 0 rg BT 190.13 276.20 Td (the ) Tj ET Q q 0 0 0 rg BT 207.41 276.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 238.73 276.20 Td (is ) Tj ET Q q 0 0 0 rg BT 249.91 276.20 Td (more ) Tj ET Q q 0 0 0 rg BT 276.35 276.20 Td (than ) Tj ET Q q 0 0 0 rg BT 299.12 276.20 Td (the ) Tj ET Q q 0 0 0 rg BT 316.40 276.20 Td (NA) Tj ET Q q 0 0 0 rg BT 330.87 276.20 Td (V) Tj ET Q q 0 0 0 rg BT 338.61 276.20 Td ( ) Tj ET Q q 0 0 0 rg BT 342.45 276.20 Td (intra-day ) Tj ET Q q 0 0 0 rg BT 385.99 276.20 Td (\(premium\) ) Tj ET Q q 0 0 0 rg BT 436.86 276.20 Td (or ) Tj ET Q q 0 0 0 rg BT 449.86 276.20 Td (less ) Tj ET Q q 0 0 0 rg BT 470.20 276.20 Td (than ) Tj ET Q q 0 0 0 rg BT 492.97 276.20 Td (the ) Tj ET Q q 0 0 0 rg BT 510.25 276.20 Td (NA) Tj ET Q q 0 0 0 rg BT 524.72 276.20 Td (V) Tj ET Q q 0 0 0 rg BT 532.46 276.20 Td ( ) Tj ET Q q 0 0 0 rg BT 536.30 276.20 Td (intra-day ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 263.00 Td (\(discount\). ) Tj ET Q q 0 0 0 rg BT 121.85 263.00 Td (This ) Tj ET Q q 0 0 0 rg BT 144.10 263.00 Td (risk ) Tj ET Q q 0 0 0 rg BT 163.29 263.00 Td (is ) Tj ET Q q 0 0 0 rg BT 173.33 263.00 Td (heightened ) Tj ET Q q 0 0 0 rg BT 224.28 263.00 Td (in ) Tj ET Q q 0 0 0 rg BT 235.53 263.00 Td (times ) Tj ET Q q 0 0 0 rg BT 262.05 263.00 Td (of ) Tj ET Q q 0 0 0 rg BT 273.91 263.00 Td (market ) Tj ET Q q 0 0 0 rg BT 307.14 263.00 Td (volatility) Tj ET Q q 0 0 0 rg BT 346.15 263.00 Td (, ) Tj ET Q q 0 0 0 rg BT 351.59 263.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 386.67 263.00 Td (of ) Tj ET Q q 0 0 0 rg BT 398.53 263.00 Td (steep ) Tj ET Q q 0 0 0 rg BT 423.82 263.00 Td (market ) Tj ET Q q 0 0 0 rg BT 457.06 263.00 Td (declines, ) Tj ET Q q 0 0 0 rg BT 498.54 263.00 Td (and ) Tj ET Q q 0 0 0 rg BT 517.12 263.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 552.19 263.00 Td (when ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 249.80 Td (there ) Tj ET Q q 0 0 0 rg BT 96.82 249.80 Td (is ) Tj ET Q q 0 0 0 rg BT 106.99 249.80 Td (limited ) Tj ET Q q 0 0 0 rg BT 140.98 249.80 Td (trading ) Tj ET Q q 0 0 0 rg BT 174.98 249.80 Td (activity ) Tj ET Q q 0 0 0 rg BT 210.80 249.80 Td (for ) Tj ET Q q 0 0 0 rg BT 226.46 249.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 256.78 249.80 Td (in ) Tj ET Q q 0 0 0 rg BT 268.17 249.80 Td (the ) Tj ET Q q 0 0 0 rg BT 284.44 249.80 Td (secondary ) Tj ET Q q 0 0 0 rg BT 331.87 249.80 Td (market, ) Tj ET Q q 0 0 0 rg BT 367.99 249.80 Td (in ) Tj ET Q q 0 0 0 rg BT 379.38 249.80 Td (which ) Tj ET Q q 0 0 0 rg BT 409.10 249.80 Td (case ) Tj ET Q q 0 0 0 rg BT 430.86 249.80 Td (such ) Tj ET Q q 0 0 0 rg BT 453.85 249.80 Td (premiums ) Tj ET Q q 0 0 0 rg BT 500.68 249.80 Td (or ) Tj ET Q q 0 0 0 rg BT 512.68 249.80 Td (discounts ) Tj ET Q q 0 0 0 rg BT 557.07 249.80 Td (may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 236.60 Td (be ) Tj ET Q q 0 0 0 rg BT 86.17 236.60 Td (significant. ) Tj ET Q q 0 0 0 rg BT 139.15 236.60 Td (Because ) Tj ET Q q 0 0 0 rg BT 179.59 236.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 224.92 236.60 Td (held ) Tj ET Q q 0 0 0 rg BT 247.65 236.60 Td (by ) Tj ET Q q 0 0 0 rg BT 262.44 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 279.67 236.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 306.08 236.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 331.86 236.60 Td (on ) Tj ET Q q 0 0 0 rg BT 346.65 236.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 382.21 236.60 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 431.81 236.60 Td (that ) Tj ET Q q 0 0 0 rg BT 452.10 236.60 Td (are ) Tj ET Q q 0 0 0 rg BT 469.32 236.60 Td (closed ) Tj ET Q q 0 0 0 rg BT 501.21 236.60 Td (when ) Tj ET Q q 0 0 0 rg BT 528.83 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 546.06 236.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.73 236.60 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 223.40 Td (primary ) Tj ET Q q 0 0 0 rg BT 110.40 223.40 Td (listing ) Tj ET Q q 0 0 0 rg BT 141.48 223.40 Td (exchange ) Tj ET Q q 0 0 0 rg BT 186.58 223.40 Td (is ) Tj ET Q q 0 0 0 rg BT 197.49 223.40 Td (open, ) Tj ET Q q 0 0 0 rg BT 225.20 223.40 Td (the ) Tj ET Q q 0 0 0 rg BT 242.21 223.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 268.40 223.40 Td (is ) Tj ET Q q 0 0 0 rg BT 279.32 223.40 Td (likely ) Tj ET Q q 0 0 0 rg BT 307.94 223.40 Td (to ) Tj ET Q q 0 0 0 rg BT 320.07 223.40 Td (experience ) Tj ET Q q 0 0 0 rg BT 371.28 223.40 Td (premiums ) Tj ET Q q 0 0 0 rg BT 418.85 223.40 Td (and ) Tj ET Q q 0 0 0 rg BT 438.30 223.40 Td (discounts ) Tj ET Q q 0 0 0 rg BT 483.43 223.40 Td (greater ) Tj ET Q q 0 0 0 rg BT 517.54 223.40 Td (than ) Tj ET Q q 0 0 0 rg BT 540.05 223.40 Td (those ) Tj ET Q q 0 0 0 rg BT 566.85 223.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 210.20 Td (domestic ) Tj ET Q q 0 0 0 rg BT 114.46 210.20 Td (ETFs.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 185.63 cm /I11 Do Q q 0 0 0 rg BT 58.00 188.00 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 188.00 Td (T) Tj ET Q q 0 0 0 rg BT 77.51 188.00 Td (rading.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 109.60 188.00 Td ( ) Tj ET Q q 0 0 0 rg BT 112.22 188.00 Td (Although ) Tj ET Q q 0 0 0 rg BT 157.14 188.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 188.00 188.00 Td (of ) Tj ET Q q 0 0 0 rg BT 200.52 188.00 Td (the ) Tj ET Q q 0 0 0 rg BT 217.33 188.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 243.31 188.00 Td (are ) Tj ET Q q 0 0 0 rg BT 260.10 188.00 Td (listed ) Tj ET Q q 0 0 0 rg BT 287.30 188.00 Td (for ) Tj ET Q q 0 0 0 rg BT 303.49 188.00 Td (trading ) Tj ET Q q 0 0 0 rg BT 338.02 188.00 Td (on ) Tj ET Q q 0 0 0 rg BT 352.38 188.00 Td (a ) Tj ET Q q 0 0 0 rg BT 360.63 188.00 Td (national ) Tj ET Q q 0 0 0 rg BT 399.43 188.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 444.33 188.00 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 491.98 188.00 Td (such ) Tj ET Q q 0 0 0 rg BT 515.50 188.00 Td (as ) Tj ET Q q 0 0 0 rg BT 528.03 188.00 Td (CboeBZX ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 174.80 Td (Exchange, ) Tj ET Q q 0 0 0 rg BT 121.23 174.80 Td (Inc.\(the ) Tj ET Q q 0 0 0 rg BT 160.99 174.80 Td (Exchange\), ) Tj ET Q q 0 0 0 rg BT 223.65 174.80 Td (and ) Tj ET Q q 0 0 0 rg BT 242.64 174.80 Td (may ) Tj ET Q q 0 0 0 rg BT 264.69 174.80 Td (be ) Tj ET Q q 0 0 0 rg BT 278.19 174.80 Td (traded ) Tj ET Q q 0 0 0 rg BT 308.78 174.80 Td (on ) Tj ET Q q 0 0 0 rg BT 322.90 174.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 345.57 174.80 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 394.49 174.80 Td (other ) Tj ET Q q 0 0 0 rg BT 420.21 174.80 Td (than ) Tj ET Q q 0 0 0 rg BT 442.26 174.80 Td (the ) Tj ET Q q 0 0 0 rg BT 458.81 174.80 Td (Exchange, ) Tj ET Q q 0 0 0 rg BT 508.04 174.80 Td (there ) Tj ET Q q 0 0 0 rg BT 533.14 174.80 Td (can ) Tj ET Q q 0 0 0 rg BT 551.51 174.80 Td (be ) Tj ET Q q 0 0 0 rg BT 565.01 174.80 Td (no ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 161.60 Td (assurance ) Tj ET Q q 0 0 0 rg BT 117.85 161.60 Td (that ) Tj ET Q q 0 0 0 rg BT 137.45 161.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 168.04 161.60 Td (of ) Tj ET Q q 0 0 0 rg BT 180.30 161.60 Td (the ) Tj ET Q q 0 0 0 rg BT 196.84 161.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 222.56 161.60 Td (will ) Tj ET Q q 0 0 0 rg BT 242.77 161.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 267.86 161.60 Td (with ) Tj ET Q q 0 0 0 rg BT 290.51 161.60 Td (any ) Tj ET Q q 0 0 0 rg BT 309.50 161.60 Td (volume, ) Tj ET Q q 0 0 0 rg BT 348.34 161.60 Td (or ) Tj ET Q q 0 0 0 rg BT 360.61 161.60 Td (at ) Tj ET Q q 0 0 0 rg BT 371.65 161.60 Td (all, ) Tj ET Q q 0 0 0 rg BT 388.49 161.60 Td (on ) Tj ET Q q 0 0 0 rg BT 402.59 161.60 Td (any ) Tj ET Q q 0 0 0 rg BT 421.57 161.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 447.89 161.60 Td (exchange. ) Tj ET Q q 0 0 0 rg BT 495.27 161.60 Td (In ) Tj ET Q q 0 0 0 rg BT 507.54 161.60 Td (stressed ) Tj ET Q q 0 0 0 rg BT 545.46 161.60 Td (market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 148.40 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 123.55 148.40 Td (the ) Tj ET Q q 0 0 0 rg BT 139.95 148.40 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 180.20 148.40 Td (of ) Tj ET Q q 0 0 0 rg BT 192.32 148.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 222.78 148.40 Td (of ) Tj ET Q q 0 0 0 rg BT 234.91 148.40 Td (the ) Tj ET Q q 0 0 0 rg BT 251.31 148.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 276.89 148.40 Td (may ) Tj ET Q q 0 0 0 rg BT 298.79 148.40 Td (begin ) Tj ET Q q 0 0 0 rg BT 326.20 148.40 Td (to ) Tj ET Q q 0 0 0 rg BT 337.72 148.40 Td (mirror ) Tj ET Q q 0 0 0 rg BT 368.79 148.40 Td (the ) Tj ET Q q 0 0 0 rg BT 385.19 148.40 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 425.43 148.40 Td (of ) Tj ET Q q 0 0 0 rg BT 437.56 148.40 Td (the ) Tj ET Q q 0 0 0 rg BT 453.97 148.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 479.64 148.40 Td (s ) Tj ET Q q 0 0 0 rg BT 486.88 148.40 Td (underlying ) Tj ET Q q 0 0 0 rg BT 537.51 148.40 Td (portfolio ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 135.20 Td (holdings, ) Tj ET Q q 0 0 0 rg BT 115.39 135.20 Td (which ) Tj ET Q q 0 0 0 rg BT 145.03 135.20 Td (can ) Tj ET Q q 0 0 0 rg BT 163.04 135.20 Td (be ) Tj ET Q q 0 0 0 rg BT 176.17 135.20 Td (significantly ) Tj ET Q q 0 0 0 rg BT 233.91 135.20 Td (less ) Tj ET Q q 0 0 0 rg BT 253.16 135.20 Td (liquid ) Tj ET Q q 0 0 0 rg BT 281.58 135.20 Td (than ) Tj ET Q q 0 0 0 rg BT 303.27 135.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 333.51 135.20 Td (of ) Tj ET Q q 0 0 0 rg BT 345.42 135.20 Td (the ) Tj ET Q q 0 0 0 rg BT 361.61 135.20 Td (Fund.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 110.63 cm /I12 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 110.63 cm /I13 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 113.00 Td (Equity ) Tj ET Q q 0 0 0 rg BT 84.18 113.00 Td (Market ) Tj ET Q q 0 0 0 rg BT 122.50 113.00 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.55 113.00 Td (The ) Tj ET Q q 0 0 0 rg BT 169.54 113.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 199.93 113.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 244.36 113.00 Td (held ) Tj ET Q q 0 0 0 rg BT 266.19 113.00 Td (in ) Tj ET Q q 0 0 0 rg BT 277.64 113.00 Td (the ) Tj ET Q q 0 0 0 rg BT 293.97 113.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 319.64 113.00 Td (s ) Tj ET Q q 0 0 0 rg BT 326.82 113.00 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 368.20 113.00 Td (may ) Tj ET Q q 0 0 0 rg BT 390.04 113.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 440.56 113.00 Td (sudden, ) Tj ET Q q 0 0 0 rg BT 477.36 113.00 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 540.12 113.00 Td (drops ) Tj ET Q q 0 0 0 rg BT 567.45 113.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 99.80 Td (value ) Tj ET Q q 0 0 0 rg BT 76.54 99.80 Td (or ) Tj ET Q q 0 0 0 rg BT 88.92 99.80 Td (long ) Tj ET Q q 0 0 0 rg BT 111.70 99.80 Td (periods ) Tj ET Q q 0 0 0 rg BT 147.30 99.80 Td (of ) Tj ET Q q 0 0 0 rg BT 159.69 99.80 Td (decline ) Tj ET Q q 0 0 0 rg BT 194.67 99.80 Td (in ) Tj ET Q q 0 0 0 rg BT 206.44 99.80 Td (value. ) Tj ET Q q 0 0 0 rg BT 236.00 99.80 Td (This ) Tj ET Q q 0 0 0 rg BT 258.78 99.80 Td (may ) Tj ET Q q 0 0 0 rg BT 280.94 99.80 Td (occur ) Tj ET Q q 0 0 0 rg BT 308.58 99.80 Td (because ) Tj ET Q q 0 0 0 rg BT 346.61 99.80 Td (of ) Tj ET Q q 0 0 0 rg BT 359.00 99.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 392.15 99.80 Td (that ) Tj ET Q q 0 0 0 rg BT 411.86 99.80 Td (af) Tj ET Q q 0 0 0 rg BT 420.21 99.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 439.91 99.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 484.67 99.80 Td (markets ) Tj ET Q q 0 0 0 rg BT 522.71 99.80 Td (generally ) Tj ET Q q 0 0 0 rg BT 566.85 99.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 86.60 Td (factors ) Tj ET Q q 0 0 0 rg BT 82.37 86.60 Td (af) Tj ET Q q 0 0 0 rg BT 90.72 86.60 Td (fecting ) Tj ET Q q 0 0 0 rg BT 124.20 86.60 Td (specific ) Tj ET Q q 0 0 0 rg BT 161.35 86.60 Td (industries, ) Tj ET Q q 0 0 0 rg BT 209.82 86.60 Td (sectors ) Tj ET Q q 0 0 0 rg BT 243.31 86.60 Td (or ) Tj ET Q q 0 0 0 rg BT 255.41 86.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 305.40 86.60 Td (in ) Tj ET Q q 0 0 0 rg BT 316.89 86.60 Td (which ) Tj ET Q q 0 0 0 rg BT 346.72 86.60 Td (the ) Tj ET Q q 0 0 0 rg BT 363.10 86.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 388.66 86.60 Td (invests. ) Tj ET Q q 0 0 0 rg BT 424.91 86.60 Td (Common ) Tj ET Q q 0 0 0 rg BT 468.81 86.60 Td (stocks ) Tj ET Q q 0 0 0 rg BT 499.25 86.60 Td (are ) Tj ET Q q 0 0 0 rg BT 515.62 86.60 Td (susceptible ) Tj ET Q q 0 0 0 rg BT 567.44 86.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 73.40 Td (general ) Tj ET Q q 0 0 0 rg BT 84.06 73.40 Td (stock ) Tj ET Q q 0 0 0 rg BT 109.47 73.40 Td (market ) Tj ET Q q 0 0 0 rg BT 142.20 73.40 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 196.32 73.40 Td (and ) Tj ET Q q 0 0 0 rg BT 214.39 73.40 Td (to ) Tj ET Q q 0 0 0 rg BT 225.14 73.40 Td (volatile ) Tj ET Q q 0 0 0 rg BT 260.32 73.40 Td (increases ) Tj ET Q q 0 0 0 rg BT 302.82 73.40 Td (and ) Tj ET Q q 0 0 0 rg BT 320.89 73.40 Td (decreases ) Tj ET Q q 0 0 0 rg BT 365.21 73.40 Td (in ) Tj ET Q q 0 0 0 rg BT 375.96 73.40 Td (value ) Tj ET Q q 0 0 0 rg BT 401.97 73.40 Td (as ) Tj ET Q q 0 0 0 rg BT 413.32 73.40 Td (market ) Tj ET Q q 0 0 0 rg BT 446.05 73.40 Td (confidence ) Tj ET Q q 0 0 0 rg BT 496.49 73.40 Td (in ) Tj ET Q q 0 0 0 rg BT 507.24 73.40 Td (and ) Tj ET Q q 0 0 0 rg BT 525.31 73.40 Td (perceptions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 60.20 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 60.20 Td (their ) Tj ET Q q 0 0 0 rg BT 84.32 60.20 Td (issuers ) Tj ET Q q 0 0 0 rg BT 117.01 60.20 Td (change.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (4) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 737.03 cm /I14 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 737.03 cm /I15 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 739.40 Td (For) Tj ET Q q 0 0 0 rg BT 66.40 739.40 Td (eign ) Tj ET Q q 0 0 0 rg BT 87.81 739.40 Td (Securities ) Tj ET Q q 0 0 0 rg BT 135.49 739.40 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.49 739.40 Td (Investments ) Tj ET Q q 0 0 0 rg BT 216.50 739.40 Td (in ) Tj ET Q q 0 0 0 rg BT 226.91 739.40 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 268.48 739.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 311.88 739.40 Td (involve ) Tj ET Q q 0 0 0 rg BT 346.73 739.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 378.50 739.40 Td (risks ) Tj ET Q q 0 0 0 rg BT 401.13 739.40 Td (that ) Tj ET Q q 0 0 0 rg BT 419.48 739.40 Td (may ) Tj ET Q q 0 0 0 rg BT 440.27 739.40 Td (not ) Tj ET Q q 0 0 0 rg BT 456.18 739.40 Td (be ) Tj ET Q q 0 0 0 rg BT 468.42 739.40 Td (present ) Tj ET Q q 0 0 0 rg BT 502.04 739.40 Td (with ) Tj ET Q q 0 0 0 rg BT 523.45 739.40 Td (investments ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 726.20 Td (in ) Tj ET Q q 0 0 0 rg BT 60.69 726.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 82.88 726.20 Td (securities. ) Tj ET Q q 0 0 0 rg BT 129.80 726.20 Td (For ) Tj ET Q q 0 0 0 rg BT 147.71 726.20 Td (example, ) Tj ET Q q 0 0 0 rg BT 190.34 726.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 245.52 726.20 Td (in ) Tj ET Q q 0 0 0 rg BT 256.71 726.20 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 299.06 726.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.23 726.20 Td (may ) Tj ET Q q 0 0 0 rg BT 364.80 726.20 Td (be ) Tj ET Q q 0 0 0 rg BT 377.81 726.20 Td (subject ) Tj ET Q q 0 0 0 rg BT 411.60 726.20 Td (to ) Tj ET Q q 0 0 0 rg BT 422.79 726.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 441.92 726.20 Td (of ) Tj ET Q q 0 0 0 rg BT 453.71 726.20 Td (loss ) Tj ET Q q 0 0 0 rg BT 473.46 726.20 Td (due ) Tj ET Q q 0 0 0 rg BT 491.97 726.20 Td (to ) Tj ET Q q 0 0 0 rg BT 503.15 726.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 537.55 726.20 Td (currency ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 713.00 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 103.93 713.00 Td (or ) Tj ET Q q 0 0 0 rg BT 115.59 713.00 Td (to ) Tj ET Q q 0 0 0 rg BT 126.64 713.00 Td (political ) Tj ET Q q 0 0 0 rg BT 165.18 713.00 Td (or ) Tj ET Q q 0 0 0 rg BT 176.84 713.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 222.10 713.00 Td (instability) Tj ET Q q 0 0 0 rg BT 265.38 713.00 Td (. ) Tj ET Q q 0 0 0 rg BT 270.63 713.00 Td (Investments ) Tj ET Q q 0 0 0 rg BT 326.28 713.00 Td (in ) Tj ET Q q 0 0 0 rg BT 337.33 713.00 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 379.56 713.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 423.59 713.00 Td (also ) Tj ET Q q 0 0 0 rg BT 443.81 713.00 Td (may ) Tj ET Q q 0 0 0 rg BT 465.24 713.00 Td (be ) Tj ET Q q 0 0 0 rg BT 478.12 713.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 511.77 713.00 Td (to ) Tj ET Q q 0 0 0 rg BT 522.83 713.00 Td (withholding ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 699.80 Td (or ) Tj ET Q q 0 0 0 rg BT 60.63 699.80 Td (other ) Tj ET Q q 0 0 0 rg BT 85.21 699.80 Td (taxes ) Tj ET Q q 0 0 0 rg BT 109.78 699.80 Td (and ) Tj ET Q q 0 0 0 rg BT 127.63 699.80 Td (may ) Tj ET Q q 0 0 0 rg BT 148.54 699.80 Td (be ) Tj ET Q q 0 0 0 rg BT 160.90 699.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 194.03 699.80 Td (to ) Tj ET Q q 0 0 0 rg BT 204.55 699.80 Td (additional ) Tj ET Q q 0 0 0 rg BT 250.51 699.80 Td (trading, ) Tj ET Q q 0 0 0 rg BT 286.39 699.80 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 336.32 699.80 Td (custodial, ) Tj ET Q q 0 0 0 rg BT 380.76 699.80 Td (and ) Tj ET Q q 0 0 0 rg BT 398.61 699.80 Td (operational ) Tj ET Q q 0 0 0 rg BT 450.06 699.80 Td (risks. ) Tj ET Q q 0 0 0 rg BT 475.42 699.80 Td (These ) Tj ET Q q 0 0 0 rg BT 503.66 699.80 Td (and ) Tj ET Q q 0 0 0 rg BT 521.51 699.80 Td (other ) Tj ET Q q 0 0 0 rg BT 546.08 699.80 Td (factors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 686.60 Td (can ) Tj ET Q q 0 0 0 rg BT 67.51 686.60 Td (make ) Tj ET Q q 0 0 0 rg BT 94.09 686.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 149.39 686.60 Td (in ) Tj ET Q q 0 0 0 rg BT 160.69 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 176.88 686.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 202.25 686.60 Td (more ) Tj ET Q q 0 0 0 rg BT 227.60 686.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 263.34 686.