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Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 362.65 Td (Fees ) Tj ET Q q 0 0 0 rg BT 59.51 362.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.00 362.65 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 126.15 362.65 Td (of ) Tj ET Q q 0 0 0 rg BT 138.06 362.65 Td (the ) Tj ET Q q 0 0 0 rg BT 155.47 362.65 Td (Fund) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 349.45 Td (The ) Tj ET Q q 0 0 0 rg BT 56.79 349.45 Td (following ) Tj ET Q q 0 0 0 rg BT 103.26 349.45 Td (table ) Tj ET Q q 0 0 0 rg BT 128.32 349.45 Td (describes ) Tj ET Q q 0 0 0 rg BT 172.94 349.45 Td (the ) Tj ET Q q 0 0 0 rg BT 190.07 349.45 Td (fees ) Tj ET Q q 0 0 0 rg BT 211.47 349.45 Td (and ) Tj ET Q q 0 0 0 rg BT 231.04 349.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.44 349.45 Td (you ) Tj ET Q q 0 0 0 rg BT 294.63 349.45 Td (may ) Tj ET Q q 0 0 0 rg BT 317.26 349.45 Td (pay ) Tj ET Q q 0 0 0 rg BT 336.83 349.45 Td (if ) Tj ET Q q 0 0 0 rg BT 347.24 349.45 Td (you ) Tj ET Q q 0 0 0 rg BT 367.43 349.45 Td (buy ) Tj ET Q q 0 0 0 rg BT 387.62 349.45 Td (and ) Tj ET Q q 0 0 0 rg BT 407.19 349.45 Td (hold ) Tj ET Q q 0 0 0 rg BT 430.44 349.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 461.62 349.45 Td (of ) Tj ET Q q 0 0 0 rg BT 474.47 349.45 Td (the ) Tj ET Q q 0 0 0 rg BT 491.60 349.45 Td (Fund. ) Tj ET Q q 0 0 0 rg BT 520.39 349.45 Td (The ) Tj ET Q q 0 0 0 rg BT 541.18 349.45 Td (fees ) Tj ET Q q 0 0 0 rg BT 562.58 349.45 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 336.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 82.15 336.25 Td (as ) Tj ET Q q 0 0 0 rg BT 94.08 336.25 Td (a ) Tj ET Q q 0 0 0 rg BT 101.74 336.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 152.15 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.08 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.30 336.25 Td (Fund) Tj ET Q q 0 0 0 rg BT 205.97 336.25 Td (s ) Tj ET Q q 0 0 0 rg BT 213.02 336.25 Td (average ) Tj ET Q q 0 0 0 rg BT 249.99 336.25 Td (net ) Tj ET Q q 0 0 0 rg BT 266.20 336.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 297.19 336.25 Td (This ) Tj ET Q q 0 0 0 rg BT 319.52 336.25 Td (table ) Tj ET Q q 0 0 0 rg BT 