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.97 686.60 Td (potentially ) Tj ET Q q 0 0 0 rg BT 331.77 686.60 Td (less ) Tj ET Q q 0 0 0 rg BT 351.02 686.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 379.44 686.60 Td (than ) Tj ET Q q 0 0 0 rg BT 401.12 686.60 Td (other ) Tj ET Q q 0 0 0 rg BT 426.48 686.60 Td (types ) Tj ET Q q 0 0 0 rg BT 452.44 686.60 Td (of ) Tj ET Q q 0 0 0 rg BT 464.36 686.60 Td (investments.) Tj ET Q /GS0 gs q 4.00 0 0 10.82 36.00 662.03 cm /I16 Do Q /GS0 gs q 9.50 0 0 10.82 40.00 662.03 cm /I17 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 664.40 Td (Geographic ) Tj ET Q q 0 0 0 rg BT 107.84 664.40 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 179.01 664.40 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 206.50 664.40 Td (T) Tj ET Q q 0 0 0 rg BT 212.45 664.40 Td (o ) Tj ET Q q 0 0 0 rg BT 221.29 664.40 Td (the ) Tj ET Q q 0 0 0 rg BT 238.07 664.40 Td (extent ) Tj ET Q q 0 0 0 rg BT 268.29 664.40 Td (the ) Tj ET Q q 0 0 0 rg BT 285.07 664.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 311.03 664.40 Td (invests ) Tj ET Q q 0 0 0 rg BT 344.93 664.40 Td (a ) Tj ET Q q 0 0 0 rg BT 353.15 664.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 402.93 664.40 Td (portion ) Tj ET Q q 0 0 0 rg BT 438.05 664.40 Td (of ) Tj ET Q q 0 0 0 rg BT 450.55 664.40 Td (its ) Tj ET Q q 0 0 0 rg BT 464.29 664.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 493.29 664.40 Td (in ) Tj ET Q q 0 0 0 rg BT 505.19 664.40 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 664.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 566.85 664.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 651.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 99.06 651.20 Td (of ) Tj ET Q q 0 0 0 rg BT 110.74 651.20 Td (a ) Tj ET Q q 0 0 0 rg BT 118.15 651.20 Td (single ) Tj ET Q q 0 0 0 rg BT 146.94 651.20 Td (country ) Tj ET Q q 0 0 0 rg BT 183.06 651.20 Td (or ) Tj ET Q q 0 0 0 rg BT 194.75 651.20 Td (region, ) Tj ET Q q 0 0 0 rg BT 228.12 651.20 Td (it ) Tj ET Q q 0 0 0 rg BT 236.75 651.20 Td (is ) Tj ET Q q 0 0 0 rg BT 246.61 651.20 Td (more ) Tj ET Q q 0 0 0 rg BT 271.73 651.20 Td (likely ) Tj ET Q q 0 0 0 rg BT 299.30 651.20 Td (to ) Tj ET Q q 0 0 0 rg BT 310.38 651.20 Td (be ) Tj ET Q q 0 0 0 rg BT 323.28 651.20 Td (impacted ) Tj ET Q q 0 0 0 rg BT 366.12 651.20 Td (by ) Tj ET Q q 0 0 0 rg BT 379.64 651.20 Td (events ) Tj ET Q q 0 0 0 rg BT 410.26 651.20 Td (or ) Tj ET Q q 0 0 0 rg BT 421.95 651.20 Td (conditions ) Tj ET Q q 0 0 0 rg BT 470.30 651.20 Td (af) Tj ET Q q 0 0 0 rg BT 478.64 651.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 511.71 651.20 Td (that ) Tj ET Q q 0 0 0 rg BT 530.72 651.20 Td (country ) Tj ET Q q 0 0 0 rg BT 566.84 651.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 638.00 Td (region. ) Tj ET Q q 0 0 0 rg BT 84.76 638.00 Td (Because ) Tj ET Q q 0 0 0 rg BT 125.81 638.00 Td (the ) Tj ET Q q 0 0 0 rg BT 143.66 638.00 Td (Index ) Tj ET Q q 0 0 0 rg BT 173.11 638.00 Td (constituents ) Tj ET Q q 0 0 0 rg BT 230.06 638.00 Td (are ) Tj ET Q q 0 0 0 rg BT 247.90 638.00 Td (a ) Tj ET Q q 0 0 0 rg BT 257.19 638.00 Td (subset ) Tj ET Q q 0 0 0 rg BT 289.09 638.00 Td (of ) Tj ET Q q 0 0 0 rg BT 302.66 638.00 Td (those ) Tj ET Q q 0 0 0 rg BT 330.29 638.00 Td (of ) Tj ET Q q 0 0 0 rg BT 343.86 638.00 Td (the ) Tj ET Q q 0 0 0 rg BT 361.70 638.00 Td (FTSE ) Tj ET Q q 0 0 0 rg BT 391.78 638.00 Td (Developed ) Tj ET Q q 0 0 0 rg BT 443.84 638.00 Td (ex ) Tj ET Q q 0 0 0 rg BT 458.62 638.00 Td (US ) Tj ET Q q 0 0 0 rg BT 477.09 638.00 Td (Index, ) Tj ET Q q 0 0 0 rg BT 509.29 638.00 Td (the ) Tj ET Q q 0 0 0 rg BT 527.14 638.00 Td (geographic ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 624.80 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 116.43 624.80 Td (of ) Tj ET Q q 0 0 0 rg BT 128.38 624.80 Td (the ) Tj ET Q q 0 0 0 rg BT 144.61 624.80 Td (Index, ) Tj ET Q q 0 0 0 rg BT 175.19 624.80 Td (and ) Tj ET Q q 0 0 0 rg BT 193.87 624.80 Td (consequently ) Tj ET Q q 0 0 0 rg BT 254.70 624.80 Td (the ) Tj ET Q q 0 0 0 rg BT 270.92 624.80 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 299.08 624.80 Td (may ) Tj ET Q q 0 0 0 rg BT 320.81 624.80 Td (be ) Tj ET Q q 0 0 0 rg BT 333.98 624.80 Td (dif) Tj ET Q q 0 0 0 rg BT 346.00 624.80 Td (ferent ) Tj ET Q q 0 0 0 rg BT 374.44 624.80 Td (than ) Tj ET Q q 0 0 0 rg BT 396.16 624.80 Td (those ) Tj ET Q q 0 0 0 rg BT 422.17 624.80 Td (of ) Tj ET Q q 0 0 0 rg BT 434.12 624.80 Td (the ) Tj ET Q q 0 0 0 rg BT 450.35 624.80 Td (broader ) Tj ET Q q 0 0 0 rg BT 486.73 624.80 Td (FTSE ) Tj ET Q q 0 0 0 rg BT 515.19 624.80 Td (Developed ) Tj ET Q q 0 0 0 rg BT 565.63 624.80 Td (ex ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 611.60 Td (US ) Tj ET Q q 0 0 0 rg BT 66.31 611.60 Td (Index.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 54.00 589.40 Td (o ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 589.40 Td (Risks ) Tj ET Q q 0 0 0 rg BT 97.97 589.40 Td (Related ) Tj ET Q q 0 0 0 rg BT 134.32 589.40 Td (to ) Tj ET Q q 0 0 0 rg BT 145.63 589.40 Td (Investing ) Tj ET Q q 0 0 0 rg BT 188.70 589.40 Td (in ) Tj ET Q q 0 0 0 rg BT 200.01 589.40 Td (Eur) Tj ET Q q 0 0 0 rg BT 216.10 589.40 Td (ope.) 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Tj ET Q q 0 0 0 rg BT 493.96 523.40 Td (\(the ) Tj ET Q q 0 0 0 rg BT 513.37 523.40 Td (EU\) ) Tj ET Q q 0 0 0 rg BT 543.77 523.40 Td (that ) Tj ET Q q 0 0 0 rg BT 562.57 523.40 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 510.20 Td (subject ) Tj ET Q q 0 0 0 rg BT 105.40 510.20 Td (to ) Tj ET Q q 0 0 0 rg BT 116.20 510.20 Td (economic ) Tj ET Q q 0 0 0 rg BT 161.21 510.20 Td (and ) Tj ET Q q 0 0 0 rg BT 179.34 510.20 Td (monetary ) Tj ET Q q 0 0 0 rg BT 223.12 510.20 Td (controls ) Tj ET Q q 0 0 0 rg BT 260.80 510.20 Td (that ) Tj ET Q q 0 0 0 rg BT 279.54 510.20 Td (can ) Tj ET Q q 0 0 0 rg BT 297.05 510.20 Td (adversely ) Tj ET Q q 0 0 0 rg BT 341.45 510.20 Td (af) Tj ET Q q 0 0 0 rg BT 349.79 510.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 368.52 510.20 Td (the ) Tj ET Q q 0 0 0 rg BT 384.21 510.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 409.88 510.20 Td (s ) Tj ET Q q 0 0 0 rg BT 416.41 510.20 Td (investments. ) Tj ET Q q 0 0 0 rg BT 473.79 510.20 Td (The ) Tj ET Q q 0 0 0 rg BT 493.14 510.20 Td (European ) Tj ET Q q 0 0 0 rg BT 537.53 510.20 Td (financial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 497.00 Td (markets ) Tj ET Q q 0 0 0 rg BT 109.47 497.00 Td (have ) Tj ET Q q 0 0 0 rg BT 132.89 497.00 Td (experienced ) Tj ET Q q 0 0 0 rg BT 188.67 497.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 231.04 497.00 Td (and ) Tj ET Q q 0 0 0 rg BT 249.58 497.00 Td (adverse ) Tj ET Q q 0 0 0 rg BT 285.82 497.00 Td (trends ) Tj ET Q q 0 0 0 rg BT 315.35 497.00 Td (in ) Tj ET Q q 0 0 0 rg BT 326.56 497.00 Td (recent ) Tj ET Q q 0 0 0 rg BT 356.08 497.00 Td (years ) Tj ET Q q 0 0 0 rg BT 381.94 497.00 Td (and ) Tj ET Q q 0 0 0 rg BT 400.47 497.00 Td (these ) Tj ET Q q 0 0 0 rg BT 425.73 497.00 Td (events ) Tj ET Q q 0 0 0 rg BT 456.48 497.00 Td (have ) Tj ET Q q 0 0 0 rg BT 479.90 497.00 Td (adversely ) Tj ET Q q 0 0 0 rg BT 524.70 497.00 Td (af) Tj ET Q q 0 0 0 rg BT 533.04 497.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 562.56 497.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 483.80 Td (exchange ) Tj ET Q q 0 0 0 rg BT 116.20 483.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 135.35 483.80 Td (of ) Tj ET Q q 0 0 0 rg BT 147.18 483.80 Td (the ) Tj ET Q q 0 0 0 rg BT 163.29 483.80 Td (euro ) Tj ET Q q 0 0 0 rg BT 185.51 483.80 Td (and ) Tj ET Q q 0 0 0 rg BT 204.06 483.80 Td (may ) Tj ET Q q 0 0 0 rg BT 225.67 483.80 Td (continue ) Tj ET Q q 0 0 0 rg BT 266.21 483.80 Td (to ) Tj ET Q q 0 0 0 rg BT 277.44 483.80 Td (significantly ) Tj ET Q q 0 0 0 rg BT 335.10 483.80 Td (af) Tj ET Q q 0 0 0 rg BT 343.44 483.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 362.60 483.80 Td (other ) Tj ET Q q 0 0 0 rg BT 387.87 483.80 Td (European ) Tj ET Q q 0 0 0 rg BT 432.69 483.80 Td (countries. ) Tj ET Q q 0 0 0 rg BT 478.43 483.80 Td (Decreasing ) Tj ET Q q 0 0 0 rg BT 530.57 483.80 Td (imports ) Tj ET Q q 0 0 0 rg BT 566.85 483.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 470.60 Td (exports, ) Tj ET Q q 0 0 0 rg BT 110.00 470.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 148.30 470.60 Td (in ) Tj ET Q q 0 0 0 rg BT 159.73 470.60 Td (governmental ) Tj ET Q q 0 0 0 rg BT 223.08 470.60 Td (or ) Tj ET Q q 0 0 0 rg BT 235.11 470.60 Td (EU ) Tj ET Q q 0 0 0 rg BT 252.65 470.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 304.40 470.60 Td (on ) Tj ET Q q 0 0 0 rg BT 318.27 470.60 Td (trade, ) Tj ET Q q 0 0 0 rg BT 345.87 470.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 384.17 470.60 Td (in ) Tj ET Q q 0 0 0 rg BT 395.60 470.60 Td (the ) Tj ET Q q 0 0 0 rg BT 411.91 470.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 456.31 470.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 475.66 470.60 Td (of ) Tj ET Q q 0 0 0 rg BT 487.70 470.60 Td (the ) Tj ET Q q 0 0 0 rg BT 504.01 470.60 Td (euro, ) Tj ET Q q 0 0 0 rg BT 529.17 470.60 Td (the ) Tj ET Q q 0 0 0 rg BT 545.48 470.60 Td (default ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 457.40 Td (or ) Tj ET Q q 0 0 0 rg BT 83.50 457.40 Td (threat ) Tj ET Q q 0 0 0 rg BT 110.88 457.40 Td (of ) Tj ET Q q 0 0 0 rg BT 122.38 457.40 Td (default ) Tj ET Q q 0 0 0 rg BT 155.26 457.40 Td (by ) Tj ET Q q 0 0 0 rg BT 168.60 457.40 Td (an ) Tj ET Q q 0 0 0 rg BT 181.32 457.40 Td (EU ) Tj ET Q q 0 0 0 rg BT 198.32 457.40 Td (member ) Tj ET Q q 0 0 0 rg BT 236.69 457.40 Td (country ) Tj ET Q q 0 0 0 rg BT 272.63 457.40 Td (on ) Tj ET Q q 0 0 0 rg BT 285.97 457.40 Td (its ) Tj ET Q q 0 0 0 rg BT 298.70 457.40 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 343.81 457.40 Td (debt, ) Tj ET Q q 0 0 0 rg BT 367.83 457.40 Td (and/or ) Tj ET Q q 0 0 0 rg BT 398.27 457.40 Td (an ) Tj ET Q q 0 0 0 rg BT 410.99 457.40 Td (economic ) Tj ET Q q 0 0 0 rg BT 456.09 457.40 Td (recession ) Tj ET Q q 0 0 0 rg BT 499.35 457.40 Td (in ) Tj ET Q q 0 0 0 rg BT 510.25 457.40 Td (an ) Tj ET Q q 0 0 0 rg BT 522.97 457.40 Td (EU ) Tj ET Q q 0 0 0 rg BT 539.97 457.40 Td (member ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 444.20 Td (country ) Tj ET Q q 0 0 0 rg BT 108.19 444.20 Td (may ) Tj ET Q q 0 0 0 rg BT 129.71 444.20 Td (have ) Tj ET Q q 0 0 0 rg BT 153.06 444.20 Td (a ) Tj ET Q q 0 0 0 rg BT 160.52 444.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.54 444.20 Td (adverse ) Tj ET Q q 0 0 0 rg BT 245.71 444.20 Td (ef) Tj ET Q q 0 0 0 rg BT 254.06 444.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 273.13 444.20 Td (on ) Tj ET Q q 0 0 0 rg BT 286.71 444.20 Td (the ) Tj ET Q q 0 0 0 rg BT 302.73 444.20 Td (economies ) Tj ET Q q 0 0 0 rg BT 352.35 444.20 Td (of ) Tj ET Q q 0 0 0 rg BT 364.10 444.20 Td (EU ) Tj ET Q q 0 0 0 rg BT 381.35 444.20 Td (member ) Tj ET Q q 0 0 0 rg BT 419.97 444.20 Td (countries ) Tj ET Q q 0 0 0 rg BT 462.88 444.20 Td (and ) Tj ET Q q 0 0 0 rg BT 481.34 444.20 Td (their ) Tj ET Q q 0 0 0 rg BT 504.08 444.20 Td (trading ) Tj ET Q q 0 0 0 rg BT 537.82 444.20 Td (partners, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 431.00 Td (including ) Tj ET Q q 0 0 0 rg BT 116.30 431.00 Td (some ) Tj ET Q q 0 0 0 rg BT 142.27 431.00 Td (or ) Tj ET Q q 0 0 0 rg BT 154.18 431.00 Td (all ) Tj ET Q q 0 0 0 rg BT 167.93 431.00 Td (of ) Tj ET Q q 0 0 0 rg BT 179.84 431.00 Td (the ) Tj ET Q q 0 0 0 rg BT 196.03 431.00 Td (European ) Tj ET Q q 0 0 0 rg BT 240.93 431.00 Td (countries ) Tj ET Q q 0 0 0 rg BT 284.00 431.00 Td (in ) Tj ET Q q 0 0 0 rg BT 295.30 431.00 Td (which ) Tj ET Q q 0 0 0 rg BT 324.94 431.00 Td (the ) Tj ET Q q 0 0 0 rg BT 341.12 431.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 366.49 431.00 Td (invests.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 408.80 Td (At ) Tj ET Q q 0 0 0 rg BT 86.45 408.80 Td (a ) Tj ET Q q 0 0 0 rg BT 94.78 408.80 Td (referendum ) Tj ET Q q 0 0 0 rg BT 148.93 408.80 Td (in ) Tj ET Q q 0 0 0 rg BT 160.94 408.80 Td (June ) Tj ET Q q 0 0 0 rg BT 184.55 408.80 Td (2016, ) Tj ET Q q 0 0 0 rg BT 212.75 408.80 Td (the ) Tj ET Q q 0 0 0 rg BT 229.64 408.80 Td (United ) Tj ET Q q 0 0 0 rg BT 263.03 408.80 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 308.04 408.80 Td (\(UK\) ) Tj ET Q q 0 0 0 rg BT 344.47 408.80 Td (voted ) Tj ET Q q 0 0 0 rg BT 372.36 408.80 Td (to ) Tj ET Q q 0 0 0 rg BT 384.36 408.80 Td (leave ) Tj ET Q q 0 0 0 rg BT 411.02 408.80 Td (the ) Tj ET Q q 0 0 0 rg BT 427.91 408.80 Td (EU. ) Tj ET Q q 0 0 0 rg BT 448.77 408.80 Td (On ) Tj ET Q q 0 0 0 rg BT 465.67 408.80 Td (March ) Tj ET Q q 0 0 0 rg BT 497.83 408.80 Td (29, ) Tj ET Q q 0 0 0 rg BT 515.03 408.80 Td (2017, ) Tj ET Q q 0 0 0 rg BT 543.23 408.80 Td (the ) Tj ET Q q 0 0 0 rg BT 560.12 408.80 Td (UK ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 395.60 Td (formally ) Tj ET Q q 0 0 0 rg BT 113.11 395.60 Td (notified ) Tj ET Q q 0 0 0 rg BT 150.55 395.60 Td (the ) Tj ET Q q 0 0 0 rg BT 167.23 395.60 Td (European ) Tj ET Q q 0 0 0 rg BT 212.60 395.60 Td (Council ) Tj ET Q q 0 0 0 rg BT 250.67 395.60 Td (of ) Tj ET Q q 0 0 0 rg BT 263.06 395.60 Td (its ) Tj ET Q q 0 0 0 rg BT 276.69 395.60 Td (intention ) Tj ET Q q 0 0 0 rg BT 319.03 395.60 Td (to ) Tj ET Q q 0 0 0 rg BT 330.81 395.60 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 375.59 395.60 Td (from ) Tj ET Q q 0 0 0 rg BT 400.21 395.60 Td (the ) Tj ET Q q 0 0 0 rg BT 416.88 395.60 Td (EU ) Tj ET Q q 0 0 0 rg BT 434.77 395.60 Td (\(known ) Tj ET Q q 0 0 0 rg BT 471.61 395.60 Td (as ) Tj ET Q q 0 0 0 rg BT 484.01 395.60 Td (Brexit\) ) Tj ET Q q 0 0 0 rg BT 528.16 395.60 Td (within ) Tj ET Q q 0 0 0 rg BT 559.50 395.60 Td (two ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 382.40 Td (years ) Tj ET Q q 0 0 0 rg BT 98.06 382.40 Td (after ) Tj ET Q q 0 0 0 rg BT 121.05 382.40 Td (providing ) Tj ET Q q 0 0 0 rg BT 166.68 382.40 Td (such ) Tj ET Q q 0 0 0 rg BT 189.69 382.40 Td (notice, ) Tj ET Q q 0 0 0 rg BT 222.16 382.40 Td (leading ) Tj ET Q q 0 0 0 rg BT 257.39 382.40 Td (to ) Tj ET Q q 0 0 0 rg BT 268.79 382.40 Td (an ) Tj ET Q q 0 0 0 rg BT 282.02 382.40 Td (of) Tj ET Q q 0 0 0 rg BT 290.99 382.40 Td (ficial ) Tj ET Q q 0 0 0 rg BT 316.43 382.40 Td (date ) Tj ET Q q 0 0 0 rg BT 337.60 382.40 Td (for ) Tj ET Q q 0 0 0 rg BT 353.27 382.40 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 383.62 382.40 Td (of ) Tj ET Q q 0 0 0 rg BT 395.63 382.40 Td (March ) Tj ET Q q 0 0 0 rg BT 427.18 382.40 Td (29, ) Tj ET Q q 0 0 0 rg BT 443.78 382.40 Td (2019. ) Tj ET Q q 0 0 0 rg BT 471.38 382.40 Td (However) Tj ET Q q 0 0 0 rg BT 511.26 382.40 Td (, ) Tj ET Q q 0 0 0 rg BT 516.85 382.40 Td (on ) Tj ET Q q 0 0 0 rg BT 530.70 382.40 Td (March ) Tj ET Q q 0 0 0 rg BT 562.26 382.40 Td (29, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 369.20 Td (2019, ) Tj ET Q q 0 0 0 rg BT 99.82 369.20 Td (the ) Tj ET Q q 0 0 0 rg BT 116.33 369.20 Td (Parliament ) Tj ET Q q 0 0 0 rg BT 167.05 369.20 Td (of ) Tj ET Q q 0 0 0 rg BT 179.28 369.20 Td (the ) Tj ET Q q 0 0 0 rg BT 195.79 369.20 Td (UK ) Tj ET Q q 0 0 0 rg BT 214.75 369.20 Td (voted ) Tj ET Q q 0 0 0 rg BT 242.26 369.20 Td (down ) Tj ET Q q 0 0 0 rg BT 269.77 369.20 Td (a ) Tj ET Q q 0 0 0 rg BT 277.72 369.20 Td (formal ) Tj ET Q q 0 0 0 rg BT 310.11 369.20 Td (plan ) Tj ET Q q 0 0 0 rg BT 332.12 369.20 Td (whereby ) Tj ET Q q 0 0 0 rg BT 373.06 369.20 Td (the ) Tj ET Q q 0 0 0 rg BT 389.57 369.20 Td (UK ) Tj ET Q q 0 0 0 rg BT 408.53 369.20 Td (would ) Tj ET Q q 0 0 0 rg BT 439.10 369.20 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 483.71 369.20 Td (from ) Tj ET Q q 0 0 0 rg BT 508.17 369.20 Td (the ) Tj ET Q q 0 0 0 rg BT 524.67 369.20 Td (EU ) Tj ET Q q 0 0 0 rg BT 542.41 369.20 Td (without ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 356.00 Td (any ) Tj ET Q q 0 0 0 rg BT 89.74 356.00 Td (agreements ) Tj ET Q q 0 0 0 rg BT 141.67 356.00 Td (in ) Tj ET Q q 0 0 0 rg BT 152.08 356.00 Td (place ) Tj ET Q q 0 0 0 rg BT 177.14 356.00 Td (regarding ) Tj ET Q q 0 0 0 rg BT 221.14 356.00 Td (future ) Tj ET Q q 0 0 0 rg BT 249.26 356.00 Td (dealings ) Tj ET Q q 0 0 0 rg BT 287.77 356.00 Td (between ) Tj ET Q q 0 0 0 rg BT 326.27 356.00 Td (the ) Tj ET Q q 0 0 0 rg BT 341.56 356.00 Td (governments ) Tj ET Q q 0 0 0 rg BT 400.23 356.00 Td (of ) Tj ET Q q 0 0 0 rg BT 411.25 356.00 Td (both ) Tj ET Q q 0 0 0 rg BT 432.66 356.00 Td (parties, ) Tj ET Q q 0 0 0 rg BT 466.58 356.00 Td (as ) Tj ET Q q 0 0 0 rg BT 477.60 356.00 Td (well ) Tj ET Q q 0 0 0 rg BT 498.39 356.00 Td (as ) Tj ET Q q 0 0 0 rg BT 509.41 356.00 Td (their ) Tj ET Q q 0 0 0 rg BT 531.42 356.00 Td (respective ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 342.80 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 124.93 342.80 Td (The ) Tj ET Q q 0 0 0 rg BT 146.07 342.80 Td (EU ) Tj ET Q q 0 0 0 rg BT 164.76 342.80 Td (has ) Tj ET Q q 0 0 0 rg BT 183.46 342.80 Td (since ) Tj ET Q q 0 0 0 rg BT 210.09 342.80 Td (granted ) Tj ET Q q 0 0 0 rg BT 247.10 342.80 Td (the ) Tj ET Q q 0 0 0 rg BT 264.57 342.80 Td (UK ) Tj ET Q q 0 0 0 rg BT 284.49 342.80 Td (an ) Tj ET Q q 0 0 0 rg BT 298.91 342.80 Td (extension ) Tj ET Q q 0 0 0 rg BT 345.09 342.80 Td (to ) Tj ET Q q 0 0 0 rg BT 357.68 342.80 Td (allow ) Tj ET Q q 0 0 0 rg BT 386.15 342.80 Td (it ) Tj ET Q q 0 0 0 rg BT 396.29 342.80 Td (to ) Tj ET Q q 0 0 0 rg BT 408.88 342.80 Td (remain ) Tj ET Q q 0 0 0 rg BT 443.45 342.80 Td (a ) Tj ET Q q 0 0 0 rg BT 452.37 342.80 Td (member ) Tj ET Q q 0 0 0 rg BT 492.44 342.80 Td (of ) Tj ET Q q 0 0 0 rg BT 505.63 342.80 Td (the ) Tj ET Q q 0 0 0 rg BT 523.10 342.80 Td (EU ) Tj ET Q q 0 0 0 rg BT 541.80 342.80 Td (through ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 329.60 Td (October31, ) Tj ET Q q 0 0 0 rg BT 125.74 329.60 Td (2019, ) Tj ET Q q 0 0 0 rg BT 152.29 329.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 185.26 329.60 Td (to ) Tj ET Q q 0 0 0 rg BT 195.63 329.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.36 329.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 275.00 329.60 Td (\(including ) Tj ET Q q 0 0 0 rg BT 322.02 329.60 Td (the ) Tj ET Q q 0 0 0 rg BT 337.27 329.60 Td (UK) Tj ET Q q 0 0 0 rg BT 356.21 329.60 Td (s ) Tj ET Q q 0 0 0 rg BT 362.30 329.60 Td (participation ) Tj ET Q q 0 0 0 rg BT 419.70 329.60 Td (in ) Tj ET Q q 0 0 0 rg BT 430.06 329.60 Td (European ) Tj ET Q q 0 0 0 rg BT 474.02 329.60 Td (parliamentary ) Tj ET Q q 0 0 0 rg BT 536.91 329.60 Td (elections ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 316.40 Td (in ) Tj ET Q q 0 0 0 rg BT 82.93 316.40 Td (May ) Tj ET Q q 0 0 0 rg BT 105.47 316.40 Td (2019\), ) Tj ET Q q 0 0 0 rg BT 136.26 316.40 Td (to ) Tj ET Q q 0 0 0 rg BT 147.19 316.40 Td (provide ) Tj ET Q q 0 0 0 rg BT 183.17 316.40 Td (the ) Tj ET Q q 0 0 0 rg BT 198.98 316.40 Td (UK ) Tj ET Q q 0 0 0 rg BT 217.24 316.40 Td (additional ) Tj ET Q q 0 0 0 rg BT 263.61 316.40 Td (time ) Tj ET Q q 0 0 0 rg BT 285.54 316.40 Td (to ) Tj ET Q q 0 0 0 rg BT 296.47 316.40 Td (further ) Tj ET Q q 0 0 0 rg BT 328.77 316.40 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 371.46 316.40 Td (such ) Tj ET Q q 0 0 0 rg BT 394.00 316.40 Td (agreements ) Tj ET Q q 0 0 0 rg BT 446.46 316.40 Td (with ) Tj ET Q q 0 0 0 rg BT 468.39 316.40 Td (the ) Tj ET Q q 0 0 0 rg BT 484.21 316.40 Td (EU. ) Tj ET Q q 0 0 0 rg BT 504.00 316.40 Td (Negotiations ) Tj ET Q q 0 0 0 rg BT 562.58 316.40 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 303.20 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 110.81 303.20 Td (and ) Tj ET Q q 0 0 0 rg BT 129.44 303.20 Td (subject ) Tj ET Q q 0 0 0 rg BT 163.35 303.20 Td (to ) Tj ET Q q 0 0 0 rg BT 174.65 303.20 Td (further ) Tj ET Q q 0 0 0 rg BT 207.33 303.20 Td (developments.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 281.00 Td (During ) Tj ET Q q 0 0 0 rg BT 106.60 281.00 Td (this ) Tj ET Q q 0 0 0 rg BT 125.92 281.00 Td (period ) Tj ET Q q 0 0 0 rg BT 157.45 281.00 Td (and ) Tj ET Q q 0 0 0 rg BT 176.77 281.00 Td (beyond, ) Tj ET Q q 0 0 0 rg BT 215.33 281.00 Td (the ) Tj ET Q q 0 0 0 rg BT 232.20 281.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 265.57 281.00 Td (on ) Tj ET Q q 0 0 0 rg BT 280.00 281.00 Td (the ) Tj ET Q q 0 0 0 rg BT 296.87 281.00 Td (UK ) Tj ET Q q 0 0 0 rg BT 316.19 281.00 Td (and ) Tj ET Q q 0 0 0 rg BT 335.51 281.00 Td (European ) Tj ET Q q 0 0 0 rg BT 381.08 281.00 Td (economies ) Tj ET Q q 0 0 0 rg BT 431.56 281.00 Td (and ) Tj ET Q q 0 0 0 rg BT 450.87 281.00 Td (the ) Tj ET Q q 0 0 0 rg BT 467.74 281.00 Td (broader ) Tj ET Q q 0 0 0 rg BT 504.77 281.00 Td (global ) Tj ET Q q 0 0 0 rg BT 535.69 281.00 Td (economy ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 267.80 Td (could ) Tj ET Q q 0 0 0 rg BT 100.35 267.80 Td (be ) Tj ET Q q 0 0 0 rg BT 114.64 267.80 Td (significant, ) Tj ET Q q 0 0 0 rg BT 167.73 267.80 Td (resulting ) Tj ET Q q 0 0 0 rg BT 210.14 267.80 Td (in ) Tj ET Q q 0 0 0 rg BT 222.61 267.80 Td (negative ) Tj ET Q q 0 0 0 rg BT 263.77 267.80 Td (impacts, ) Tj ET Q q 0 0 0 rg BT 304.65 267.80 Td (such ) Tj ET Q q 0 0 0 rg BT 328.72 267.80 Td (as ) Tj ET Q q 0 0 0 rg BT 341.80 267.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 387.23 267.80 Td (volatility ) Tj ET Q q 0 0 0 rg BT 430.86 267.80 Td (and ) Tj ET Q q 0 0 0 rg BT 450.66 267.80 Td (illiquidity) Tj ET Q q 0 0 0 rg BT 493.34 267.80 Td (, ) Tj ET Q q 0 0 0 rg BT 500.00 267.80 Td (potentially ) Tj ET Q q 0 0 0 rg BT 550.95 267.80 Td (lower ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 254.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 117.12 254.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 150.65 254.60 Td (on ) Tj ET Q q 0 0 0 rg BT 164.02 254.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 201.20 254.60 Td (in ) Tj ET Q q 0 0 0 rg BT 212.12 254.60 Td (the ) Tj ET Q q 0 0 0 rg BT 227.93 254.60 Td (UK, ) Tj ET Q q 0 0 0 rg BT 248.93 254.60 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 285.81 254.60 Td (and ) Tj ET Q q 0 0 0 rg BT 304.06 254.60 Td (globally) Tj ET Q q 0 0 0 rg BT 339.39 254.60 Td (, ) Tj ET Q q 0 0 0 rg BT 344.51 254.60 Td (and ) Tj ET Q q 0 0 0 rg BT 362.75 254.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 400.55 254.60 Td (in ) Tj ET Q q 0 0 0 rg BT 411.47 254.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 435.21 254.60 Td (and ) Tj ET Q q 0 0 0 rg BT 453.46 254.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 501.02 254.60 Td (regimes ) Tj ET Q q 0 0 0 rg BT 538.21 254.60 Td (to ) Tj ET Q q 0 0 0 rg BT 549.13 254.60 Td (which ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 241.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.85 241.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 130.41 241.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 159.00 241.40 Td (are ) Tj ET Q q 0 0 0 rg BT 175.36 241.40 Td (or ) Tj ET Q q 0 0 0 rg BT 187.46 241.40 Td (become ) Tj ET Q q 0 0 0 rg BT 224.59 241.40 Td (subject, ) Tj ET Q q 0 0 0 rg BT 261.43 241.40 Td (any ) Tj ET Q q 0 0 0 rg BT 280.25 241.40 Td (of ) Tj ET Q q 0 0 0 rg BT 292.34 241.40 Td (which ) Tj ET Q q 0 0 0 rg BT 322.16 241.40 Td (may ) Tj ET Q q 0 0 0 rg BT 344.03 241.40 Td (adversely ) Tj ET Q q 0 0 0 rg BT 389.11 241.40 Td (af) Tj ET Q q 0 0 0 rg BT 397.46 241.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 416.87 241.40 Td (the ) Tj ET Q q 0 0 0 rg BT 433.24 241.40 Td (value ) Tj ET Q q 0 0 0 rg BT 460.00 241.40 Td (of ) Tj ET Q q 0 0 0 rg BT 472.09 241.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 497.64 241.40 Td (investments. ) Tj ET Q q 0 0 0 rg BT 555.23 241.40 Td (Also ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 228.20 Td (as ) Tj ET Q q 0 0 0 rg BT 83.41 228.20 Td (a ) Tj ET Q q 0 0 0 rg BT 90.53 228.20 Td (result ) Tj ET Q q 0 0 0 rg BT 117.21 228.20 Td (of ) Tj ET Q q 0 0 0 rg BT 128.62 228.20 Td (the ) Tj ET Q q 0 0 0 rg BT 144.30 228.20 Td (referendum, ) Tj ET Q q 0 0 0 rg BT 199.99 228.20 Td (on ) Tj ET Q q 0 0 0 rg BT 213.23 228.20 Td (June ) Tj ET Q q 0 0 0 rg BT 235.64 228.20 Td (27, ) Tj ET Q q 0 0 0 rg BT 251.63 228.20 Td (2016, ) Tj ET Q q 0 0 0 rg BT 278.63 228.20 Td (Standard ) Tj ET Q q 0 0 0 rg BT 319.97 228.20 Td (& ) Tj ET Q q 0 0 0 rg BT 330.77 228.20 Td (Poor) Tj ET Q q 0 0 0 rg BT 351.96 228.20 Td () Tj ET Q q 0 0 0 rg BT 355.02 228.20 Td (s ) Tj ET Q q 0 0 0 rg BT 361.54 228.20 Td (\(S&P\) ) Tj ET Q q 0 0 0 rg BT 401.67 228.20 Td (downgraded ) Tj ET Q q 0 0 0 rg BT 458.28 228.20 Td (the ) Tj ET Q q 0 0 0 rg BT 473.97 228.20 Td (UK) Tj ET Q q 0 0 0 rg BT 492.91 228.20 Td (s ) Tj ET Q q 0 0 0 rg BT 499.43 228.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 526.72 228.20 Td (rating ) Tj ET Q q 0 0 0 rg BT 554.62 228.20 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 215.00 Td (AAA ) Tj ET Q q 0 0 0 rg BT 108.96 215.00 Td (to ) Tj ET Q q 0 0 0 rg BT 120.88 215.00 Td (AA ) Tj ET Q q 0 0 0 rg BT 149.90 215.00 Td (with ) Tj ET Q q 0 0 0 rg BT 172.82 215.00 Td (a ) Tj ET Q q 0 0 0 rg BT 181.07 215.00 Td (negative ) Tj ET Q q 0 0 0 rg BT 226.58 215.00 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 271.19 215.00 Td (and ) Tj ET Q q 0 0 0 rg BT 290.43 215.00 Td (on ) Tj ET Q q 0 0 0 rg BT 304.80 215.00 Td (June ) Tj ET Q q 0 0 0 rg BT 328.33 215.00 Td (30, ) Tj ET Q q 0 0 0 rg BT 345.44 215.00 Td (2016, ) Tj ET Q q 0 0 0 rg BT 373.56 215.00 Td (S&P) Tj ET Q q 0 0 0 rg BT 393.94 215.00 Td ( ) Tj ET Q q 0 0 0 rg BT 397.31 215.00 Td (downgraded ) Tj ET Q q 0 0 0 rg BT 455.04 215.00 Td (the ) Tj ET Q q 0 0 0 rg BT 471.85 215.00 Td (EU) Tj ET Q q 0 0 0 rg BT 489.57 215.00 Td (s ) Tj ET Q q 0 0 0 rg BT 497.21 215.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 525.62 215.00 Td (rating ) Tj ET Q q 0 0 0 rg BT 554.64 215.00 Td (from ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 201.80 Td (AA+ ) Tj ET Q q 0 0 0 rg BT 106.61 201.80 Td (to ) Tj ET Q q 0 0 0 rg BT 117.91 201.80 Td (AA. ) Tj ET Q q 0 0 0 rg BT 149.06 201.80 Td (Other ) Tj ET Q q 0 0 0 rg BT 176.86 201.80 Td (credit ) Tj ET Q q 0 0 0 rg BT 204.65 201.80 Td (ratings ) Tj ET Q q 0 0 0 rg BT 237.34 201.80 Td (agencies ) Tj ET Q q 0 0 0 rg BT 277.95 201.80 Td (have ) Tj ET Q q 0 0 0 rg BT 301.47 201.80 Td (taken ) Tj ET Q q 0 0 0 rg BT 328.04 201.80 Td (similar ) Tj ET Q q 0 0 0 rg BT 361.34 201.80 Td (actions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 179.60 Td (The ) Tj ET Q q 0 0 0 rg BT 92.18 179.60 Td (ef) Tj ET Q q 0 0 0 rg BT 100.53 179.60 Td (fects ) Tj ET Q q 0 0 0 rg BT 124.38 179.60 Td (of ) Tj ET Q q 0 0 0 rg BT 136.63 179.60 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 167.20 179.60 Td (will ) Tj ET Q q 0 0 0 rg BT 187.40 179.60 Td (depend, ) Tj ET Q q 0 0 0 rg BT 225.00 179.60 Td (in ) Tj ET Q q 0 0 0 rg BT 236.63 179.60 Td (part, ) Tj ET Q q 0 0 0 rg BT 259.57 179.60 Td (on ) Tj ET Q q 0 0 0 rg BT 273.65 179.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 326.82 179.60 Td (the ) Tj ET Q q 0 0 0 rg BT 343.34 179.60 Td (UK ) Tj ET Q q 0 0 0 rg BT 362.31 179.60 Td (negotiates ) Tj ET Q q 0 0 0 rg BT 409.99 179.60 Td (to ) Tj ET Q q 0 0 0 rg BT 421.63 179.60 Td (retain ) Tj ET Q q 0 0 0 rg BT 449.75 179.60 Td (access ) Tj ET Q q 0 0 0 rg BT 480.93 179.60 Td (to ) Tj ET Q q 0 0 0 rg BT 492.57 179.60 Td (EU ) Tj ET Q q 0 0 0 rg BT 510.31 179.60 Td (markets, ) Tj ET Q q 0 0 0 rg BT 550.97 179.60 Td (either ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 166.40 Td (during ) Tj ET Q q 0 0 0 rg BT 102.90 166.40 Td (a ) Tj ET Q q 0 0 0 rg BT 109.97 166.40 Td (transitional ) Tj ET Q q 0 0 0 rg BT 161.64 166.40 Td (period ) Tj ET Q q 0 0 0 rg BT 191.93 166.40 Td (or ) Tj ET Q q 0 0 0 rg BT 203.27 166.40 Td (more ) Tj ET Q q 0 0 0 rg BT 228.06 166.40 Td (permanently) Tj ET Q q 0 0 0 rg BT 282.32 166.40 Td (, ) Tj ET Q q 0 0 0 rg BT 287.26 166.40 Td (including, ) Tj ET Q q 0 0 0 rg BT 333.74 166.40 Td (but ) Tj ET Q q 0 0 0 rg BT 349.98 166.40 Td (not ) Tj ET Q q 0 0 0 rg BT 366.22 166.40 Td (limited ) Tj ET Q q 0 0 0 rg BT 399.57 166.40 Td (to, ) Tj ET Q q 0 0 0 rg BT 413.06 166.40 Td (current ) Tj ET Q q 0 0 0 rg BT 446.39 166.40 Td (trade ) Tj ET Q q 0 0 0 rg BT 470.55 166.40 Td (and ) Tj ET Q q 0 0 0 rg BT 488.62 166.40 Td (finance ) Tj ET Q q 0 0 0 rg BT 523.17 166.40 Td (agreements. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 153.20 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 102.97 153.20 Td (could ) Tj ET Q q 0 0 0 rg BT 130.89 153.20 Td (lead ) Tj ET Q q 0 0 0 rg BT 152.69 153.20 Td (to ) Tj ET Q q 0 0 0 rg BT 164.73 153.20 Td (legal ) Tj ET Q q 0 0 0 rg BT 189.58 153.20 Td (and ) Tj ET Q q 0 0 0 rg BT 208.94 153.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 225.86 153.20 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 278.82 153.20 Td (and ) Tj ET Q q 0 0 0 rg BT 298.18 153.20 Td (potentially ) Tj ET Q q 0 0 0 rg BT 348.70 153.20 Td (diver) Tj ET Q q 0 0 0 rg BT 371.11 153.20 Td (gent ) Tj ET Q q 0 0 0 rg BT 393.52 153.20 Td (national ) Tj ET Q q 0 0 0 rg BT 432.44 153.20 Td (laws ) Tj ET Q q 0 0 0 rg BT 456.08 153.20 Td (and ) Tj ET Q q 0 0 0 rg BT 475.44 153.20 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 530.55 153.20 Td (as ) Tj ET Q q 0 0 0 rg BT 543.19 153.20 Td (the ) Tj ET Q q 0 0 0 rg BT 560.11 153.20 Td (UK ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 140.00 Td (determines ) Tj ET Q q 0 0 0 rg BT 122.57 140.00 Td (which ) Tj ET Q q 0 0 0 rg BT 151.76 140.00 Td (EU ) Tj ET Q q 0 0 0 rg BT 168.73 140.00 Td (laws ) Tj ET Q q 0 0 0 rg BT 191.21 140.00 Td (to ) Tj ET Q q 0 0 0 rg BT 202.07 140.00 Td (replace ) Tj ET Q q 0 0 0 rg BT 236.13 140.00 Td (or ) Tj ET Q q 0 0 0 rg BT 247.60 140.00 Td (replicate. ) Tj ET Q q 0 0 0 rg BT 290.36 140.00 Td (The ) Tj ET Q q 0 0 0 rg BT 309.77 140.00 Td (extent ) Tj ET Q q 0 0 0 rg BT 338.95 140.00 Td (of ) Tj ET Q q 0 0 0 rg BT 350.43 140.00 Td (the ) Tj ET Q q 0 0 0 rg BT 366.17 140.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 398.42 140.00 Td (of ) Tj ET Q q 0 0 0 rg BT 409.89 140.00 Td (the ) Tj ET Q q 0 0 0 rg BT 425.64 140.00 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 477.43 140.00 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 533.51 140.00 Td (in ) Tj ET Q q 0 0 0 rg BT 544.38 140.00 Td (the ) Tj ET Q q 0 0 0 rg BT 560.12 140.00 Td (UK ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 126.80 Td (and ) Tj ET Q q 0 0 0 rg BT 89.98 126.80 Td (in ) Tj ET Q q 0 0 0 rg BT 100.63 126.80 Td (global ) Tj ET Q q 0 0 0 rg BT 130.22 126.80 Td (markets, ) Tj ET Q q 0 0 0 rg BT 169.88 126.80 Td (as ) Tj ET Q q 0 0 0 rg BT 181.14 126.80 Td (well ) Tj ET Q q 0 0 0 rg BT 202.17 126.80 Td (as ) Tj ET Q q 0 0 0 rg BT 213.43 126.80 Td (any ) Tj ET Q q 0 0 0 rg BT 231.41 126.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 278.71 126.80 Td (adverse ) Tj ET Q q 0 0 0 rg BT 314.39 126.80 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 379.71 126.80 Td (remain ) Tj ET Q q 0 0 0 rg BT 412.34 126.80 Td (unclear) Tj ET Q q 0 0 0 rg BT 444.27 126.80 Td (, ) Tj ET Q q 0 0 0 rg BT 449.12 126.80 Td (and ) Tj ET Q q 0 0 0 rg BT 467.09 126.80 Td (the ) Tj ET Q q 0 0 0 rg BT 482.63 126.80 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 534.20 126.80 Td (may ) Tj ET Q q 0 0 0 rg BT 555.23 126.80 Td (have ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 113.60 Td (a ) Tj ET Q q 0 0 0 rg BT 79.44 113.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 128.43 113.60 Td (negative ) Tj ET Q q 0 0 0 rg BT 168.24 113.60 Td (ef) Tj ET Q q 0 0 0 rg BT 176.59 113.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 195.63 113.60 Td (on ) Tj ET Q q 0 0 0 rg BT 209.19 113.60 Td (the ) Tj ET Q q 0 0 0 rg BT 225.18 113.60 Td (value ) Tj ET Q q 0 0 0 rg BT 251.56 113.60 Td (of ) Tj ET Q q 0 0 0 rg BT 263.28 113.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 288.46 113.60 Td (investments. ) Tj ET Q q 0 0 0 rg BT 346.31 113.60 Td (If ) Tj ET Q q 0 0 0 rg BT 356.20 113.60 Td (one ) Tj ET Q q 0 0 0 rg BT 374.63 113.60 Td (or ) Tj ET Q q 0 0 0 rg BT 386.35 113.60 Td (more ) Tj ET Q q 0 0 0 rg BT 411.51 113.60 Td (other ) Tj ET Q q 0 0 0 rg BT 436.67 113.60 Td (countries ) Tj ET Q q 0 0 0 rg BT 479.55 113.60 Td (were ) Tj ET Q q 0 0 0 rg BT 503.48 113.60 Td (to ) Tj ET Q q 0 0 0 rg BT 514.59 113.60 Td (exit ) Tj ET Q q 0 0 0 rg BT 533.64 113.60 Td (the ) Tj ET Q q 0 0 0 rg BT 549.64 113.60 Td (EU ) Tj ET Q q 0 0 0 rg BT 566.85 113.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 100.40 Td (abandon ) Tj ET Q q 0 0 0 rg BT 111.93 100.40 Td (the ) Tj ET Q q 0 0 0 rg BT 128.04 100.40 Td (use ) Tj ET Q q 0 0 0 rg BT 145.37 100.40 Td (of ) Tj ET Q q 0 0 0 rg BT 157.20 100.40 Td (the ) Tj ET Q q 0 0 0 rg BT 173.31 100.40 Td (euro ) Tj ET Q q 0 0 0 rg BT 195.52 100.40 Td (as ) Tj ET Q q 0 0 0 rg BT 207.35 100.40 Td (a ) Tj ET Q q 0 0 0 rg BT 214.90 100.40 Td (currency) Tj ET Q q 0 0 0 rg BT 252.66 100.40 Td (, ) Tj ET Q q 0 0 0 rg BT 258.08 100.40 Td (the ) Tj ET Q q 0 0 0 rg BT 274.19 100.40 Td (value ) Tj ET Q q 0 0 0 rg BT 300.67 100.40 Td (of ) Tj ET Q q 0 0 0 rg BT 312.51 100.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 367.72 100.40 Td (tied ) Tj ET Q q 0 0 0 rg BT 386.89 100.40 Td (to ) Tj ET Q q 0 0 0 rg BT 398.11 100.40 Td (those ) Tj ET Q q 0 0 0 rg BT 424.00 100.40 Td (countries ) Tj ET Q q 0 0 0 rg BT 466.99 100.40 Td (or ) Tj ET Q q 0 0 0 rg BT 478.82 100.40 Td (the ) Tj ET Q q 0 0 0 rg BT 494.92 100.40 Td (euro ) Tj ET Q q 0 0 0 rg BT 517.14 100.40 Td (could ) Tj ET Q q 0 0 0 rg BT 544.24 100.40 Td (decline ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 87.20 Td (significantly ) Tj ET Q q 0 0 0 rg BT 129.74 87.20 Td (and ) Tj ET Q q 0 0 0 rg BT 148.37 87.20 Td (unpredictably) Tj ET Q q 0 0 0 rg BT 208.14 87.20 Td (.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 54.00 739.40 Td (o ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 739.40 Td (Risks ) Tj ET Q q 0 0 0 rg BT 97.32 739.40 Td (Related ) Tj ET Q q 0 0 0 rg BT 133.02 739.40 Td (to ) Tj ET Q q 0 0 0 rg BT 143.67 739.40 Td (Investing ) Tj ET Q q 0 0 0 rg BT 186.09 739.40 Td (in ) Tj ET Q q 0 0 0 rg BT 196.75 739.40 Td (Japan.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 226.38 739.40 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 229.13 739.40 Td (A) Tj ET Q q 0 0 0 rg BT 236.47 739.40 Td ( ) Tj ET Q q 0 0 0 rg BT 238.57 739.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 287.10 739.40 Td (portion ) Tj ET Q q 0 0 0 rg BT 320.98 739.40 Td (of ) Tj ET Q q 0 0 0 rg BT 332.24 739.40 Td (the ) Tj ET Q q 0 0 0 rg BT 347.78 739.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 373.45 739.40 Td (s ) Tj ET Q q 0 0 0 rg BT 379.83 739.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 407.60 739.40 Td (may ) Tj ET Q q 0 0 0 rg BT 428.64 739.40 Td (be ) Tj ET Q q 0 0 0 rg BT 441.12 739.40 Td (invested ) Tj ET Q q 0 0 0 rg BT 479.88 739.40 Td (in ) Tj ET Q q 0 0 0 rg BT 490.53 739.40 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 531.72 739.40 Td (securities. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 726.20 Td (T) Tj ET Q q 0 0 0 rg BT 77.95 726.20 Td (o ) Tj ET Q q 0 0 0 rg BT 86.83 726.20 Td (the ) Tj ET Q q 0 0 0 rg BT 103.65 726.20 Td (extent ) Tj ET Q q 0 0 0 rg BT 133.90 726.20 Td (the ) Tj ET Q q 0 0 0 rg BT 150.72 726.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 176.71 726.20 Td (invests ) Tj ET Q q 0 0 0 rg BT 210.65 726.20 Td (in ) Tj ET Q q 0 0 0 rg BT 222.58 726.20 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 265.05 726.20 Td (securities, ) Tj ET Q q 0 0 0 rg BT 312.72 726.20 Td (it ) Tj ET Q q 0 0 0 rg BT 322.21 726.20 Td (will ) Tj ET Q q 0 0 0 rg BT 342.70 726.20 Td (be ) Tj ET Q q 0 0 0 rg BT 356.46 726.20 Td (subject ) Tj ET Q q 0 0 0 rg BT 391.00 726.20 Td (to ) Tj ET Q q 0 0 0 rg BT 402.93 726.20 Td (risks ) Tj ET Q q 0 0 0 rg BT 427.09 726.20 Td (related ) Tj ET Q q 0 0 0 rg BT 460.39 726.20 Td (to ) Tj ET Q q 0 0 0 rg BT 472.33 726.20 Td (investing ) Tj ET Q q 0 0 0 rg BT 516.04 726.20 Td (in ) Tj ET Q q 0 0 0 rg BT 527.97 726.20 Td (Japan. ) Tj ET Q q 0 0 0 rg BT 558.90 726.20 Td (The ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 713.00 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 113.54 713.00 Td (economy ) Tj ET Q q 0 0 0 rg BT 156.31 713.00 Td (may ) Tj ET Q q 0 0 0 rg BT 177.70 713.00 Td (be ) Tj ET Q q 0 0 0 rg BT 190.54 713.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 224.14 713.00 Td (to ) Tj ET Q q 0 0 0 rg BT 235.15 713.00 Td (considerable ) Tj ET Q q 0 0 0 rg BT 293.19 713.00 Td (degrees ) Tj ET Q q 0 0 0 rg BT 329.23 713.00 Td (of ) Tj ET Q q 0 0 0 rg BT 340.84 713.00 Td (economic, ) Tj ET Q q 0 0 0 rg BT 388.80 713.00 Td (political ) Tj ET Q q 0 0 0 rg BT 427.30 713.00 Td (and ) Tj ET Q q 0 0 0 rg BT 445.63 713.00 Td (social ) Tj ET Q q 0 0 0 rg BT 473.74 713.00 Td (instability) Tj ET Q q 0 0 0 rg BT 517.02 713.00 Td (, ) Tj ET Q q 0 0 0 rg BT 522.23 713.00 Td (which ) Tj ET Q q 0 0 0 rg BT 551.56 713.00 Td (could ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 699.80 Td (have ) Tj ET Q q 0 0 0 rg BT 96.32 699.80 Td (a ) Tj ET Q q 0 0 0 rg BT 104.75 699.80 Td (negative ) Tj ET Q q 0 0 0 rg BT 145.57 699.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 179.05 699.80 Td (on ) Tj ET Q q 0 0 0 rg BT 193.61 699.80 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 236.25 699.80 Td (securities. ) Tj ET Q q 0 0 0 rg BT 284.09 699.80 Td (Since ) Tj ET Q q 0 0 0 rg BT 312.08 699.80 Td (the ) Tj ET Q q 0 0 0 rg BT 329.08 699.80 Td (year ) Tj ET Q q 0 0 0 rg BT 351.56 699.80 Td (2000, ) Tj ET Q q 0 0 0 rg BT 379.86 699.80 Td (Japan) Tj ET Q q 0 0 0 rg BT 407.96 699.80 Td (s ) Tj ET Q q 0 0 0 rg BT 415.80 699.80 Td (economic ) Tj ET Q q 0 0 0 rg BT 462.11 699.80 Td (growth ) Tj ET Q q 0 0 0 rg BT 496.82 699.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 516.86 699.80 Td (has ) Tj ET Q q 0 0 0 rg BT 535.08 699.80 Td (remained ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 686.60 Td (relatively ) Tj ET Q q 0 0 0 rg BT 116.22 686.60 Td (low ) Tj ET Q q 0 0 0 rg BT 135.41 686.60 Td (and ) Tj ET Q q 0 0 0 rg BT 153.99 686.60 Td (it ) Tj ET Q q 0 0 0 rg BT 162.79 686.60 Td (may ) Tj ET Q q 0 0 0 rg BT 184.42 686.60 Td (remain ) Tj ET Q q 0 0 0 rg BT 217.64 686.60 Td (low ) Tj ET Q q 0 0 0 rg BT 236.83 686.60 Td (in ) Tj ET Q q 0 0 0 rg BT 248.08 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 264.21 686.60 Td (future. ) Tj ET Q q 0 0 0 rg BT 295.91 686.60 Td (In ) Tj ET Q q 0 0 0 rg BT 307.76 686.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 349.25 686.60 Td (Japan ) Tj ET Q q 0 0 0 rg BT 376.99 686.60 Td (is ) Tj ET Q q 0 0 0 rg BT 387.02 686.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 420.86 686.60 Td (to ) Tj ET Q q 0 0 0 rg BT 432.11 686.60 Td (the ) Tj ET Q q 0 0 0 rg BT 448.24 686.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 467.43 686.60 Td (of ) Tj ET Q q 0 0 0 rg BT 479.28 686.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 512.51 686.60 Td (disasters, ) Tj ET Q q 0 0 0 rg BT 555.83 686.60 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 673.40 Td (as ) Tj ET Q q 0 0 0 rg BT 84.75 673.40 Td (earthquakes, ) Tj ET Q q 0 0 0 rg BT 143.61 673.40 Td (volcanoes, ) Tj ET Q q 0 0 0 rg BT 193.93 673.40 Td (typhoons ) Tj ET Q q 0 0 0 rg BT 237.85 673.40 Td (and ) Tj ET Q q 0 0 0 rg BT 257.32 673.40 Td (tsunamis. ) Tj ET Q q 0 0 0 rg BT 301.97 673.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 356.86 673.40 Td (, ) Tj ET Q q 0 0 0 rg BT 363.20 673.40 Td (decreasing ) Tj ET Q q 0 0 0 rg BT 413.81 673.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 436.96 673.40 Td (imports, ) Tj ET Q q 0 0 0 rg BT 476.90 673.40 Td (new ) Tj ET Q q 0 0 0 rg BT 498.81 673.40 Td (trade ) Tj ET Q q 0 0 0 rg BT 524.38 673.40 Td (regulations, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 660.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 109.69 660.20 Td (in ) Tj ET Q q 0 0 0 rg BT 120.50 660.20 Td (the ) Tj ET Q q 0 0 0 rg BT 136.20 660.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 158.02 660.20 Td (dollar ) Tj ET Q q 0 0 0 rg BT 185.94 660.20 Td (exchange ) Tj ET Q q 0 0 0 rg BT 229.72 660.20 Td (rates, ) Tj ET Q q 0 0 0 rg BT 255.50 660.20 Td (a ) Tj ET Q q 0 0 0 rg BT 262.64 660.20 Td (recession ) Tj ET Q q 0 0 0 rg BT 305.82 660.20 Td (in ) Tj ET Q q 0 0 0 rg BT 316.64 660.20 Td (the ) Tj ET Q q 0 0 0 rg BT 332.34 660.20 Td (United ) Tj ET Q q 0 0 0 rg BT 364.53 660.20 Td (States ) Tj ET Q q 0 0 0 rg BT 393.07 660.20 Td (or ) Tj ET Q q 0 0 0 rg BT 404.49 660.20 Td (continued ) Tj ET Q q 0 0 0 rg BT 450.13 660.20 Td (increases ) Tj ET Q q 0 0 0 rg BT 492.69 660.20 Td (in ) Tj ET Q q 0 0 0 rg BT 503.51 660.20 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 555.24 660.20 Td (rates ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 647.00 Td (may ) Tj ET Q q 0 0 0 rg BT 93.64 647.00 Td (have ) Tj ET Q q 0 0 0 rg BT 117.11 647.00 Td (an ) Tj ET Q q 0 0 0 rg BT 130.19 647.00 Td (adverse ) Tj ET Q q 0 0 0 rg BT 166.49 647.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 199.13 647.00 Td (on ) Tj ET Q q 0 0 0 rg BT 212.83 647.00 Td (the ) Tj ET Q q 0 0 0 rg BT 228.97 647.00 Td (economy ) Tj ET Q q 0 0 0 rg BT 271.99 647.00 Td (of ) Tj ET Q q 0 0 0 rg BT 283.86 647.00 Td (Japan. ) Tj ET Q q 0 0 0 rg BT 314.36 647.00 Td (Japan ) Tj ET Q q 0 0 0 rg BT 342.11 647.00 Td (also ) Tj ET Q q 0 0 0 rg BT 362.53 647.00 Td (has ) Tj ET Q q 0 0 0 rg BT 379.90 647.00 Td (few ) Tj ET Q q 0 0 0 rg BT 399.09 647.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 432.33 647.00 Td (resources, ) Tj ET Q q 0 0 0 rg BT 479.32 647.00 Td (and ) Tj ET Q q 0 0 0 rg BT 497.90 647.00 Td (any ) Tj ET Q q 0 0 0 rg BT 516.49 647.00 Td (fluctuation ) Tj ET Q q 0 0 0 rg BT 566.85 647.00 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 633.80 Td (shortage ) Tj ET Q q 0 0 0 rg BT 112.01 633.80 Td (in ) Tj ET Q q 0 0 0 rg BT 123.32 633.80 Td (the ) Tj ET Q q 0 0 0 rg BT 139.51 633.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 192.37 633.80 Td (markets ) Tj ET Q q 0 0 0 rg BT 229.94 633.80 Td (could ) Tj ET Q q 0 0 0 rg BT 257.13 633.80 Td (have ) Tj ET Q q 0 0 0 rg BT 280.64 633.80 Td (a ) Tj ET Q q 0 0 0 rg BT 288.27 633.80 Td (negative ) Tj ET Q q 0 0 0 rg BT 328.28 633.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 360.96 633.80 Td (on ) Tj ET Q q 0 0 0 rg BT 374.71 633.80 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 416.56 633.80 Td (securities.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 609.23 cm /I18 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 609.23 cm /I19 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 611.60 Td (High ) Tj ET Q q 0 0 0 rg BT 75.70 611.60 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 120.00 611.60 Td (T) Tj ET Q q 0 0 0 rg BT 126.32 611.60 Td (urnover) Tj ET Q q 0 0 0 rg BT 164.01 611.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.98 611.60 Td (Risk) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 188.38 611.60 Td (. ) Tj ET Q q 0 0 0 rg BT 193.44 611.60 Td (At ) Tj ET Q q 0 0 0 rg BT 207.41 611.60 Td (times, ) Tj ET Q q 0 0 0 rg BT 236.96 611.60 Td (the ) Tj ET Q q 0 0 0 rg BT 253.37 611.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 278.96 611.60 Td (may ) Tj ET Q q 0 0 0 rg BT 300.87 611.60 Td (have ) Tj ET Q q 0 0 0 rg BT 324.60 611.60 Td (a ) Tj ET Q q 0 0 0 rg BT 332.45 611.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 373.92 611.60 Td (turnover ) Tj ET Q q 0 0 0 rg BT 414.15 611.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 433.61 611.60 Td (substantially ) Tj ET Q q 0 0 0 rg BT 492.19 611.60 Td (greater ) Tj ET Q q 0 0 0 rg BT 525.68 611.60 Td (than ) Tj ET Q q 0 0 0 rg BT 547.59 611.60 Td (100%. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 598.40 Td (A) Tj ET Q q 0 0 0 rg BT 56.84 598.40 Td ( ) Tj ET Q q 0 0 0 rg BT 62.11 598.40 Td (high ) Tj ET Q q 0 0 0 rg BT 86.95 598.40 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 130.72 598.40 Td (turnover ) Tj ET Q q 0 0 0 rg BT 173.26 598.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 195.03 598.40 Td (would ) Tj ET Q q 0 0 0 rg BT 227.80 598.40 Td (result ) Tj ET Q q 0 0 0 rg BT 257.52 598.40 Td (in ) Tj ET Q q 0 0 0 rg BT 271.35 598.40 Td (correspondingly ) Tj ET Q q 0 0 0 rg BT 348.12 598.40 Td (greater ) Tj ET Q q 0 0 0 rg BT 383.92 598.40 Td (transaction ) Tj ET Q q 0 0 0 rg BT 437.46 598.40 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 485.20 598.40 Td (including ) Tj ET Q q 0 0 0 rg BT 532.02 598.40 Td (brokerage ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 585.20 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 112.00 585.20 Td (dealer ) Tj ET Q q 0 0 0 rg BT 141.17 585.20 Td (mark ) Tj ET Q q 0 0 0 rg BT 166.07 585.20 Td (ups ) Tj ET Q q 0 0 0 rg BT 183.65 585.20 Td (and ) Tj ET Q q 0 0 0 rg BT 201.84 585.20 Td (other ) Tj ET Q q 0 0 0 rg BT 226.74 585.20 Td (transaction ) Tj ET Q q 0 0 0 rg BT 277.30 585.20 Td (costs, ) Tj ET Q q 0 0 0 rg BT 304.35 585.20 Td (on ) Tj ET Q q 0 0 0 rg BT 317.66 585.20 Td (the ) Tj ET Q q 0 0 0 rg BT 333.40 585.20 Td (sale ) Tj ET Q q 0 0 0 rg BT 352.80 585.20 Td (of ) Tj ET Q q 0 0 0 rg BT 364.27 585.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 408.11 585.20 Td (and ) Tj ET Q q 0 0 0 rg BT 426.29 585.20 Td (on ) Tj ET Q q 0 0 0 rg BT 439.59 585.20 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 498.71 585.20 Td (in ) Tj ET Q q 0 0 0 rg BT 509.57 585.20 Td (other ) Tj ET Q q 0 0 0 rg BT 534.47 585.20 Td (securities ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 572.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.34 572.00 Td (may ) Tj ET Q q 0 0 0 rg BT 90.24 572.00 Td (result ) Tj ET Q q 0 0 0 rg BT 117.64 572.00 Td (in ) Tj ET Q q 0 0 0 rg BT 129.15 572.00 Td (reduced ) Tj ET Q q 0 0 0 rg BT 166.92 572.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 225.46 572.00 Td (and ) Tj ET Q q 0 0 0 rg BT 244.30 572.00 Td (the ) Tj ET Q q 0 0 0 rg BT 260.70 572.00 Td (distribution ) Tj ET Q q 0 0 0 rg BT 314.38 572.00 Td (to ) Tj ET Q q 0 0 0 rg BT 325.90 572.00 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 384.45 572.00 Td (of ) Tj ET Q q 0 0 0 rg BT 396.57 572.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 443.52 572.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 475.79 572.00 Td (gains ) Tj ET Q q 0 0 0 rg BT 501.97 572.00 Td (for ) Tj ET Q q 0 0 0 rg BT 517.76 572.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 534.16 572.00 Td (purposes. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 558.80 Td (These ) Tj ET Q q 0 0 0 rg BT 78.51 558.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 111.19 558.80 Td (may ) Tj ET Q q 0 0 0 rg BT 132.88 558.80 Td (negatively ) Tj ET Q q 0 0 0 rg BT 181.45 558.80 Td (af) Tj ET Q q 0 0 0 rg BT 189.79 558.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 209.03 558.80 Td (the ) Tj ET Q q 0 0 0 rg BT 225.22 558.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 250.89 558.80 Td (s ) Tj ET Q q 0 0 0 rg BT 257.92 558.80 Td (performance.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 534.23 cm /I20 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 534.23 cm /I21 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 536.60 Td (Large-Capitalization ) Tj ET Q q 0 0 0 rg BT 151.60 536.60 Td (Investing ) Tj ET Q q 0 0 0 rg BT 198.73 536.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 226.61 536.60 Td (The ) Tj ET Q q 0 0 0 rg BT 247.44 536.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 273.78 536.60 Td (may ) Tj ET Q q 0 0 0 rg BT 296.45 536.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 326.45 536.60 Td (in ) Tj ET Q q 0 0 0 rg BT 338.73 536.60 Td (the ) Tj ET Q q 0 0 0 rg BT 355.90 536.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 401.17 536.60 Td (of ) Tj ET Q q 0 0 0 rg BT 414.06 536.60 Td (lar) Tj ET Q q 0 0 0 rg BT 425.46 536.60 Td (ge-capitalization ) Tj ET Q q 0 0 0 rg BT 502.48 536.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 555.18 536.60 Td (As ) Tj ET Q q 0 0 0 rg BT 571.13 536.60 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 523.40 Td (result, ) Tj ET Q q 0 0 0 rg BT 80.08 523.40 Td (the ) Tj ET Q q 0 0 0 rg BT 96.90 523.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 122.58 523.40 Td (s ) Tj ET Q q 0 0 0 rg BT 130.24 523.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.21 523.40 Td (may ) Tj ET Q q 0 0 0 rg BT 211.53 523.40 Td (be ) Tj ET Q q 0 0 0 rg BT 225.30 523.40 Td (adversely ) Tj ET Q q 0 0 0 rg BT 270.84 523.40 Td (af) Tj ET Q q 0 0 0 rg BT 279.18 523.40 Td (fected ) Tj ET Q q 0 0 0 rg BT 309.44 523.40 Td (if ) Tj ET Q q 0 0 0 rg BT 319.55 523.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.47 523.40 Td (of ) Tj ET Q q 0 0 0 rg BT 377.02 523.40 Td (lar) Tj ET Q q 0 0 0 rg BT 388.43 523.40 Td (ge-capitalization ) Tj ET Q q 0 0 0 rg BT 465.11 523.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 515.54 523.40 Td (underperform ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 510.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 93.72 510.20 Td (of ) Tj ET Q q 0 0 0 rg BT 105.56 510.20 Td (smaller) Tj ET Q q 0 0 0 rg BT 137.72 510.20 Td (-capitalization ) Tj ET Q q 0 0 0 rg BT 203.31 510.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 253.03 510.20 Td (or ) Tj ET Q q 0 0 0 rg BT 264.88 510.20 Td (the ) Tj ET Q q 0 0 0 rg BT 280.99 510.20 Td (market ) Tj ET Q q 0 0 0 rg BT 314.21 510.20 Td (as ) Tj ET Q q 0 0 0 rg BT 326.06 510.20 Td (a ) Tj ET Q q 0 0 0 rg BT 333.62 510.20 Td (whole. ) Tj ET Q q 0 0 0 rg BT 365.74 510.20 Td (The ) Tj ET Q q 0 0 0 rg BT 385.52 510.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 429.74 510.20 Td (of ) Tj ET Q q 0 0 0 rg BT 441.58 510.20 Td (lar) Tj ET Q q 0 0 0 rg BT 452.99 510.20 Td (ge-capitalization ) Tj ET Q q 0 0 0 rg BT 528.96 510.20 Td (companies ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.00 Td (may ) Tj ET Q q 0 0 0 rg BT 70.41 497.00 Td (be ) Tj ET Q q 0 0 0 rg BT 82.76 497.00 Td (relatively ) Tj ET Q q 0 0 0 rg BT 126.27 497.00 Td (mature ) Tj ET Q q 0 0 0 rg BT 158.78 497.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 204.12 497.00 Td (to ) Tj ET Q q 0 0 0 rg BT 214.65 497.00 Td (smaller ) Tj ET Q q 0 0 0 rg BT 248.99 497.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 298.00 497.00 Td (and ) Tj ET Q q 0 0 0 rg BT 315.86 497.00 Td (therefore ) Tj ET Q q 0 0 0 rg BT 357.52 497.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 390.65 497.00 Td (to ) Tj ET Q q 0 0 0 rg BT 401.18 497.00 Td (slower ) Tj ET Q q 0 0 0 rg BT 432.48 497.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 465.61 497.00 Td (during ) Tj ET Q q 0 0 0 rg BT 496.30 497.00 Td (times ) Tj ET Q q 0 0 0 rg BT 522.10 497.00 Td (of ) Tj ET Q q 0 0 0 rg BT 533.24 497.00 Td (economic ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 483.80 Td (expansion.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 459.23 cm /I22 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 459.23 cm /I23 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 461.60 Td (Mid-Capitalization ) Tj ET Q q 0 0 0 rg BT 141.86 461.60 Td (Investing ) Tj ET Q q 0 0 0 rg BT 187.79 461.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 214.47 461.60 Td (The ) Tj ET Q q 0 0 0 rg BT 234.10 461.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 259.25 461.60 Td (may ) Tj ET Q q 0 0 0 rg BT 280.71 461.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 309.52 461.60 Td (in ) Tj ET Q q 0 0 0 rg BT 320.61 461.60 Td (the ) Tj ET Q q 0 0 0 rg BT 336.57 461.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 380.64 461.60 Td (of ) Tj ET Q q 0 0 0 rg BT 392.34 461.60 Td (mid-capitalization ) Tj ET Q q 0 0 0 rg BT 474.89 461.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 526.65 461.60 Td (As ) Tj ET Q q 0 0 0 rg BT 541.41 461.60 Td (a ) Tj ET Q q 0 0 0 rg BT 548.82 461.60 Td (result, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 448.40 Td (the ) Tj ET Q q 0 0 0 rg BT 65.58 448.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 91.25 448.40 Td (s ) Tj ET Q q 0 0 0 rg BT 98.18 448.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.40 448.40 Td (may ) Tj ET Q q 0 0 0 rg BT 177.98 448.40 Td (be ) Tj ET Q q 0 0 0 rg BT 191.00 448.40 Td (adversely ) Tj ET Q q 0 0 0 rg BT 235.79 448.40 Td (af) Tj ET Q q 0 0 0 rg BT 244.14 448.40 Td (fected ) Tj ET Q q 0 0 0 rg BT 273.65 448.40 Td (if ) Tj ET Q q 0 0 0 rg BT 283.01 448.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 327.19 448.40 Td (of ) Tj ET Q q 0 0 0 rg BT 339.00 448.40 Td (mid-capitalization ) Tj ET Q q 0 0 0 rg BT 421.66 448.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 471.35 448.40 Td (underperform ) Tj ET Q q 0 0 0 rg BT 534.46 448.40 Td (securities ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 435.20 Td (of ) Tj ET Q q 0 0 0 rg BT 61.22 435.20 Td (other ) Tj ET Q q 0 0 0 rg BT 86.37 435.20 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 148.17 435.20 Td (ranges ) Tj ET Q q 0 0 0 rg BT 179.43 435.20 Td (or ) Tj ET Q q 0 0 0 rg BT 191.15 435.20 Td (the ) Tj ET Q q 0 0 0 rg BT 207.14 435.20 Td (market ) Tj ET Q q 0 0 0 rg BT 240.23 435.20 Td (as ) Tj ET Q q 0 0 0 rg BT 251.95 435.20 Td (a ) Tj ET Q q 0 0 0 rg BT 259.38 435.20 Td (whole. ) Tj ET Q q 0 0 0 rg BT 291.57 435.20 Td (Securities ) Tj ET Q q 0 0 0 rg BT 337.50 435.20 Td (of ) Tj ET Q q 0 0 0 rg BT 349.21 435.20 Td (smaller ) Tj ET Q q 0 0 0 rg BT 384.14 435.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 433.74 435.20 Td (trade ) Tj ET Q q 0 0 0 rg BT 458.27 435.20 Td (in ) Tj ET Q q 0 0 0 rg BT 469.38 435.20 Td (smaller ) Tj ET Q q 0 0 0 rg BT 504.31 435.20 Td (volumes ) Tj ET Q q 0 0 0 rg BT 544.14 435.20 Td (and ) Tj ET Q q 0 0 0 rg BT 562.57 435.20 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 422.00 Td (often ) Tj ET Q q 0 0 0 rg BT 74.85 422.00 Td (more ) Tj ET Q q 0 0 0 rg BT 100.20 422.00 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 149.38 422.00 Td (to ) Tj ET Q q 0 0 0 rg BT 160.68 422.00 Td (market ) Tj ET Q q 0 0 0 rg BT 193.97 422.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 236.44 422.00 Td (than ) Tj ET Q q 0 0 0 rg BT 258.13 422.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 302.42 422.00 Td (of ) Tj ET Q q 0 0 0 rg BT 314.33 422.00 Td (lar) Tj ET Q q 0 0 0 rg BT 325.74 422.00 Td (ger ) Tj ET Q q 0 0 0 rg BT 342.53 422.00 Td (companies.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 397.43 cm /I24 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 397.43 cm /I25 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 399.80 Td (Non-Diversification ) Tj ET Q q 0 0 0 rg BT 145.25 399.80 Td (Risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 169.39 399.80 Td () Tj ET Q q 0 0 0 rg BT 171.54 399.80 Td (Although ) Tj ET Q q 0 0 0 rg BT 216.57 399.80 Td (the ) Tj ET Q q 0 0 0 rg BT 233.49 399.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 259.59 399.80 Td (intends ) Tj ET Q q 0 0 0 rg BT 294.85 399.80 Td (to ) Tj ET Q q 0 0 0 rg BT 306.88 399.80 Td (invest ) Tj ET Q q 0 0 0 rg BT 336.64 399.80 Td (in ) Tj ET Q q 0 0 0 rg BT 348.68 399.80 Td (a ) Tj ET Q q 0 0 0 rg BT 357.04 399.80 Td (variety ) Tj ET Q q 0 0 0 rg BT 391.06 399.80 Td (of ) Tj ET Q q 0 0 0 rg BT 403.70 399.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 448.72 399.80 Td (and ) Tj ET Q q 0 0 0 rg BT 468.09 399.80 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 525.65 399.80 Td (the ) Tj ET Q q 0 0 0 rg BT 542.57 399.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 568.66 399.80 Td (is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 386.60 Td (considered ) Tj ET Q q 0 0 0 rg BT 100.04 386.60 Td (to ) Tj ET Q q 0 0 0 rg BT 111.48 386.60 Td (be ) Tj ET Q q 0 0 0 rg BT 124.75 386.60 Td (non-diversified, ) Tj ET Q q 0 0 0 rg BT 197.59 386.60 Td (which ) Tj ET Q q 0 0 0 rg BT 227.36 386.60 Td (means ) Tj ET Q q 0 0 0 rg BT 258.35 386.60 Td (that ) Tj ET Q q 0 0 0 rg BT 277.73 386.60 Td (it ) Tj ET Q q 0 0 0 rg BT 286.73 386.60 Td (may ) Tj ET Q q 0 0 0 rg BT 308.56 386.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 337.73 386.60 Td (more ) Tj ET Q q 0 0 0 rg BT 363.21 386.60 Td (of ) Tj ET Q q 0 0 0 rg BT 375.27 386.60 Td (its ) Tj ET Q q 0 0 0 rg BT 388.55 386.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.10 386.60 Td (in ) Tj ET Q q 0 0 0 rg BT 428.54 386.60 Td (the ) Tj ET Q q 0 0 0 rg BT 444.87 386.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 489.30 386.60 Td (of ) Tj ET Q q 0 0 0 rg BT 501.35 386.60 Td (a ) Tj ET Q q 0 0 0 rg BT 509.12 386.60 Td (single ) Tj ET Q q 0 0 0 rg BT 538.28 386.60 Td (issuer ) Tj ET Q q 0 0 0 rg BT 566.83 386.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 373.40 Td (a ) Tj ET Q q 0 0 0 rg BT 57.78 373.40 Td (smaller ) Tj ET Q q 0 0 0 rg BT 93.56 373.40 Td (number ) Tj ET Q q 0 0 0 rg BT 130.56 373.40 Td (of ) Tj ET Q q 0 0 0 rg BT 143.13 373.40 Td (issuers ) Tj ET Q q 0 0 0 rg BT 176.47 373.40 Td (than ) Tj ET Q q 0 0 0 rg BT 198.81 373.40 Td (if ) Tj ET Q q 0 0 0 rg BT 208.94 373.40 Td (it ) Tj ET Q q 0 0 0 rg BT 218.45 373.40 Td (were ) Tj ET Q q 0 0 0 rg BT 243.22 373.40 Td (a ) Tj ET Q q 0 0 0 rg BT 251.51 373.40 Td (diversified ) Tj ET Q q 0 0 0 rg BT 301.95 373.40 Td (fund. ) Tj ET Q q 0 0 0 rg BT 327.51 373.40 Td (As ) Tj ET Q q 0 0 0 rg BT 343.14 373.40 Td (a ) Tj ET Q q 0 0 0 rg BT 351.42 373.40 Td (result, ) Tj ET Q q 0 0 0 rg BT 382.01 373.40 Td (the ) Tj ET Q q 0 0 0 rg BT 398.85 373.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 424.87 373.40 Td (may ) Tj ET Q q 0 0 0 rg BT 447.21 373.40 Td (be ) Tj ET Q q 0 0 0 rg BT 460.99 373.40 Td (more ) Tj ET Q q 0 0 0 rg BT 487.00 373.40 Td (exposed ) Tj ET Q q 0 0 0 rg BT 526.44 373.40 Td (to ) Tj ET Q q 0 0 0 rg BT 538.40 373.40 Td (the ) Tj ET Q q 0 0 0 rg BT 555.24 373.40 Td (risks ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 360.20 Td (associated ) Tj ET Q q 0 0 0 rg BT 97.76 360.20 Td (with ) Tj ET Q q 0 0 0 rg BT 120.38 360.20 Td (and ) Tj ET Q q 0 0 0 rg BT 139.32 360.20 Td (developments ) Tj ET Q q 0 0 0 rg BT 203.47 360.20 Td (af) Tj ET Q q 0 0 0 rg BT 211.82 360.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 245.42 360.20 Td (an ) Tj ET Q q 0 0 0 rg BT 258.86 360.20 Td (individual ) Tj ET Q q 0 0 0 rg BT 306.53 360.20 Td (issuer ) Tj ET Q q 0 0 0 rg BT 335.25 360.20 Td (or ) Tj ET Q q 0 0 0 rg BT 347.47 360.20 Td (a ) Tj ET Q q 0 0 0 rg BT 355.41 360.20 Td (smaller ) Tj ET Q q 0 0 0 rg BT 390.85 360.20 Td (number ) Tj ET Q q 0 0 0 rg BT 427.51 360.20 Td (of ) Tj ET Q q 0 0 0 rg BT 439.73 360.20 Td (issuers ) Tj ET Q q 0 0 0 rg BT 472.73 360.20 Td (than ) Tj ET Q q 0 0 0 rg BT 494.73 360.20 Td (a ) Tj ET Q q 0 0 0 rg BT 502.67 360.20 Td (fund ) Tj ET Q q 0 0 0 rg BT 525.90 360.20 Td (that ) Tj ET Q q 0 0 0 rg BT 545.45 360.20 Td (invests ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 347.00 Td (more ) Tj ET Q q 0 0 0 rg BT 74.57 347.00 Td (widely) Tj ET Q q 0 0 0 rg BT 103.80 347.00 Td (. ) Tj ET Q q 0 0 0 rg BT 108.84 347.00 Td (This ) Tj ET Q q 0 0 0 rg BT 130.87 347.00 Td (may ) Tj ET Q q 0 0 0 rg BT 152.27 347.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 190.77 347.00 Td (the ) Tj ET Q q 0 0 0 rg BT 206.68 347.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 232.36 347.00 Td (s ) Tj ET Q q 0 0 0 rg BT 239.11 347.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 281.30 347.00 Td (and ) Tj ET Q q 0 0 0 rg BT 299.65 347.00 Td (cause ) Tj ET Q q 0 0 0 rg BT 326.55 347.00 Td (the ) Tj ET Q q 0 0 0 rg BT 342.46 347.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 400.50 347.00 Td (of ) Tj ET Q q 0 0 0 rg BT 412.14 347.00 Td (a ) Tj ET Q q 0 0 0 rg BT 419.49 347.00 Td (relatively ) Tj ET Q q 0 0 0 rg BT 463.50 347.00 Td (smaller ) Tj ET Q q 0 0 0 rg BT 498.34 347.00 Td (number ) Tj ET Q q 0 0 0 rg BT 534.42 347.00 Td (of ) Tj ET Q q 0 0 0 rg BT 546.05 347.00 Td (issuers ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 333.80 Td (to ) Tj ET Q q 0 0 0 rg BT 60.81 333.80 Td (have ) Tj ET Q q 0 0 0 rg BT 84.32 333.80 Td (a ) Tj ET Q q 0 0 0 rg BT 91.95 333.80 Td (greater ) Tj ET Q q 0 0 0 rg BT 125.23 333.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 157.92 333.80 Td (on ) Tj ET Q q 0 0 0 rg BT 171.67 333.80 Td (the ) Tj ET Q q 0 0 0 rg BT 187.85 333.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 213.53 333.80 Td (s ) Tj ET Q q 0 0 0 rg BT 220.56 333.80 Td (performance.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 309.23 cm /I26 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 309.23 cm /I27 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 311.60 Td (Passive ) Tj ET Q q 0 0 0 rg BT 86.48 311.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 141.78 311.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.69 311.60 Td (The ) Tj ET Q q 0 0 0 rg BT 188.55 311.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 213.92 311.60 Td (is ) Tj ET Q q 0 0 0 rg BT 224.02 311.60 Td (not ) Tj ET Q q 0 0 0 rg BT 240.83 311.60 Td (actively ) Tj ET Q q 0 0 0 rg BT 278.40 311.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 320.86 311.60 Td (and ) Tj ET Q q 0 0 0 rg BT 339.50 311.60 Td (the ) Tj ET Q q 0 0 0 rg BT 355.09 311.60 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 392.67 311.60 Td (would ) Tj ET Q q 0 0 0 rg BT 422.93 311.60 Td (not ) Tj ET Q q 0 0 0 rg BT 439.74 311.60 Td (sell ) Tj ET Q q 0 0 0 rg BT 457.77 311.60 Td (a ) Tj ET Q q 0 0 0 rg BT 465.41 311.60 Td (security ) Tj ET Q q 0 0 0 rg BT 502.99 311.60 Td (due ) Tj ET Q q 0 0 0 rg BT 521.63 311.60 Td (to ) Tj ET Q q 0 0 0 rg BT 532.94 311.60 Td (current ) Tj ET Q q 0 0 0 rg BT 566.84 311.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 298.40 Td (projected ) Tj ET Q q 0 0 0 rg BT 92.86 298.40 Td (underperformance ) Tj ET Q q 0 0 0 rg BT 175.91 298.40 Td (of ) Tj ET Q q 0 0 0 rg BT 187.51 298.40 Td (a ) Tj ET Q q 0 0 0 rg BT 194.83 298.40 Td (security) Tj ET Q q 0 0 0 rg BT 228.94 298.40 Td (, ) Tj ET Q q 0 0 0 rg BT 234.12 298.40 Td (industry ) Tj ET Q q 0 0 0 rg BT 272.62 298.40 Td (or ) Tj ET Q q 0 0 0 rg BT 284.22 298.40 Td (sector) Tj ET Q q 0 0 0 rg BT 310.04 298.40 Td (, ) Tj ET Q q 0 0 0 rg BT 315.23 298.40 Td (unless ) Tj ET Q q 0 0 0 rg BT 345.16 298.40 Td (that ) Tj ET Q q 0 0 0 rg BT 364.09 298.40 Td (security ) Tj ET Q q 0 0 0 rg BT 401.35 298.40 Td (is ) Tj ET Q q 0 0 0 rg BT 411.12 298.40 Td (removed ) Tj ET Q q 0 0 0 rg BT 452.04 298.40 Td (from ) Tj ET Q q 0 0 0 rg BT 475.86 298.40 Td (the ) Tj ET Q q 0 0 0 rg BT 491.74 298.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 519.22 298.40 Td (or ) Tj ET Q q 0 0 0 rg BT 530.82 298.40 Td (the ) Tj ET Q q 0 0 0 rg BT 546.69 298.40 Td (selling ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 285.20 Td (of ) Tj ET Q q 0 0 0 rg BT 60.32 285.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.46 285.20 Td (of ) Tj ET Q q 0 0 0 rg BT 100.28 285.20 Td (that ) Tj ET Q q 0 0 0 rg BT 118.43 285.20 Td (security ) Tj ET Q q 0 0 0 rg BT 154.91 285.20 Td (is ) Tj ET Q q 0 0 0 rg BT 163.90 285.20 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 208.32 285.20 Td (required ) Tj ET Q q 0 0 0 rg BT 246.63 285.20 Td (upon ) Tj ET Q q 0 0 0 rg BT 270.28 285.20 Td (a ) Tj ET Q q 0 0 0 rg BT 276.82 285.20 Td (reconstitution ) Tj ET Q q 0 0 0 rg BT 338.96 285.20 Td (of ) Tj ET Q q 0 0 0 rg BT 349.78 285.20 Td (the ) Tj ET Q q 0 0 0 rg BT 364.88 285.20 Td (Index ) Tj ET Q q 0 0 0 rg BT 391.58 285.20 Td (in ) Tj ET Q q 0 0 0 rg BT 401.79 285.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 452.90 285.20 Td (with ) Tj ET Q q 0 0 0 rg BT 474.12 285.20 Td (the ) Tj ET Q q 0 0 0 rg BT 489.21 285.20 Td (Index ) Tj ET Q q 0 0 0 rg BT 515.91 285.20 Td (methodology) Tj ET Q q 0 0 0 rg BT 573.25 285.20 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 272.00 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 272.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 92.85 272.00 Td (invests ) Tj ET Q q 0 0 0 rg BT 125.23 272.00 Td (in ) Tj ET Q q 0 0 0 rg BT 135.60 272.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.96 272.00 Td (included ) Tj ET Q q 0 0 0 rg BT 218.65 272.00 Td (in ) Tj ET Q q 0 0 0 rg BT 229.02 272.00 Td (the ) Tj ET Q q 0 0 0 rg BT 244.28 272.00 Td (Index ) Tj ET Q q 0 0 0 rg BT 271.14 272.00 Td (regardless ) Tj ET Q q 0 0 0 rg BT 317.55 272.00 Td (of ) Tj ET Q q 0 0 0 rg BT 328.53 272.00 Td (their ) Tj ET Q q 0 0 0 rg BT 350.50 272.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 400.59 272.00 Td (merits. ) Tj ET Q q 0 0 0 rg BT 432.52 272.00 Td (The ) Tj ET Q q 0 0 0 rg BT 451.44 272.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 475.87 272.00 Td (does ) Tj ET Q q 0 0 0 rg BT 497.85 272.00 Td (not ) Tj ET Q q 0 0 0 rg BT 513.73 272.00 Td (take ) Tj ET Q q 0 0 0 rg BT 533.86 272.00 Td (defensive ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 258.80 Td (positions ) Tj ET Q q 0 0 0 rg BT 91.98 258.80 Td (under ) Tj ET Q q 0 0 0 rg BT 119.78 258.80 Td (any ) Tj ET Q q 0 0 0 rg BT 138.41 258.80 Td (market ) Tj ET Q q 0 0 0 rg BT 171.70 258.80 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 223.03 258.80 Td (including ) Tj ET Q q 0 0 0 rg BT 267.33 258.80 Td (conditions ) Tj ET Q q 0 0 0 rg BT 315.91 258.80 Td (that ) Tj ET Q q 0 0 0 rg BT 335.16 258.80 Td (are ) Tj ET Q q 0 0 0 rg BT 351.33 258.80 Td (adverse ) Tj ET Q q 0 0 0 rg BT 387.67 258.80 Td (to ) Tj ET Q q 0 0 0 rg BT 398.98 258.80 Td (the ) Tj ET Q q 0 0 0 rg BT 415.17 258.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 473.49 258.80 Td (of ) Tj ET Q q 0 0 0 rg BT 485.41 258.80 Td (the ) Tj ET Q q 0 0 0 rg BT 501.60 258.80 Td (Fund.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 234.23 cm /I28 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 234.23 cm /I29 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 236.60 Td (Sector) Tj ET Q q 0 0 0 rg BT 79.23 236.60 Td ( ) Tj ET Q q 0 0 0 rg BT 82.37 236.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 109.65 236.60 Td (T) Tj ET Q q 0 0 0 rg BT 115.60 236.60 Td (o ) Tj ET Q q 0 0 0 rg BT 124.24 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 140.81 236.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 170.83 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 187.40 236.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 213.16 236.60 Td (invests ) Tj ET Q q 0 0 0 rg BT 246.85 236.60 Td (more ) Tj ET Q q 0 0 0 rg BT 272.59 236.60 Td (heavily ) Tj ET Q q 0 0 0 rg BT 308.10 236.60 Td (in ) Tj ET Q q 0 0 0 rg BT 319.79 236.60 Td (particular ) Tj ET Q q 0 0 0 rg BT 365.07 236.60 Td (sectors ) Tj ET Q q 0 0 0 rg BT 398.76 236.60 Td (of ) Tj ET Q q 0 0 0 rg BT 411.06 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 427.63 236.60 Td (economy) Tj ET Q q 0 0 0 rg BT 467.24 236.60 Td (, ) Tj ET Q q 0 0 0 rg BT 473.12 236.60 Td (its ) Tj ET Q q 0 0 0 rg BT 486.65 236.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 545.36 236.60 Td (will ) Tj ET Q q 0 0 0 rg BT 565.61 236.60 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 223.40 Td (especially ) Tj ET Q q 0 0 0 rg BT 96.23 223.40 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 137.47 223.40 Td (to ) Tj ET Q q 0 0 0 rg BT 148.78 223.40 Td (developments ) Tj ET Q q 0 0 0 rg BT 212.63 223.40 Td (that ) Tj ET Q q 0 0 0 rg BT 231.87 223.40 Td (significantly ) Tj ET Q q 0 0 0 rg BT 289.61 223.40 Td (af) Tj ET Q q 0 0 0 rg BT 297.96 223.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 317.19 223.40 Td (those ) Tj ET Q q 0 0 0 rg BT 343.16 223.40 Td (sectors.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 54.00 201.20 Td (o ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 201.20 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 119.97 201.20 Td (Discr) Tj ET Q q 0 0 0 rg BT 144.00 201.20 Td (etionary ) Tj ET Q q 0 0 0 rg BT 183.40 201.20 Td (Sector ) Tj ET Q q 0 0 0 rg BT 214.25 201.20 Td (Risk.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 235.93 201.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 238.68 201.20 Td (The ) Tj ET Q q 0 0 0 rg BT 258.52 201.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 283.88 201.20 Td (may ) Tj ET Q q 0 0 0 rg BT 305.56 201.20 Td (invest ) Tj ET Q q 0 0 0 rg BT 334.58 201.20 Td (in ) Tj ET Q q 0 0 0 rg BT 345.88 201.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 395.66 201.20 Td (in ) Tj ET Q q 0 0 0 rg BT 406.96 201.20 Td (the ) Tj ET Q q 0 0 0 rg BT 423.14 201.20 Td (consumer ) Tj ET Q q 0 0 0 rg BT 468.65 201.20 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 528.81 201.20 Td (sector) Tj ET Q q 0 0 0 rg BT 554.63 201.20 Td (, ) Tj ET Q q 0 0 0 rg BT 560.13 201.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 188.00 Td (therefore ) Tj ET Q q 0 0 0 rg BT 114.34 188.00 Td (the ) Tj ET Q q 0 0 0 rg BT 130.42 188.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 188.64 188.00 Td (of ) Tj ET Q q 0 0 0 rg BT 200.44 188.00 Td (the ) Tj ET Q q 0 0 0 rg BT 216.53 188.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 241.79 188.00 Td (could ) Tj ET Q q 0 0 0 rg BT 268.87 188.00 Td (be ) Tj ET Q q 0 0 0 rg BT 281.90 188.00 Td (negatively ) Tj ET Q q 0 0 0 rg BT 330.36 188.00 Td (impacted ) Tj ET Q q 0 0 0 rg BT 373.32 188.00 Td (by ) Tj ET Q q 0 0 0 rg BT 386.96 188.00 Td (events ) Tj ET Q q 0 0 0 rg BT 417.71 188.00 Td (af) Tj ET Q q 0 0 0 rg BT 426.05 188.00 Td (fecting ) Tj ET Q q 0 0 0 rg BT 459.24 188.00 Td (this ) Tj ET Q q 0 0 0 rg BT 477.77 188.00 Td (sector) Tj ET Q q 0 0 0 rg BT 503.43 188.00 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 506.18 188.00 Td ( ) Tj ET Q q 0 0 0 rg BT 508.83 188.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 511.47 188.00 Td (The ) Tj ET Q q 0 0 0 rg BT 531.22 188.00 Td (success ) Tj ET Q q 0 0 0 rg BT 566.85 188.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 174.80 Td (consumer ) Tj ET Q q 0 0 0 rg BT 119.09 174.80 Td (product ) Tj ET Q q 0 0 0 rg BT 157.01 174.80 Td (manufacturers ) Tj ET Q q 0 0 0 rg BT 224.24 174.80 Td (and ) Tj ET Q q 0 0 0 rg BT 244.45 174.80 Td (retailers ) Tj ET Q q 0 0 0 rg BT 284.19 174.80 Td (is ) Tj ET Q q 0 0 0 rg BT 295.85 174.80 Td (tied ) Tj ET Q q 0 0 0 rg BT 316.67 174.80 Td (closely ) Tj ET Q q 0 0 0 rg BT 352.15 174.80 Td (to ) Tj ET Q q 0 0 0 rg BT 365.03 174.80 Td (the ) Tj ET Q q 0 0 0 rg BT 382.79 174.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 442.69 174.80 Td (of ) Tj ET Q q 0 0 0 rg BT 456.17 174.80 Td (domestic ) Tj ET Q q 0 0 0 rg BT 500.21 174.80 Td (and ) Tj ET Q q 0 0 0 rg BT 520.41 174.80 Td (international ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 161.60 Td (economies, ) Tj ET Q q 0 0 0 rg BT 123.45 161.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.48 161.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 182.65 161.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 225.84 161.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 251.01 161.60 Td (competition, ) Tj ET Q q 0 0 0 rg BT 307.96 161.60 Td (consumer ) Tj ET Q q 0 0 0 rg BT 352.39 161.60 Td (confidence, ) Tj ET Q q 0 0 0 rg BT 405.04 161.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 442.13 161.60 Td (in ) Tj ET Q q 0 0 0 rg BT 452.34 161.60 Td (demographics ) Tj ET Q q 0 0 0 rg BT 515.70 161.60 Td (and ) Tj ET Q q 0 0 0 rg BT 533.24 161.60 Td (consumer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 148.40 Td (preferences. ) Tj ET Q q 0 0 0 rg BT 128.32 148.40 Td (Companies ) Tj ET Q q 0 0 0 rg BT 180.71 148.40 Td (in ) Tj ET Q q 0 0 0 rg BT 192.15 148.40 Td (the ) Tj ET Q q 0 0 0 rg BT 208.48 148.40 Td (consumer ) Tj ET Q q 0 0 0 rg BT 254.13 148.40 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 314.45 148.40 Td (sector ) Tj ET Q q 0 0 0 rg BT 343.60 148.40 Td (depend ) Tj ET Q q 0 0 0 rg BT 378.25 148.40 Td (heavily ) Tj ET Q q 0 0 0 rg BT 413.52 148.40 Td (on ) Tj ET Q q 0 0 0 rg BT 427.41 148.40 Td (disposable ) Tj ET Q q 0 0 0 rg BT 476.74 148.40 Td (household ) Tj ET Q q 0 0 0 rg BT 524.85 148.40 Td (income ) Tj ET Q q 0 0 0 rg BT 560.11 148.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 135.20 Td (consumer ) Tj ET Q q 0 0 0 rg BT 117.19 135.20 Td (spending, ) Tj ET Q q 0 0 0 rg BT 162.09 135.20 Td (and ) Tj ET Q q 0 0 0 rg BT 180.40 135.20 Td (may ) Tj ET Q q 0 0 0 rg BT 201.77 135.20 Td (be ) Tj ET Q q 0 0 0 rg BT 214.58 135.20 Td (strongly ) Tj ET Q q 0 0 0 rg BT 253.06 135.20 Td (af) Tj ET Q q 0 0 0 rg BT 261.41 135.20 Td (fected ) Tj ET Q q 0 0 0 rg BT 290.70 135.20 Td (by ) Tj ET Q q 0 0 0 rg BT 304.13 135.20 Td (social ) Tj ET Q q 0 0 0 rg BT 332.21 135.20 Td (trends ) Tj ET Q q 0 0 0 rg BT 361.52 135.20 Td (and ) Tj ET Q q 0 0 0 rg BT 379.83 135.20 Td (marketing ) Tj ET Q q 0 0 0 rg BT 426.86 135.20 Td (campaigns. ) Tj ET Q q 0 0 0 rg BT 478.90 135.20 Td (These ) Tj ET Q q 0 0 0 rg BT 507.59 135.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 557.06 135.20 Td (may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 122.00 Td (be ) Tj ET Q q 0 0 0 rg BT 85.13 122.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 119.04 122.00 Td (to ) Tj ET Q q 0 0 0 rg BT 130.35 122.00 Td (severe ) Tj ET Q q 0 0 0 rg BT 161.19 122.00 Td (competition, ) Tj ET Q q 0 0 0 rg BT 219.23 122.00 Td (which ) Tj ET Q q 0 0 0 rg BT 248.86 122.00 Td (may ) Tj ET Q q 0 0 0 rg BT 270.55 122.00 Td (have ) Tj ET Q q 0 0 0 rg BT 294.07 122.00 Td (an ) Tj ET Q q 0 0 0 rg BT 307.20 122.00 Td (adverse ) Tj ET Q q 0 0 0 rg BT 343.54 122.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 376.22 122.00 Td (on ) Tj ET Q q 0 0 0 rg BT 389.97 122.00 Td (their ) Tj ET Q q 0 0 0 rg BT 412.88 122.00 Td (profitability) Tj ET Q q 0 0 0 rg BT 464.71 122.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 54.00 99.80 Td (o ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 99.80 Td (Industrials ) Tj ET Q q 0 0 0 rg BT 122.50 99.80 Td (Sector ) Tj ET Q q 0 0 0 rg BT 153.43 99.80 Td (Risk) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 172.37 99.80 Td (. ) Tj ET Q q 0 0 0 rg BT 177.74 99.80 Td (The ) Tj ET Q q 0 0 0 rg BT 197.67 99.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.11 99.80 Td (may ) Tj ET Q q 0 0 0 rg BT 244.88 99.80 Td (invest ) Tj ET Q q 0 0 0 rg BT 273.98 99.80 Td (in ) Tj ET Q q 0 0 0 rg BT 285.36 99.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 335.23 99.80 Td (in ) Tj ET Q q 0 0 0 rg BT 346.61 99.80 Td (the ) Tj ET Q q 0 0 0 rg BT 362.88 99.80 Td (industrials ) Tj ET Q q 0 0 0 rg BT 411.53 99.80 Td (sector) Tj ET Q q 0 0 0 rg BT 437.36 99.80 Td (, ) Tj ET Q q 0 0 0 rg BT 442.94 99.80 Td (and ) Tj ET Q q 0 0 0 rg BT 461.64 99.80 Td (therefore ) Tj ET Q q 0 0 0 rg BT 504.16 99.80 Td (the ) Tj ET Q q 0 0 0 rg BT 520.43 99.80 Td (performance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 86.60 Td (of ) Tj ET Q q 0 0 0 rg BT 84.00 86.60 Td (the ) Tj ET Q q 0 0 0 rg BT 100.27 86.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 125.72 86.60 Td (could ) Tj ET Q q 0 0 0 rg BT 153.00 86.60 Td (be ) Tj ET Q q 0 0 0 rg BT 166.21 86.60 Td (negatively ) Tj ET Q q 0 0 0 rg BT 214.86 86.60 Td (impacted ) Tj ET Q q 0 0 0 rg BT 258.01 86.60 Td (by ) Tj ET Q q 0 0 0 rg BT 271.85 86.60 Td (events ) Tj ET Q q 0 0 0 rg BT 302.78 86.60 Td (af) Tj ET Q q 0 0 0 rg BT 311.13 86.60 Td (fecting ) Tj ET Q q 0 0 0 rg BT 344.50 86.60 Td (this ) Tj ET Q q 0 0 0 rg BT 363.23 86.60 Td (sector) Tj ET Q q 0 0 0 rg BT 388.89 86.60 Td (. ) Tj ET Q q 0 0 0 rg BT 394.27 86.60 Td (The ) Tj ET Q q 0 0 0 rg BT 414.21 86.60 Td (industrials ) Tj ET Q q 0 0 0 rg BT 462.87 86.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 491.97 86.60 Td (may ) Tj ET Q q 0 0 0 rg BT 513.74 86.60 Td (be ) Tj ET Q q 0 0 0 rg BT 526.96 86.60 Td (af) Tj ET Q q 0 0 0 rg BT 535.31 86.60 Td (fected ) Tj ET Q q 0 0 0 rg BT 565.01 86.60 Td (by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 73.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 110.97 73.40 Td (in ) Tj ET Q q 0 0 0 rg BT 123.07 73.40 Td (the ) Tj ET Q q 0 0 0 rg BT 140.05 73.40 Td (supply ) Tj ET Q q 0 0 0 rg BT 172.93 73.40 Td (of ) Tj ET Q q 0 0 0 rg BT 185.64 73.40 Td (and ) Tj ET Q q 0 0 0 rg BT 205.07 73.40 Td (demand ) Tj ET Q q 0 0 0 rg BT 243.43 73.40 Td (for ) Tj ET Q q 0 0 0 rg BT 259.80 73.40 Td (products ) Tj ET Q q 0 0 0 rg BT 301.23 73.40 Td (and ) Tj ET Q q 0 0 0 rg BT 320.65 73.40 Td (services, ) Tj ET Q q 0 0 0 rg BT 362.37 73.40 Td (product ) Tj ET Q q 0 0 0 rg BT 399.52 73.40 Td (obsolescence, ) Tj ET Q q 0 0 0 rg BT 463.84 73.40 Td (claims ) Tj ET Q q 0 0 0 rg BT 496.10 73.40 Td (for ) Tj ET Q q 0 0 0 rg BT 512.47 73.40 Td (environmental ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 60.20 Td (damage ) Tj ET Q q 0 0 0 rg BT 108.95 60.20 Td (or ) Tj ET Q q 0 0 0 rg BT 120.87 60.20 Td (product ) Tj ET Q q 0 0 0 rg BT 157.22 60.20 Td (liability ) Tj ET Q q 0 0 0 rg BT 194.19 60.20 Td (and ) Tj ET Q q 0 0 0 rg BT 212.82 60.20 Td (general ) Tj ET Q q 0 0 0 rg BT 247.94 60.20 Td (economic ) Tj ET Q q 0 0 0 rg BT 293.44 60.20 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 344.78 60.20 Td (among ) Tj ET Q q 0 0 0 rg BT 377.46 60.20 Td (other ) Tj ET Q q 0 0 0 rg BT 402.82 60.20 Td (factors.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 54.00 739.40 Td (o ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 739.40 Td (Materials ) Tj ET Q q 0 0 0 rg BT 117.50 739.40 Td (Sector ) Tj ET Q q 0 0 0 rg BT 148.32 739.40 Td (Risk.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 170.01 739.40 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 172.76 739.40 Td (The ) Tj ET Q q 0 0 0 rg BT 192.58 739.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 217.92 739.40 Td (may ) Tj ET Q q 0 0 0 rg BT 239.58 739.40 Td (invest ) Tj ET Q q 0 0 0 rg BT 268.57 739.40 Td (in ) Tj ET Q q 0 0 0 rg BT 279.85 739.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 329.61 739.40 Td (in ) Tj ET Q q 0 0 0 rg BT 340.89 739.40 Td (the ) Tj ET Q q 0 0 0 rg BT 357.05 739.40 Td (materials ) Tj ET Q q 0 0 0 rg BT 400.08 739.40 Td (sector) Tj ET Q q 0 0 0 rg BT 425.91 739.40 Td (, ) Tj ET Q q 0 0 0 rg BT 431.38 739.40 Td (and ) Tj ET Q q 0 0 0 rg BT 449.98 739.40 Td (therefore ) Tj ET Q q 0 0 0 rg BT 492.39 739.40 Td (the ) Tj ET Q q 0 0 0 rg BT 508.55 739.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 566.85 739.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 726.20 Td (the ) Tj ET Q q 0 0 0 rg BT 87.37 726.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 111.92 726.20 Td (could ) Tj ET Q q 0 0 0 rg BT 138.30 726.20 Td (be ) Tj ET Q q 0 0 0 rg BT 150.61 726.20 Td (negatively ) Tj ET Q q 0 0 0 rg BT 198.36 726.20 Td (impacted ) Tj ET Q q 0 0 0 rg BT 240.61 726.20 Td (by ) Tj ET Q q 0 0 0 rg BT 253.54 726.20 Td (events ) Tj ET Q q 0 0 0 rg BT 283.58 726.20 Td (af) Tj ET Q q 0 0 0 rg BT 291.92 726.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 324.40 726.20 Td (this ) Tj ET Q q 0 0 0 rg BT 342.23 726.20 Td (sector) Tj ET Q q 0 0 0 rg BT 367.88 726.20 Td (. ) Tj ET Q q 0 0 0 rg BT 372.57 726.20 Td (Many ) Tj ET Q q 0 0 0 rg BT 400.16 726.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 449.14 726.20 Td (in ) Tj ET Q q 0 0 0 rg BT 459.63 726.20 Td (this ) Tj ET Q q 0 0 0 rg BT 477.45 726.20 Td (sector ) Tj ET Q q 0 0 0 rg BT 505.65 726.20 Td (are ) Tj ET Q q 0 0 0 rg BT 521.01 726.20 Td (significantly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 713.00 Td (af) Tj ET Q q 0 0 0 rg BT 80.35 713.00 Td (fected ) Tj ET Q q 0 0 0 rg BT 111.12 713.00 Td (by ) Tj ET Q q 0 0 0 rg BT 126.02 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 143.36 713.00 Td (level ) Tj ET Q q 0 0 0 rg BT 168.64 713.00 Td (and ) Tj ET Q q 0 0 0 rg BT 188.42 713.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 232.04 713.00 Td (of ) Tj ET Q q 0 0 0 rg BT 245.11 713.00 Td (commodity ) Tj ET Q q 0 0 0 rg BT 299.12 713.00 Td (prices, ) Tj ET Q q 0 0 0 rg BT 332.04 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 349.38 713.00 Td (exchange ) Tj ET Q q 0 0 0 rg BT 394.81 713.00 Td (value ) Tj ET Q q 0 0 0 rg BT 422.53 713.00 Td (of ) Tj ET Q q 0 0 0 rg BT 435.60 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 452.94 713.00 Td (dollar) Tj ET Q q 0 0 0 rg BT 478.15 713.00 Td (, ) Tj ET Q q 0 0 0 rg BT 484.81 713.00 Td (import ) Tj ET Q q 0 0 0 rg BT 518.04 713.00 Td (controls, ) Tj ET Q q 0 0 0 rg BT 560.13 713.00 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 699.80 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 121.77 699.80 Td (competition. ) Tj ET Q q 0 0 0 rg BT 179.19 699.80 Td (At ) Tj ET Q q 0 0 0 rg BT 192.92 699.80 Td (times, ) Tj ET Q q 0 0 0 rg BT 222.23 699.80 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 272.00 699.80 Td (production ) Tj ET Q q 0 0 0 rg BT 322.39 699.80 Td (of ) Tj ET Q q 0 0 0 rg BT 334.28 699.80 Td (industrial ) Tj ET Q q 0 0 0 rg BT 378.55 699.80 Td (materials ) Tj ET Q q 0 0 0 rg BT 421.60 699.80 Td (has ) Tj ET Q q 0 0 0 rg BT 438.99 699.80 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 482.63 699.80 Td (demand ) Tj ET Q q 0 0 0 rg BT 520.17 699.80 Td (as ) Tj ET Q q 0 0 0 rg BT 532.06 699.80 Td (a ) Tj ET Q q 0 0 0 rg BT 539.67 699.80 Td (result ) Tj ET Q q 0 0 0 rg BT 566.84 699.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 686.60 Td (over) Tj ET Q q 0 0 0 rg BT 91.33 686.60 Td (-building ) Tj ET Q q 0 0 0 rg BT 133.98 686.60 Td (or ) Tj ET Q q 0 0 0 rg BT 145.47 686.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 190.56 686.60 Td (downturns, ) Tj ET Q q 0 0 0 rg BT 242.08 686.60 Td (leading ) Tj ET Q q 0 0 0 rg BT 276.78 686.60 Td (to ) Tj ET Q q 0 0 0 rg BT 287.66 686.60 Td (poor ) Tj ET Q q 0 0 0 rg BT 310.15 686.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 360.74 686.60 Td (returns ) Tj ET Q q 0 0 0 rg BT 393.62 686.60 Td (or ) Tj ET Q q 0 0 0 rg BT 405.10 686.60 Td (losses. ) Tj ET Q q 0 0 0 rg BT 436.29 686.60 Td (This ) Tj ET Q q 0 0 0 rg BT 458.17 686.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 486.77 686.60 Td (may ) Tj ET Q q 0 0 0 rg BT 508.03 686.60 Td (also ) Tj ET Q q 0 0 0 rg BT 528.07 686.60 Td (be ) Tj ET Q q 0 0 0 rg BT 540.78 686.60 Td (af) Tj ET Q q 0 0 0 rg BT 549.13 686.60 Td (fected ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 673.40 Td (by ) Tj ET Q q 0 0 0 rg BT 88.33 673.40 Td (economic ) Tj ET Q q 0 0 0 rg BT 136.42 673.40 Td (cycles, ) Tj ET Q q 0 0 0 rg BT 171.99 673.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 209.69 673.40 Td (rates, ) Tj ET Q q 0 0 0 rg BT 238.54 673.40 Td (resource ) Tj ET Q q 0 0 0 rg BT 281.13 673.40 Td (availability) Tj ET Q q 0 0 0 rg BT 329.89 673.40 Td (, ) Tj ET Q q 0 0 0 rg BT 337.98 673.40 Td (technical ) Tj ET Q q 0 0 0 rg BT 383.00 673.40 Td (progress, ) Tj ET Q q 0 0 0 rg BT 428.36 673.40 Td (labor ) Tj ET Q q 0 0 0 rg BT 456.29 673.40 Td (relations, ) Tj ET Q q 0 0 0 rg BT 502.25 673.40 Td (and ) Tj ET Q q 0 0 0 rg BT 523.46 673.40 Td (government ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 660.20 Td (regulations.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 635.63 cm /I30 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 635.63 cm /I31 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 638.00 Td (Style ) Tj ET Q q 0 0 0 rg BT 75.33 638.00 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 102.09 638.00 Td (The ) Tj ET Q q 0 0 0 rg BT 121.80 638.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 147.47 638.00 Td (s ) Tj ET Q q 0 0 0 rg BT 154.37 638.00 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 197.91 638.00 Td (on ) Tj ET Q q 0 0 0 rg BT 211.52 638.00 Td (dividend-paying ) Tj ET Q q 0 0 0 rg BT 286.23 638.00 Td (stocks ) Tj ET Q q 0 0 0 rg BT 316.34 638.00 Td (involves ) Tj ET Q q 0 0 0 rg BT 356.23 638.00 Td (the ) Tj ET Q q 0 0 0 rg BT 372.28 638.00 Td (risk ) Tj ET Q q 0 0 0 rg BT 391.39 638.00 Td (that ) Tj ET Q q 0 0 0 rg BT 410.49 638.00 Td (such ) Tj ET Q q 0 0 0 rg BT 433.26 638.00 Td (stocks ) Tj ET Q q 0 0 0 rg BT 463.38 638.00 Td (may ) Tj ET Q q 0 0 0 rg BT 484.92 638.00 Td (fall ) Tj ET Q q 0 0 0 rg BT 502.19 638.00 Td (out ) Tj ET Q q 0 0 0 rg BT 518.86 638.00 Td (of ) Tj ET Q q 0 0 0 rg BT 530.63 638.00 Td (favor ) Tj ET Q q 0 0 0 rg BT 556.45 638.00 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 624.80 Td (investors ) Tj ET Q q 0 0 0 rg BT 91.26 624.80 Td (and ) Tj ET Q q 0 0 0 rg BT 109.18 624.80 Td (underperform ) Tj ET Q q 0 0 0 rg BT 171.69 624.80 Td (the ) Tj ET Q q 0 0 0 rg BT 187.17 624.80 Td (market. ) Tj ET Q q 0 0 0 rg BT 222.05 624.80 Td (Also, ) Tj ET Q q 0 0 0 rg BT 247.62 624.80 Td (a ) Tj ET Q q 0 0 0 rg BT 254.54 624.80 Td (company ) Tj ET Q q 0 0 0 rg BT 296.90 624.80 Td (may ) Tj ET Q q 0 0 0 rg BT 317.88 624.80 Td (reduce ) Tj ET Q q 0 0 0 rg BT 349.23 624.80 Td (or ) Tj ET Q q 0 0 0 rg BT 360.43 624.80 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 403.40 624.80 Td (its ) Tj ET Q q 0 0 0 rg BT 415.83 624.80 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 459.12 624.80 Td (which ) Tj ET Q q 0 0 0 rg BT 488.04 624.80 Td (may ) Tj ET Q q 0 0 0 rg BT 509.02 624.80 Td (have ) Tj ET Q q 0 0 0 rg BT 531.82 624.80 Td (a ) Tj ET Q q 0 0 0 rg BT 538.74 624.80 Td (negative ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 611.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 82.18 611.60 Td (on ) Tj ET Q q 0 0 0 rg BT 95.93 611.60 Td (the ) Tj ET Q q 0 0 0 rg BT 112.12 611.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 137.80 611.60 Td (s ) Tj ET Q q 0 0 0 rg BT 144.83 611.60 Td (performance.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 587.03 cm /I32 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 587.03 cm /I33 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 589.40 Td (T) Tj ET Q q 0 0 0 rg BT 56.02 589.40 Td (racking ) Tj ET Q q 0 0 0 rg BT 94.77 589.40 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.61 589.40 Td (The ) Tj ET Q q 0 0 0 rg BT 141.41 589.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 167.08 589.40 Td (s ) Tj ET Q q 0 0 0 rg BT 174.06 589.40 Td (return ) Tj ET Q q 0 0 0 rg BT 203.02 589.40 Td (may ) Tj ET Q q 0 0 0 rg BT 224.65 589.40 Td (not ) Tj ET Q q 0 0 0 rg BT 241.40 589.40 Td (track ) Tj ET Q q 0 0 0 rg BT 266.08 589.40 Td (the ) Tj ET Q q 0 0 0 rg BT 282.21 589.40 Td (return ) Tj ET Q q 0 0 0 rg BT 311.17 589.40 Td (of ) Tj ET Q q 0 0 0 rg BT 323.02 589.40 Td (the ) Tj ET Q q 0 0 0 rg BT 339.16 589.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 366.89 589.40 Td (for ) Tj ET Q q 0 0 0 rg BT 382.41 589.40 Td (a ) Tj ET Q q 0 0 0 rg BT 389.99 589.40 Td (number ) Tj ET Q q 0 0 0 rg BT 426.29 589.40 Td (of ) Tj ET Q q 0 0 0 rg BT 438.14 589.40 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 476.58 589.40 Td (For ) Tj ET Q q 0 0 0 rg BT 494.55 589.40 Td (example, ) Tj ET Q q 0 0 0 rg BT 537.25 589.40 Td (the ) Tj ET Q q 0 0 0 rg BT 553.39 589.40 Td (Fund ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.20 Td (incurs ) Tj ET Q q 0 0 0 rg BT 80.18 576.20 Td (a ) Tj ET Q q 0 0 0 rg BT 88.85 576.20 Td (number ) Tj ET Q q 0 0 0 rg BT 126.25 576.20 Td (of ) Tj ET Q q 0 0 0 rg BT 139.21 576.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.54 576.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 228.05 576.20 Td (not ) Tj ET Q q 0 0 0 rg BT 245.90 576.20 Td (applicable ) Tj ET Q q 0 0 0 rg BT 294.89 576.20 Td (to ) Tj ET Q q 0 0 0 rg BT 307.24 576.20 Td (the ) Tj ET Q q 0 0 0 rg BT 324.48 576.20 Td (Index, ) Tj ET Q q 0 0 0 rg BT 356.07 576.20 Td (and ) Tj ET Q q 0 0 0 rg BT 375.74 576.20 Td (incurs ) Tj ET Q q 0 0 0 rg BT 406.42 576.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 432.22 576.20 Td (in ) Tj ET Q q 0 0 0 rg BT 444.57 576.20 Td (buying ) Tj ET Q q 0 0 0 rg BT 478.92 576.20 Td (and ) Tj ET Q q 0 0 0 rg BT 498.59 576.20 Td (selling ) Tj ET Q q 0 0 0 rg BT 531.72 576.20 Td (securities, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.00 Td (especially ) Tj ET Q q 0 0 0 rg BT 95.70 563.00 Td (when ) Tj ET Q q 0 0 0 rg BT 121.75 563.00 Td (rebalancing ) Tj ET Q q 0 0 0 rg BT 175.27 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 190.93 563.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 216.61 563.00 Td (s ) Tj ET Q q 0 0 0 rg BT 223.11 563.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 266.87 563.00 Td (holdings ) Tj ET Q q 0 0 0 rg BT 306.98 563.00 Td (to ) Tj ET Q q 0 0 0 rg BT 317.76 563.00 Td (reflect ) Tj ET Q q 0 0 0 rg BT 348.07 563.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 385.72 563.00 Td (in ) Tj ET Q q 0 0 0 rg BT 396.49 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 412.15 563.00 Td (composition ) Tj ET Q q 0 0 0 rg BT 468.76 563.00 Td (of ) Tj ET Q q 0 0 0 rg BT 480.15 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 495.81 563.00 Td (Index.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 523.60 563.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 525.82 563.00 Td (In ) Tj ET Q q 0 0 0 rg BT 537.21 563.00 Td (addition, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 549.80 Td (when ) Tj ET Q q 0 0 0 rg BT 76.54 549.80 Td (the ) Tj ET Q q 0 0 0 rg BT 93.20 549.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 119.03 549.80 Td (uses ) Tj ET Q q 0 0 0 rg BT 141.20 549.80 Td (a ) Tj ET Q q 0 0 0 rg BT 149.29 549.80 Td (representative ) Tj ET Q q 0 0 0 rg BT 214.20 549.80 Td (sampling ) Tj ET Q q 0 0 0 rg BT 257.75 549.80 Td (approach, ) Tj ET Q q 0 0 0 rg BT 304.03 549.80 Td (the ) Tj ET Q q 0 0 0 rg BT 320.68 549.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 346.52 549.80 Td (may ) Tj ET Q q 0 0 0 rg BT 368.67 549.80 Td (not ) Tj ET Q q 0 0 0 rg BT 385.95 549.80 Td (be ) Tj ET Q q 0 0 0 rg BT 399.54 549.80 Td (as ) Tj ET Q q 0 0 0 rg BT 411.93 549.80 Td (well ) Tj ET Q q 0 0 0 rg BT 434.08 549.80 Td (correlated ) Tj ET Q q 0 0 0 rg BT 481.27 549.80 Td (with ) Tj ET Q q 0 0 0 rg BT 504.04 549.80 Td (the ) Tj ET Q q 0 0 0 rg BT 520.70 549.80 Td (return ) Tj ET Q q 0 0 0 rg BT 550.18 549.80 Td (of ) Tj ET Q q 0 0 0 rg BT 562.56 549.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 536.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 76.99 536.60 Td (as ) Tj ET Q q 0 0 0 rg BT 88.59 536.60 Td (when ) Tj ET Q q 0 0 0 rg BT 114.85 536.60 Td (the ) Tj ET Q q 0 0 0 rg BT 130.73 536.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 155.79 536.60 Td (purchases ) Tj ET Q q 0 0 0 rg BT 201.60 536.60 Td (all ) Tj ET Q q 0 0 0 rg BT 215.04 536.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.64 536.60 Td (the ) Tj ET Q q 0 0 0 rg BT 242.52 536.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 286.50 536.60 Td (in ) Tj ET Q q 0 0 0 rg BT 297.49 536.60 Td (the ) Tj ET Q q 0 0 0 rg BT 313.37 536.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 340.86 536.60 Td (in ) Tj ET Q q 0 0 0 rg BT 351.85 536.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.73 536.60 Td (proportions ) Tj ET Q q 0 0 0 rg BT 420.89 536.60 Td (in ) Tj ET Q q 0 0 0 rg BT 431.89 536.60 Td (which ) Tj ET Q q 0 0 0 rg BT 461.21 536.60 Td (they ) Tj ET Q q 0 0 0 rg BT 482.59 536.60 Td (are ) Tj ET Q q 0 0 0 rg BT 498.46 536.60 Td (represented ) Tj ET Q q 0 0 0 rg BT 551.59 536.60 Td (in ) Tj ET Q q 0 0 0 rg BT 562.58 536.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 523.40 Td (Index. ) Tj ET Q q 0 0 0 rg BT 79.12 523.40 Td (T) Tj ET Q q 0 0 0 rg BT 85.07 523.40 Td (o ) Tj ET Q q 0 0 0 rg BT 92.53 523.40 Td (the ) Tj ET Q q 0 0 0 rg BT 107.93 523.40 Td (extent ) Tj ET Q q 0 0 0 rg BT 136.77 523.40 Td (the ) Tj ET Q q 0 0 0 rg BT 152.17 523.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 176.75 523.40 Td (calculates ) Tj ET Q q 0 0 0 rg BT 222.07 523.40 Td (its ) Tj ET Q q 0 0 0 rg BT 234.43 523.40 Td (NA) Tj ET Q q 0 0 0 rg BT 248.90 523.40 Td (V) Tj ET Q q 0 0 0 rg BT 256.64 523.40 Td ( ) Tj ET Q q 0 0 0 rg BT 258.60 523.40 Td (based ) Tj ET Q q 0 0 0 rg BT 285.61 523.40 Td (on ) Tj ET Q q 0 0 0 rg BT 298.57 523.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 315.80 523.40 Td (value ) Tj ET Q q 0 0 0 rg BT 341.58 523.40 Td (prices ) Tj ET Q q 0 0 0 rg BT 369.81 523.40 Td (and ) Tj ET Q q 0 0 0 rg BT 387.65 523.40 Td (the ) Tj ET Q q 0 0 0 rg BT 403.05 523.40 Td (value ) Tj ET Q q 0 0 0 rg BT 428.83 523.40 Td (of ) Tj ET Q q 0 0 0 rg BT 439.96 523.40 Td (the ) Tj ET Q q 0 0 0 rg BT 455.36 523.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 482.37 523.40 Td (is ) Tj ET Q q 0 0 0 rg BT 491.67 523.40 Td (based ) Tj ET Q q 0 0 0 rg BT 518.67 523.40 Td (on ) Tj ET Q q 0 0 0 rg BT 531.64 523.40 Td (securities) Tj ET Q q 0 0 0 rg BT 576.02 523.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 510.20 Td (closing ) Tj ET Q q 0 0 0 rg BT 83.80 510.20 Td (prices ) Tj ET Q q 0 0 0 rg BT 112.58 510.20 Td (on ) Tj ET Q q 0 0 0 rg BT 126.11 510.20 Td (local ) Tj ET Q q 0 0 0 rg BT 150.00 510.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 184.29 510.20 Td (markets ) Tj ET Q q 0 0 0 rg BT 221.63 510.20 Td (\() Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 225.30 510.20 Td (i.e.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 238.74 510.20 Td (, ) Tj ET Q q 0 0 0 rg BT 244.01 510.20 Td (the ) Tj ET Q q 0 0 0 rg BT 259.97 510.20 Td (value ) Tj ET Q q 0 0 0 rg BT 286.31 510.20 Td (of ) Tj ET Q q 0 0 0 rg BT 298.00 510.20 Td (the ) Tj ET Q q 0 0 0 rg BT 313.96 510.20 Td (Index ) Tj ET Q q 0 0 0 rg BT 341.52 510.20 Td (is ) Tj ET Q q 0 0 0 rg BT 351.38 510.20 Td (not ) Tj ET Q q 0 0 0 rg BT 367.96 510.20 Td (based ) Tj ET Q q 0 0 0 rg BT 395.53 510.20 Td (on ) Tj ET Q q 0 0 0 rg BT 409.05 510.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 426.84 510.20 Td (value ) Tj ET Q q 0 0 0 rg BT 453.18 510.20 Td (prices\), ) Tj ET Q q 0 0 0 rg BT 488.38 510.20 Td (the ) Tj ET Q q 0 0 0 rg BT 504.34 510.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 530.01 510.20 Td (s ) Tj ET Q q 0 0 0 rg BT 536.82 510.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 567.45 510.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 497.00 Td (track ) Tj ET Q q 0 0 0 rg BT 74.23 497.00 Td (the ) Tj ET Q q 0 0 0 rg BT 90.42 497.00 Td (Index ) Tj ET Q q 0 0 0 rg BT 118.22 497.00 Td (may ) Tj ET Q q 0 0 0 rg BT 139.91 497.00 Td (be ) Tj ET Q q 0 0 0 rg BT 153.04 497.00 Td (adversely ) Tj ET Q q 0 0 0 rg BT 197.94 497.00 Td (af) Tj ET Q q 0 0 0 rg BT 206.28 497.00 Td (fected.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 474.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 63.82 474.80 Td (Performance) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 461.60 Td (The ) Tj ET Q q 0 0 0 rg BT 56.24 461.60 Td (following ) Tj ET Q q 0 0 0 rg BT 102.16 461.60 Td (information ) Tj ET Q q 0 0 0 rg BT 157.24 461.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 198.26 461.60 Td (some ) Tj ET Q q 0 0 0 rg BT 224.62 461.60 Td (indication ) Tj ET Q q 0 0 0 rg BT 271.75 461.60 Td (of ) Tj ET Q q 0 0 0 rg BT 284.06 461.60 Td (the ) Tj ET Q q 0 0 0 rg BT 300.64 461.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 324.56 461.60 Td (of ) Tj ET Q q 0 0 0 rg BT 336.87 461.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 380.34 461.60 Td (in ) Tj ET Q q 0 0 0 rg BT 392.04 461.60 Td (the ) Tj ET Q q 0 0 0 rg BT 408.62 461.60 Td (Fund. ) Tj ET Q q 0 0 0 rg BT 436.90 461.60 Td (The ) Tj ET Q q 0 0 0 rg BT 457.15 461.60 Td (bar ) Tj ET Q q 0 0 0 rg BT 474.33 461.60 Td (chart ) Tj ET Q q 0 0 0 rg BT 499.46 461.60 Td (shows ) Tj ET Q q 0 0 0 rg BT 530.11 461.60 Td (the ) Tj ET Q q 0 0 0 rg BT 546.69 461.60 Td (annual ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 448.40 Td (return ) Tj ET Q q 0 0 0 rg BT 65.04 448.40 Td (for ) Tj ET Q q 0 0 0 rg BT 80.64 448.40 Td (the ) Tj ET Q q 0 0 0 rg BT 96.85 448.40 Td (Fund. ) Tj ET Q q 0 0 0 rg BT 124.79 448.40 Td (The ) Tj ET Q q 0 0 0 rg BT 144.66 448.40 Td (table ) Tj ET Q q 0 0 0 rg BT 168.81 448.40 Td (shows ) Tj ET Q q 0 0 0 rg BT 199.09 448.40 Td (how ) Tj ET Q q 0 0 0 rg BT 220.81 448.40 Td (the ) Tj ET Q q 0 0 0 rg BT 237.02 448.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 262.69 448.40 Td (s ) Tj ET Q q 0 0 0 rg BT 269.75 448.40 Td (average ) Tj ET Q q 0 0 0 rg BT 306.71 448.40 Td (annual ) Tj ET Q q 0 0 0 rg BT 338.81 448.40 Td (returns ) Tj ET Q q 0 0 0 rg BT 372.12 448.40 Td (for ) Tj ET Q q 0 0 0 rg BT 387.72 448.40 Td (one ) Tj ET Q q 0 0 0 rg BT 406.38 448.40 Td (year ) Tj ET Q q 0 0 0 rg BT 428.08 448.40 Td (and ) Tj ET Q q 0 0 0 rg BT 446.73 448.40 Td (since ) Tj ET Q q 0 0 0 rg BT 472.11 448.40 Td (inception ) Tj ET Q q 0 0 0 rg BT 515.81 448.40 Td (compare ) Tj ET Q q 0 0 0 rg BT 556.45 448.40 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 435.20 Td (those ) Tj ET Q q 0 0 0 rg BT 61.96 435.20 Td (of ) Tj ET Q q 0 0 0 rg BT 73.87 435.20 Td (the ) Tj ET Q q 0 0 0 rg BT 90.05 435.20 Td (Index ) Tj ET Q q 0 0 0 rg BT 117.84 435.20 Td (and ) Tj ET Q q 0 0 0 rg BT 136.47 435.20 Td (a ) Tj ET Q q 0 0 0 rg BT 144.10 435.20 Td (broad ) Tj ET Q q 0 0 0 rg BT 171.89 435.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 211.28 435.20 Td (of ) Tj ET Q q 0 0 0 rg BT 223.19 435.20 Td (market ) Tj ET Q q 0 0 0 rg BT 256.47 435.20 Td (performance. ) Tj ET Q q 0 0 0 rg BT 317.34 435.20 Td (The ) Tj ET Q q 0 0 0 rg BT 337.19 435.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 362.86 435.20 Td (s ) Tj ET Q q 0 0 0 rg BT 369.89 435.20 Td (past ) Tj ET Q q 0 0 0 rg BT 390.35 435.20 Td (performance, ) Tj ET Q q 0 0 0 rg BT 451.42 435.20 Td (before ) Tj ET Q q 0 0 0 rg BT 482.26 435.20 Td (and ) Tj ET Q q 0 0 0 rg BT 500.88 435.20 Td (after ) Tj ET Q q 0 0 0 rg BT 523.78 435.20 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 551.87 435.20 Td (is ) Tj ET Q q 0 0 0 rg BT 561.95 435.20 Td (not ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 422.00 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 87.80 422.00 Td (an ) Tj ET Q q 0 0 0 rg BT 101.12 422.00 Td (indication ) Tj ET Q q 0 0 0 rg BT 148.04 422.00 Td (of ) Tj ET Q q 0 0 0 rg BT 160.14 422.00 Td (how ) Tj ET Q q 0 0 0 rg BT 182.02 422.00 Td (the ) Tj ET Q q 0 0 0 rg BT 198.39 422.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.94 422.00 Td (will ) Tj ET Q q 0 0 0 rg BT 243.99 422.00 Td (perform ) Tj ET Q q 0 0 0 rg BT 282.35 422.00 Td (in ) Tj ET Q q 0 0 0 rg BT 293.84 422.00 Td (the ) Tj ET Q q 0 0 0 rg BT 310.21 422.00 Td (future. ) Tj ET Q q 0 0 0 rg BT 342.16 422.00 Td (Updated ) Tj ET Q q 0 0 0 rg BT 382.36 422.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 440.87 422.00 Td (information ) Tj ET Q q 0 0 0 rg BT 495.73 422.00 Td (is ) Tj ET Q q 0 0 0 rg BT 506.00 422.00 Td (available ) Tj ET Q q 0 0 0 rg BT 548.64 422.00 Td (on ) Tj ET Q q 0 0 0 rg BT 562.57 422.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 408.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 61.67 408.80 Td (s ) Tj ET Q q 0 0 0 rg BT 68.70 408.80 Td (website ) Tj ET Q q 0 0 0 rg BT 105.06 408.80 Td (at ) Tj ET Q q 0 0 0 rg BT 115.74 408.80 Td (www) Tj ET Q q 0 0 0 rg BT 138.86 408.80 Td (.paceretfs.com ) Tj ET Q q 0 0 0 rg BT 205.74 408.80 Td (or ) Tj ET Q q 0 0 0 rg BT 217.66 408.80 Td (by ) Tj ET Q q 0 0 0 rg BT 231.41 408.80 Td (calling ) Tj ET Q q 0 0 0 rg BT 264.09 408.80 Td (the ) Tj ET Q q 0 0 0 rg BT 280.28 408.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 305.65 408.80 Td (toll-free ) Tj ET Q q 0 0 0 rg BT 343.82 408.80 Td (at ) Tj ET Q q 0 0 0 rg BT 354.51 408.80 Td (1-877-337-0500.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 196.35 386.60 Td (Calendar) Tj ET Q q 0 0 0 rg BT 240.15 386.60 Td ( ) Tj ET Q q 0 0 0 rg BT 242.49 386.60 Td (Y) Tj ET Q q 0 0 0 rg BT 249.22 386.60 Td (ear) Tj ET Q q 0 0 0 rg BT 264.28 386.60 Td ( ) Tj ET Q q 0 0 0 rg BT 266.83 386.60 Td (T) Tj ET Q q 0 0 0 rg BT 273.16 386.60 Td (otal Return as of December) Tj ET Q q 0 0 0 rg BT 401.87 386.60 Td ( 31) Tj ET Q /GS0 gs q 350.00 0 0 155.00 131.00 226.60 cm /I34 Do Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 218.40 Td (For ) Tj ET Q q 0 0 0 rg BT 53.93 218.40 Td (the ) Tj ET Q q 0 0 0 rg BT 70.03 218.40 Td (year) Tj ET Q q 0 0 0 rg BT 88.73 218.40 Td (-to-date ) Tj ET Q q 0 0 0 rg BT 125.59 218.40 Td (period ) Tj ET Q q 0 0 0 rg BT 156.34 218.40 Td (ended ) Tj ET Q q 0 0 0 rg BT 185.26 218.40 Td (June ) Tj ET Q q 0 0 0 rg BT 208.08 218.40 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.48 218.40 Td (2019, ) Tj ET Q q 0 0 0 rg BT 251.89 218.40 Td (the ) Tj ET Q q 0 0 0 rg BT 267.98 218.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 293.65 218.40 Td (s ) Tj ET Q q 0 0 0 rg BT 300.59 218.40 Td (total ) Tj ET Q q 0 0 0 rg BT 322.79 218.40 Td (return ) Tj ET Q q 0 0 0 rg BT 351.71 218.40 Td (was ) Tj ET Q q 0 0 0 rg BT 371.47 218.40 Td (8.72%. ) Tj ET Q q 0 0 0 rg BT 405.28 218.40 Td (During ) Tj ET Q q 0 0 0 rg BT 439.10 218.40 Td (the ) Tj ET Q q 0 0 0 rg BT 455.19 218.40 Td (period ) Tj ET Q q 0 0 0 rg BT 485.95 218.40 Td (of ) Tj ET Q q 0 0 0 rg BT 497.76 218.40 Td (time ) Tj ET Q q 0 0 0 rg BT 519.97 218.40 Td (shown ) Tj ET Q q 0 0 0 rg BT 551.35 218.40 Td (in ) Tj ET Q q 0 0 0 rg BT 562.56 218.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 205.20 Td (bar ) Tj ET Q q 0 0 0 rg BT 53.10 205.20 Td (chart, ) Tj ET Q q 0 0 0 rg BT 80.90 205.20 Td (the ) Tj ET Q q 0 0 0 rg BT 97.40 205.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 123.07 205.20 Td (s ) Tj ET Q q 0 0 0 rg BT 130.41 205.20 Td (highest ) Tj ET Q q 0 0 0 rg BT 165.24 205.20 Td (return ) Tj ET Q q 0 0 0 rg BT 194.57 205.20 Td (for ) Tj ET Q q 0 0 0 rg BT 210.45 205.20 Td (a ) Tj ET Q q 0 0 0 rg BT 218.39 205.20 Td (calendar ) Tj ET Q q 0 0 0 rg BT 258.70 205.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 292.91 205.20 Td (was ) Tj ET Q q 0 0 0 rg BT 313.07 205.20 Td (-0.1) Tj ET Q q 0 0 0 rg BT 330.08 205.20 Td (1% ) Tj ET Q q 0 0 0 rg BT 347.80 205.20 Td (\(quarter ) Tj ET Q q 0 0 0 rg BT 385.67 205.20 Td (ended ) Tj ET Q q 0 0 0 rg BT 414.99 205.20 Td (September ) Tj ET Q q 0 0 0 rg BT 465.09 205.20 Td (30, ) Tj ET Q q 0 0 0 rg BT 481.90 205.20 Td (2018\) ) Tj ET Q q 0 0 0 rg BT 510.62 205.20 Td (and ) Tj ET Q q 0 0 0 rg BT 529.56 205.20 Td (the ) Tj ET Q q 0 0 0 rg BT 546.06 205.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.74 205.20 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 192.00 Td (lowest ) Tj ET Q q 0 0 0 rg BT 67.47 192.00 Td (return ) Tj ET Q q 0 0 0 rg BT 96.48 192.00 Td (for ) Tj ET Q q 0 0 0 rg BT 112.06 192.00 Td (a ) Tj ET Q q 0 0 0 rg BT 119.69 192.00 Td (calendar ) Tj ET Q q 0 0 0 rg BT 159.69 192.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 193.59 192.00 Td (was ) Tj ET Q q 0 0 0 rg BT 213.44 192.00 Td (-1) Tj ET Q q 0 0 0 rg BT 222.20 192.00 Td (1.49% ) Tj ET Q q 0 0 0 rg BT 253.36 192.00 Td (\(quarter ) Tj ET Q q 0 0 0 rg BT 290.92 192.00 Td (ended ) Tj ET Q q 0 0 0 rg BT 319.94 192.00 Td (December ) Tj ET Q q 0 0 0 rg BT 367.88 192.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 384.38 192.00 Td (2018\).) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (7) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 716.5 m 398.5 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 716.5 m 487.5 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 716.5 m 576.5 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 716.5 m 398.5 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 690.5 m 398.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 716.5 m 487.5 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 690.5 m 487.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 716.5 m 576.5 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 690.5 m 576.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 690.5 m 398.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 690.5 m 487.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 690.5 m 576.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 627.5 m 398.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 627.5 m 487.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 627.5 m 576.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 627.5 m 398.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 600.5 m 398.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 600.5 m 398.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 573.5 m 398.5 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 600.5 m 487.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 573.5 m 487.5 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 600.5 m 576.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 573.5 m 576.5 573.5 l s BT /F2 11.00 Tf ET q 0 0 0 rg BT 39.00 736.55 Td (A) Tj ET Q q 0 0 0 rg BT 46.54 736.55 Td (verage ) Tj ET Q q 0 0 0 rg BT 79.72 736.55 Td (Annual ) Tj ET Q q 0 0 0 rg BT 116.92 736.55 Td (T) Tj ET Q q 0 0 0 rg BT 123.65 736.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 143.62 736.55 Td (Returns) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 39.00 721.55 Td (\(for) Tj ET Q q 0 0 0 rg BT 56.51 721.55 Td ( ) Tj ET Q q 0 0 0 rg BT 59.26 721.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.67 721.55 Td (period ) Tj ET Q q 0 0 0 rg BT 109.98 721.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 140.85 721.55 Td (December) Tj ET Q q 0 0 0 rg BT 188.28 721.55 Td (31,2018\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 427.65 695.40 Td (1 ) Tj ET Q q 0 0 0 rg BT 435.49 695.40 Td (Y) Tj ET Q q 0 0 0 rg BT 442.22 695.40 Td (ear) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 495.25 706.55 Td (Since Inception) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 511.00 695.55 Td (\(6/16/17\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 39.00 680.40 Td (Pacer) Tj ET Q q 0 0 0 rg BT 65.67 680.40 Td ( Developed Markets International Cash Cows 100 ETF) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 48.00 665.37 Td (Return ) Tj ET Q q 0 0 0 rg BT 80.69 665.37 Td (Before ) Tj ET Q q 0 0 0 rg BT 113.27 665.37 Td (T) Tj ET Q q 0 0 0 rg BT 119.50 665.37 Td (axes) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 423.70 664.42 Td (-13.34%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 515.45 664.42 Td (-0.32%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 48.00 649.37 Td (Return ) Tj ET Q q 0 0 0 rg BT 80.38 649.37 Td (After ) Tj ET Q q 0 0 0 rg BT 105.94 649.37 Td (T) Tj ET Q q 0 0 0 rg BT 112.18 649.37 Td (axes ) Tj ET Q q 0 0 0 rg BT 134.09 649.37 Td (on ) Tj ET Q q 0 0 0 rg BT 147.84 649.37 Td (Distributions) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 423.70 648.42 Td (-13.66%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 515.45 648.42 Td (-0.63%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 48.00 633.37 Td (Return ) Tj ET Q q 0 0 0 rg BT 80.08 633.37 Td (After ) Tj ET Q q 0 0 0 rg BT 105.84 633.37 Td (T) Tj ET Q q 0 0 0 rg BT 111.79 633.37 Td (axes ) Tj ET Q q 0 0 0 rg BT 134.09 633.37 Td (on ) Tj ET Q q 0 0 0 rg BT 147.84 633.37 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 208.04 633.37 Td (and ) Tj ET Q q 0 0 0 rg BT 226.67 633.37 Td (Sale ) Tj ET Q q 0 0 0 rg BT 248.36 633.37 Td (of ) Tj ET Q q 0 0 0 rg BT 260.27 633.37 Td (Fund ) Tj ET Q q 0 0 0 rg BT 285.64 633.37 Td (Shares) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 426.45 632.42 Td (-7.32%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 517.25 632.42 Td (0.00%) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 39.00 617.55 Td (Pacer) Tj ET Q q 0 0 0 rg BT 65.67 617.55 Td ( ) Tj ET Q q 0 0 0 rg BT 68.42 617.55 Td (Developed ) Tj ET Q q 0 0 0 rg BT 120.05 617.55 Td (Markets ) Tj ET Q q 0 0 0 rg BT 162.51 617.55 Td (International ) Tj ET Q q 0 0 0 rg BT 227.60 617.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 254.19 617.55 Td (Cows ) Tj ET Q q 0 0 0 rg BT 282.61 617.55 Td (100 ) Tj ET Q q 0 0 0 rg BT 301.86 617.55 Td (Index) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 39.00 606.37 Td (\(reflects ) Tj ET Q q 0 0 0 rg BT 77.78 606.37 Td (no ) Tj ET Q q 0 0 0 rg BT 91.53 606.37 Td (deduction ) Tj ET Q q 0 0 0 rg BT 137.66 606.37 Td (for ) Tj ET Q q 0 0 0 rg BT 153.23 606.37 Td (fees, ) Tj ET Q q 0 0 0 rg BT 176.44 606.37 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 221.65 606.37 Td (or ) Tj ET Q q 0 0 0 rg BT 233.56 606.37 Td (taxes\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 423.70 605.42 Td (-12.84%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 517.25 605.42 Td (0.49%) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 39.00 590.55 Td (FTSE ) Tj ET Q q 0 0 0 rg BT 69.26 590.55 Td (Developed ) Tj ET Q q 0 0 0 rg BT 120.89 590.55 Td (ex-US ) Tj ET Q q 0 0 0 rg BT 151.75 590.55 Td (Index) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 39.00 579.37 Td (\(reflects ) Tj ET Q q 0 0 0 rg BT 77.78 579.37 Td (no ) Tj ET Q q 0 0 0 rg BT 91.53 579.37 Td (deduction ) Tj ET Q q 0 0 0 rg BT 137.66 579.37 Td (for ) Tj ET Q q 0 0 0 rg BT 153.23 579.37 Td (fees, ) Tj ET Q q 0 0 0 rg BT 176.44 579.37 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 221.65 579.37 Td (or ) Tj ET Q q 0 0 0 rg BT 233.56 579.37 Td (taxes\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 423.70 578.42 Td (-14.51%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 515.45 578.42 Td (-3.70%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 551.80 Td (After) Tj ET Q q 0 0 0 rg BT 58.99 551.80 Td (-tax ) Tj ET Q q 0 0 0 rg BT 79.25 551.80 Td (returns ) Tj ET Q q 0 0 0 rg BT 112.95 551.80 Td (are ) Tj ET Q q 0 0 0 rg BT 129.53 551.80 Td (calculated ) Tj ET Q q 0 0 0 rg BT 177.27 551.80 Td (using ) Tj ET Q q 0 0 0 rg BT 204.26 551.80 Td (the ) Tj ET Q q 0 0 0 rg BT 220.86 551.80 Td (historical ) Tj ET Q q 0 0 0 rg BT 264.95 551.80 Td (highest ) Tj ET Q q 0 0 0 rg BT 299.88 551.80 Td (individual ) Tj ET Q q 0 0 0 rg BT 347.64 551.80 Td (federal ) Tj ET Q q 0 0 0 rg BT 381.33 551.80 Td (mar) Tj ET Q q 0 0 0 rg BT 398.23 551.80 Td (ginal ) Tj ET Q q 0 0 0 rg BT 423.38 551.80 Td (income ) Tj ET Q q 0 0 0 rg BT 458.92 551.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 475.51 551.80 Td (rates ) Tj ET Q q 0 0 0 rg BT 499.44 551.80 Td (during ) Tj ET Q q 0 0 0 rg BT 531.31 551.80 Td (the ) Tj ET Q q 0 0 0 rg BT 547.91 551.80 Td (period ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 538.60 Td (covered ) Tj ET Q q 0 0 0 rg BT 74.60 538.60 Td (by ) Tj ET Q q 0 0 0 rg BT 89.39 538.60 Td (the ) Tj ET Q q 0 0 0 rg BT 106.62 538.60 Td (table ) Tj ET Q q 0 0 0 rg BT 131.78 538.60 Td (above ) Tj ET Q q 0 0 0 rg BT 161.84 538.60 Td (and ) Tj ET Q q 0 0 0 rg BT 181.51 538.60 Td (do ) Tj ET Q q 0 0 0 rg BT 196.30 538.60 Td (not ) Tj ET Q q 0 0 0 rg BT 214.15 538.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 246.02 538.60 Td (the ) Tj ET Q q 0 0 0 rg BT 263.25 538.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 296.97 538.60 Td (of ) Tj ET Q q 0 0 0 rg BT 309.92 538.60 Td (state ) Tj ET Q q 0 0 0 rg BT 333.87 538.60 Td (and ) Tj ET Q q 0 0 0 rg BT 353.54 538.60 Td (local ) Tj ET Q q 0 0 0 rg BT 378.71 538.60 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 407.01 538.60 Td (Actual ) Tj ET Q q 0 0 0 rg BT 440.12 538.60 Td (after) Tj ET Q q 0 0 0 rg BT 460.05 538.60 Td (-tax ) Tj ET Q q 0 0 0 rg BT 480.94 538.60 Td (returns ) Tj ET Q q 0 0 0 rg BT 515.28 538.60 Td (depend ) Tj ET Q q 0 0 0 rg BT 550.83 538.60 Td (on ) Tj ET Q q 0 0 0 rg BT 565.62 538.60 Td (an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 525.45 Td (investor) Tj ET Q q 0 0 0 rg BT 71.85 525.45 Td () Tj ET Q q 0 0 0 rg BT 74.90 525.45 Td (s ) Tj ET Q q 0 0 0 rg BT 82.39 525.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 99.03 525.45 Td (situation ) Tj ET Q q 0 0 0 rg BT 140.12 525.45 Td (and ) Tj ET Q q 0 0 0 rg BT 159.21 525.45 Td (may ) Tj ET Q q 0 0 0 rg BT 181.35 525.45 Td (dif) Tj ET Q q 0 0 0 rg BT 193.37 525.45 Td (fer ) Tj ET Q q 0 0 0 rg BT 208.78 525.45 Td (from ) Tj ET Q q 0 0 0 rg BT 233.37 525.45 Td (those ) Tj ET Q q 0 0 0 rg BT 259.79 525.45 Td (shown. ) Tj ET Q q 0 0 0 rg BT 294.47 525.45 Td (In ) Tj ET Q q 0 0 0 rg BT 306.84 525.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 339.97 525.45 Td (cases, ) Tj ET Q q 0 0 0 rg BT 369.13 525.45 Td (the ) Tj ET Q q 0 0 0 rg BT 385.77 525.45 Td (figure ) Tj ET Q q 0 0 0 rg BT 415.24 525.45 Td (representing ) Tj ET Q q 0 0 0 rg BT 472.81 525.45 Td (Return ) Tj ET Q q 0 0 0 rg BT 510.13 525.45 Td (After ) Tj ET Q q 0 0 0 rg BT 536.31 525.45 Td (T) Tj ET Q q 0 0 0 rg BT 542.26 525.45 Td (axes ) Tj ET Q q 0 0 0 rg BT 565.01 525.45 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 512.25 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 96.50 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.43 512.25 Td (Sale ) Tj ET Q q 0 0 0 rg BT 137.42 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.64 512.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 175.30 512.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 212.56 512.25 Td (may ) Tj ET Q q 0 0 0 rg BT 234.55 512.25 Td (be ) Tj ET Q q 0 0 0 rg BT 247.99 512.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 279.14 512.25 Td (than ) Tj ET Q q 0 0 0 rg BT 301.13 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.62 512.25 Td (other ) Tj ET Q q 0 0 0 rg BT 343.27 512.25 Td (return ) Tj ET Q q 0 0 0 rg BT 372.58 512.25 Td (figures ) Tj ET Q q 0 0 0 rg BT 406.18 512.25 Td (for ) Tj ET Q q 0 0 0 rg BT 422.06 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.55 512.25 Td (same ) Tj ET Q q 0 0 0 rg BT 464.20 512.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 497.43 512.25 Td (A) Tj ET Q q 0 0 0 rg BT 504.77 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 507.82 512.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 538.97 512.25 Td (after) Tj ET Q q 0 0 0 rg BT 558.90 512.25 Td (-tax ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 499.05 Td (return ) Tj ET Q q 0 0 0 rg BT 64.93 499.05 Td (results ) Tj ET Q q 0 0 0 rg BT 96.31 499.05 Td (when ) Tj ET Q q 0 0 0 rg BT 122.79 499.05 Td (a ) Tj ET Q q 0 0 0 rg BT 130.34 499.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 162.32 499.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 182.10 499.05 Td (occurs ) Tj ET Q q 0 0 0 rg BT 213.47 499.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 238.13 499.05 Td (redemption ) Tj ET Q q 0 0 0 rg BT 290.88 499.05 Td (and ) Tj ET Q q 0 0 0 rg BT 309.43 499.05 Td (provides ) Tj ET Q q 0 0 0 rg BT 349.97 499.05 Td (an ) Tj ET Q q 0 0 0 rg BT 363.02 499.05 Td (assumed ) Tj ET Q q 0 0 0 rg BT 403.56 499.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.66 499.05 Td (deduction ) Tj ET Q q 0 0 0 rg BT 465.70 499.05 Td (that ) Tj ET Q q 0 0 0 rg BT 484.86 499.05 Td (benefits ) Tj ET Q q 0 0 0 rg BT 522.34 499.05 Td (the ) Tj ET Q q 0 0 0 rg BT 538.44 499.05 Td (investor) Tj ET Q q 0 0 0 rg BT 573.27 499.05 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 485.85 Td (After) Tj ET Q q 0 0 0 rg BT 58.99 485.85 Td (-tax ) Tj ET Q q 0 0 0 rg BT 79.08 485.85 Td (returns ) Tj ET Q q 0 0 0 rg BT 112.62 485.85 Td (shown ) Tj ET Q q 0 0 0 rg BT 144.34 485.85 Td (are ) Tj ET Q q 0 0 0 rg BT 160.76 485.85 Td (not ) Tj ET Q q 0 0 0 rg BT 177.81 485.85 Td (relevant ) Tj ET Q q 0 0 0 rg BT 216.23 485.85 Td (to ) Tj ET Q q 0 0 0 rg BT 227.77 485.85 Td (investors ) Tj ET Q q 0 0 0 rg BT 270.49 485.85 Td (who ) Tj ET Q q 0 0 0 rg BT 292.42 485.85 Td (hold ) Tj ET Q q 0 0 0 rg BT 314.97 485.85 Td (their ) Tj ET Q q 0 0 0 rg BT 338.12 485.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 368.61 485.85 Td (of ) Tj ET Q q 0 0 0 rg BT 380.76 485.85 Td (the ) Tj ET Q q 0 0 0 rg BT 397.19 485.85 Td (Fund ) Tj ET Q q 0 0 0 rg BT 422.81 485.85 Td (through ) Tj ET Q q 0 0 0 rg BT 460.02 485.85 Td (tax-deferred ) Tj ET Q q 0 0 0 rg BT 516.75 485.85 Td (arrangements ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 472.65 Td (such ) Tj ET Q q 0 0 0 rg BT 58.91 472.65 Td (as ) Tj ET Q q 0 0 0 rg BT 70.83 472.65 Td (an ) Tj ET Q q 0 0 0 rg BT 83.96 472.65 Td (individual ) Tj ET Q q 0 0 0 rg BT 131.32 472.65 Td (retirement ) Tj ET Q q 0 0 0 rg BT 179.26 472.65 Td (account ) Tj ET Q q 0 0 0 rg BT 216.22 472.65 Td (\(IRA\) ) Tj ET Q q 0 0 0 rg BT 255.00 472.65 Td (or ) Tj ET Q q 0 0 0 rg BT 266.91 472.65 Td (other ) Tj ET Q q 0 0 0 rg BT 292.27 472.65 Td (tax-advantaged ) Tj ET Q q 0 0 0 rg BT 362.20 472.65 Td (accounts.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 450.45 Td (Management) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 428.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 86.20 428.25 Td (Adviser) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 415.05 Td (Pacer ) Tj ET Q q 0 0 0 rg BT 62.57 415.05 Td (Advisors, ) Tj ET Q q 0 0 0 rg BT 107.80 415.05 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 127.34 415.05 Td (serves ) Tj ET Q q 0 0 0 rg BT 157.58 415.05 Td (as ) Tj ET Q q 0 0 0 rg BT 169.49 415.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.51 415.05 Td (adviser ) Tj ET Q q 0 0 0 rg BT 255.03 415.05 Td (to ) Tj ET Q q 0 0 0 rg BT 266.33 415.05 Td (the ) Tj ET Q q 0 0 0 rg BT 282.52 415.05 Td (Fund.) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 392.85 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 78.47 392.85 Td (Managers) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 379.65 Td (The ) Tj ET Q q 0 0 0 rg BT 55.17 379.65 Td (Fund ) Tj ET Q q 0 0 0 rg BT 79.85 379.65 Td (employs ) Tj ET Q q 0 0 0 rg BT 119.20 379.65 Td (a ) Tj ET Q q 0 0 0 rg BT 126.15 379.65 Td (rules-based, ) Tj ET Q q 0 0 0 rg BT 181.06 379.65 Td (passive ) Tj ET Q q 0 0 0 rg BT 215.51 379.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 265.85 379.65 Td (strategy) Tj ET Q q 0 0 0 rg BT 299.95 379.65 Td (. ) Tj ET Q q 0 0 0 rg BT 304.62 379.65 Td (The ) Tj ET Q q 0 0 0 rg BT 323.33 379.65 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 360.23 379.65 Td (uses ) Tj ET Q q 0 0 0 rg BT 381.24 379.65 Td (a ) Tj ET Q q 0 0 0 rg BT 388.19 379.65 Td (committee ) Tj ET Q q 0 0 0 rg BT 436.68 379.65 Td (approach ) Tj ET Q q 0 0 0 rg BT 479.06 379.65 Td (to ) Tj ET Q q 0 0 0 rg BT 489.69 379.65 Td (managing ) Tj ET Q q 0 0 0 rg BT 535.13 379.65 Td (the ) Tj ET Q q 0 0 0 rg BT 550.64 379.65 Td (Fund. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 366.45 Td (Bruce ) Tj ET Q q 0 0 0 rg BT 66.08 366.45 Td (Kavanaugh, ) Tj ET Q q 0 0 0 rg BT 122.47 366.45 Td (V) Tj ET Q q 0 0 0 rg BT 129.75 366.45 Td (ice ) Tj ET Q q 0 0 0 rg BT 146.39 366.45 Td (President ) Tj ET Q q 0 0 0 rg BT 191.15 366.45 Td (of ) Tj ET Q q 0 0 0 rg BT 204.14 366.45 Td (the ) Tj ET Q q 0 0 0 rg BT 220.55 366.45 Td (Adviser) Tj ET Q q 0 0 0 rg BT 254.94 366.45 Td (, ) Tj ET Q q 0 0 0 rg BT 261.51 366.45 Td (and ) Tj ET Q q 0 0 0 rg BT 281.21 366.45 Td (Michael ) Tj ET Q q 0 0 0 rg BT 321.07 366.45 Td (Mack, ) Tj ET Q q 0 0 0 rg BT 352.69 366.45 Td (Investment ) Tj ET Q q 0 0 0 rg BT 404.54 366.45 Td (Analyst ) Tj ET Q q 0 0 0 rg BT 442.58 366.45 Td (for ) Tj ET Q q 0 0 0 rg BT 459.23 366.45 Td (the ) Tj ET Q q 0 0 0 rg BT 475.64 366.45 Td (Adviser) Tj ET Q q 0 0 0 rg BT 510.03 366.45 Td (, ) Tj ET Q q 0 0 0 rg BT 516.60 366.45 Td (have ) Tj ET Q q 0 0 0 rg BT 541.18 366.45 Td (primary ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 353.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 99.48 353.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.89 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.92 353.25 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 184.16 353.25 Td (management ) Tj ET Q q 0 0 0 rg BT 243.94 353.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.70 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.72 353.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 299.93 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.40 353.25 Td (have ) Tj ET Q q 0 0 0 rg BT 343.76 353.25 Td (served ) Tj ET Q q 0 0 0 rg BT 376.05 353.25 Td (as ) Tj ET Q q 0 0 0 rg BT 388.81 353.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 415.01 353.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 457.10 353.25 Td (managers ) Tj ET Q q 0 0 0 rg BT 502.83 353.25 Td (since ) Tj ET Q q 0 0 0 rg BT 529.03 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.05 353.25 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.73 353.25 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 340.05 Td (inception.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 317.85 Td (Buying ) Tj ET Q q 0 0 0 rg BT 72.38 317.85 Td (and ) Tj ET Q q 0 0 0 rg BT 92.86 317.85 Td (Selling ) Tj ET Q q 0 0 0 rg BT 127.40 317.85 Td (Fund ) Tj ET Q q 0 0 0 rg BT 155.22 317.85 Td (Shar) Tj ET Q q 0 0 0 rg BT 177.64 317.85 Td (es ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 304.65 Td (The ) Tj ET Q q 0 0 0 rg BT 55.88 304.65 Td (Fund ) Tj ET Q q 0 0 0 rg BT 81.28 304.65 Td (is ) Tj ET Q q 0 0 0 rg BT 91.40 304.65 Td (an ) Tj ET Q q 0 0 0 rg BT 104.57 304.65 Td (ETF) Tj ET Q q 0 0 0 rg BT 123.24 304.65 Td (. ) Tj ET Q q 0 0 0 rg BT 128.57 304.65 Td (This ) Tj ET Q q 0 0 0 rg BT 150.91 304.65 Td (means ) Tj ET Q q 0 0 0 rg BT 181.80 304.65 Td (that ) Tj ET Q q 0 0 0 rg BT 201.07 304.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 231.34 304.65 Td (of ) Tj ET Q q 0 0 0 rg BT 243.29 304.65 Td (the ) Tj ET Q q 0 0 0 rg BT 259.51 304.65 Td (Fund ) Tj ET Q q 0 0 0 rg BT 284.91 304.65 Td (are ) Tj ET Q q 0 0 0 rg BT 301.12 304.65 Td (listed ) Tj ET Q q 0 0 0 rg BT 327.73 304.65 Td (on ) Tj ET Q q 0 0 0 rg BT 341.52 304.65 Td (a ) Tj ET Q q 0 0 0 rg BT 349.18 304.65 Td (national ) Tj ET Q q 0 0 0 rg BT 387.40 304.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 431.72 304.65 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 478.78 304.65 Td (such ) Tj ET Q q 0 0 0 rg BT 501.73 304.65 Td (as ) Tj ET Q q 0 0 0 rg BT 513.67 304.65 Td (the ) Tj ET Q q 0 0 0 rg BT 529.89 304.65 Td (Exchange, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 291.45 Td (and ) Tj ET Q q 0 0 0 rg BT 54.69 291.45 Td (trade ) Tj ET Q q 0 0 0 rg BT 79.48 291.45 Td (at ) Tj ET Q q 0 0 0 rg BT 90.22 291.45 Td (market ) Tj ET Q q 0 0 0 rg BT 123.57 291.45 Td (prices. ) Tj ET Q q 0 0 0 rg BT 155.39 291.45 Td (Most ) Tj ET Q q 0 0 0 rg BT 180.82 291.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 223.34 291.45 Td (will ) Tj ET Q q 0 0 0 rg BT 243.26 291.45 Td (buy ) Tj ET Q q 0 0 0 rg BT 262.57 291.45 Td (and ) Tj ET Q q 0 0 0 rg BT 281.26 291.45 Td (sell ) Tj ET Q q 0 0 0 rg BT 299.34 291.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 329.64 291.45 Td (of ) Tj ET Q q 0 0 0 rg BT 341.60 291.45 Td (the ) Tj ET Q q 0 0 0 rg BT 357.85 291.45 Td (Fund ) Tj ET Q q 0 0 0 rg BT 383.27 291.45 Td (through ) Tj ET Q q 0 0 0 rg BT 420.30 291.45 Td (brokers. ) Tj ET Q q 0 0 0 rg BT 458.85 291.45 Td (Because ) Tj ET Q q 0 0 0 rg BT 498.30 291.45 Td (Fund ) Tj ET Q q 0 0 0 rg BT 523.72 291.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.02 291.45 Td (trade ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 278.25 Td (at ) Tj ET Q q 0 0 0 rg BT 46.69 278.25 Td (market ) Tj ET Q q 0 0 0 rg BT 79.98 278.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 108.99 278.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 137.39 278.25 Td (than ) Tj ET Q q 0 0 0 rg BT 159.08 278.25 Td (NA) Tj ET Q q 0 0 0 rg BT 173.55 278.25 Td (V) Tj ET Q q 0 0 0 rg BT 180.07 278.25 Td (, ) Tj ET Q q 0 0 0 rg BT 185.57 278.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 215.81 278.25 Td (may ) Tj ET Q q 0 0 0 rg BT 237.50 278.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 262.24 278.25 Td (at ) Tj ET Q q 0 0 0 rg BT 272.92 278.25 Td (a ) Tj ET Q q 0 0 0 rg BT 280.56 278.25 Td (price ) Tj ET Q q 0 0 0 rg BT 305.29 278.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 338.57 278.25 Td (than ) Tj ET Q q 0 0 0 rg BT 360.26 278.25 Td (NA) Tj ET Q q 0 0 0 rg BT 374.73 278.25 Td (V) Tj ET Q q 0 0 0 rg BT 382.47 278.25 Td ( ) Tj ET Q q 0 0 0 rg BT 385.22 278.25 Td (\(premium\) ) Tj ET Q q 0 0 0 rg BT 435.01 278.25 Td (or ) Tj ET Q q 0 0 0 rg BT 446.93 278.25 Td (less ) Tj ET Q q 0 0 0 rg BT 466.18 278.25 Td (than ) Tj ET Q q 0 0 0 rg BT 487.86 278.25 Td (NA) Tj ET Q q 0 0 0 rg BT 502.33 278.25 Td (V) Tj ET Q q 0 0 0 rg BT 510.08 278.25 Td ( ) Tj ET Q q 0 0 0 rg BT 512.83 278.25 Td (\(discount\).) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 256.05 Td (The ) Tj ET Q q 0 0 0 rg BT 56.39 256.05 Td (Fund ) Tj ET Q q 0 0 0 rg BT 82.30 256.05 Td (issues ) Tj ET Q q 0 0 0 rg BT 111.87 256.05 Td (and ) Tj ET Q q 0 0 0 rg BT 131.04 256.05 Td (redeems ) Tj ET Q q 0 0 0 rg BT 170.98 256.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 201.76 256.05 Td (at ) Tj ET Q q 0 0 0 rg BT 212.99 256.05 Td (NA) Tj ET Q q 0 0 0 rg BT 227.46 256.05 Td (V) Tj ET Q q 0 0 0 rg BT 235.20 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 238.49 256.05 Td (only ) Tj ET Q q 0 0 0 rg BT 261.34 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 273.18 256.05 Td (lar) Tj ET Q q 0 0 0 rg BT 284.59 256.05 Td (ge ) Tj ET Q q 0 0 0 rg BT 298.26 256.05 Td (blocks ) Tj ET Q q 0 0 0 rg BT 330.27 256.05 Td (of ) Tj ET Q q 0 0 0 rg BT 342.72 256.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 373.50 256.05 Td (\(Creation ) Tj ET Q q 0 0 0 rg BT 423.21 256.05 Td (Units\), ) Tj ET Q q 0 0 0 rg BT 461.64 256.05 Td (which ) Tj ET Q q 0 0 0 rg BT 491.81 256.05 Td (only ) Tj ET Q q 0 0 0 rg BT 514.65 256.05 Td (institutions ) Tj ET Q q 0 0 0 rg BT 566.84 256.05 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 242.85 Td (lar) Tj ET Q q 0 0 0 rg BT 47.40 242.85 Td (ge ) Tj ET Q q 0 0 0 rg BT 59.70 242.85 Td (investors ) Tj ET Q q 0 0 0 rg BT 101.34 242.85 Td (may ) Tj ET Q q 0 0 0 rg BT 122.20 242.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 163.21 242.85 Td (or ) Tj ET Q q 0 0 0 rg BT 174.29 242.85 Td (redeem. ) Tj ET Q q 0 0 0 rg BT 211.33 242.85 Td (Currently) Tj ET Q q 0 0 0 rg BT 252.77 242.85 Td (, ) Tj ET Q q 0 0 0 rg BT 257.44 242.85 Td (Creation ) Tj ET Q q 0 0 0 rg BT 297.23 242.85 Td (Units ) Tj ET Q q 0 0 0 rg BT 322.99 242.85 Td (generally ) Tj ET Q q 0 0 0 rg BT 365.83 242.85 Td (consist ) Tj ET Q q 0 0 0 rg BT 398.31 242.85 Td (of ) Tj ET Q q 0 0 0 rg BT 409.39 242.85 Td (50,000 ) Tj ET Q q 0 0 0 rg BT 441.56 242.85 Td (shares, ) Tj ET Q q 0 0 0 rg BT 473.72 242.85 Td (though ) Tj ET Q q 0 0 0 rg BT 506.19 242.85 Td (this ) Tj ET Q q 0 0 0 rg BT 524.00 242.85 Td (may ) Tj ET Q q 0 0 0 rg BT 544.86 242.85 Td (change ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 229.65 Td (from ) Tj ET Q q 0 0 0 rg BT 59.08 229.65 Td (time ) Tj ET Q q 0 0 0 rg BT 80.33 229.65 Td (to ) Tj ET Q q 0 0 0 rg BT 90.59 229.65 Td (time. ) Tj ET Q q 0 0 0 rg BT 114.46 229.65 Td (The ) Tj ET Q q 0 0 0 rg BT 133.26 229.65 Td (Fund ) Tj ET Q q 0 0 0 rg BT 157.58 229.65 Td (generally ) Tj ET Q q 0 0 0 rg BT 200.20 229.65 Td (issues ) Tj ET Q q 0 0 0 rg BT 228.18 229.65 Td (and ) Tj ET Q q 0 0 0 rg BT 245.76 229.65 Td (redeems ) Tj ET Q q 0 0 0 rg BT 284.11 229.65 Td (Creation ) Tj ET Q q 0 0 0 rg BT 323.68 229.65 Td (Units ) Tj ET Q q 0 0 0 rg BT 349.22 229.65 Td (in ) Tj ET Q q 0 0 0 rg BT 359.47 229.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 402.70 229.65 Td (for ) Tj ET Q q 0 0 0 rg BT 417.23 229.65 Td (a ) Tj ET Q q 0 0 0 rg BT 423.81 229.65 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 464.00 229.65 Td (of ) Tj ET Q q 0 0 0 rg BT 474.86 229.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 518.10 229.65 Td (\(the ) Tj ET Q q 0 0 0 rg BT 536.90 229.65 Td (Deposit ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 216.45 Td (Securities\) ) Tj ET Q q 0 0 0 rg BT 90.67 216.45 Td (and/or ) Tj ET Q q 0 0 0 rg BT 121.52 216.45 Td (a ) Tj ET Q q 0 0 0 rg BT 129.16 216.45 Td (designated ) Tj ET Q q 0 0 0 rg BT 178.95 216.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 214.69 216.45 Td (of ) Tj ET Q q 0 0 0 rg BT 226.60 216.45 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 248.92 216.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.21 216.45 Td (that ) Tj ET Q q 0 0 0 rg BT 290.46 216.45 Td (the ) Tj ET Q q 0 0 0 rg BT 306.64 216.45 Td (Fund ) Tj ET Q q 0 0 0 rg BT 332.01 216.45 Td (specifies ) Tj ET Q q 0 0 0 rg BT 373.25 216.45 Td (each ) Tj ET Q q 0 0 0 rg BT 396.14 216.45 Td (day) Tj ET Q q 0 0 0 rg BT 411.31 216.45 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 194.25 Td (T) Tj ET Q q 0 0 0 rg BT 42.33 194.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 56.08 194.25 Td (Information) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 181.05 Td (Fund ) Tj ET Q q 0 0 0 rg BT 61.19 181.05 Td (distributions ) Tj ET Q q 0 0 0 rg BT 118.77 181.05 Td (are ) Tj ET Q q 0 0 0 rg BT 134.77 181.05 Td (generally ) Tj ET Q q 0 0 0 rg BT 178.27 181.05 Td (taxable ) Tj ET Q q 0 0 0 rg BT 212.60 181.05 Td (as ) Tj ET Q q 0 0 0 rg BT 224.34 181.05 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 264.18 181.05 Td (income, ) Tj ET Q q 0 0 0 rg BT 301.88 181.05 Td (qualified ) Tj ET Q q 0 0 0 rg BT 343.55 181.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 384.62 181.05 Td (income, ) Tj ET Q q 0 0 0 rg BT 422.32 181.05 Td (or ) Tj ET Q q 0 0 0 rg BT 434.06 181.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 465.95 181.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 491.74 181.05 Td (\(or ) Tj ET Q q 0 0 0 rg BT 507.14 181.05 Td (a ) Tj ET Q q 0 0 0 rg BT 514.60 181.05 Td (combination\), ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 167.85 Td (unless ) Tj ET Q q 0 0 0 rg BT 65.10 167.85 Td (your ) Tj ET Q q 0 0 0 rg BT 86.86 167.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 136.73 167.85 Td (is ) Tj ET Q q 0 0 0 rg BT 145.67 167.85 Td (in ) Tj ET Q q 0 0 0 rg BT 155.82 167.85 Td (an ) Tj ET Q q 0 0 0 rg BT 167.80 167.85 Td (IRA) Tj ET Q q 0 0 0 rg BT 186.14 167.85 Td ( ) Tj ET Q q 0 0 0 rg BT 187.74 167.85 Td (or ) Tj ET Q q 0 0 0 rg BT 198.50 167.85 Td (other ) Tj ET Q q 0 0 0 rg BT 222.70 167.85 Td (tax-advantaged ) Tj ET Q q 0 0 0 rg BT 291.49 167.85 Td (retirement ) Tj ET Q q 0 0 0 rg BT 338.29 167.85 Td (account.Distributions ) Tj ET Q q 0 0 0 rg BT 437.04 167.85 Td (may ) Tj ET Q q 0 0 0 rg BT 457.57 167.85 Td (be ) Tj ET Q q 0 0 0 rg BT 469.56 167.85 Td (taxable ) Tj ET Q q 0 0 0 rg BT 502.91 167.85 Td (upon ) Tj ET Q q 0 0 0 rg BT 526.51 167.85 Td (withdrawal ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 154.60 Td (from ) Tj ET Q q 0 0 0 rg BT 60.13 154.60 Td (tax-deferred ) Tj ET Q q 0 0 0 rg BT 116.62 154.60 Td (accounts.) 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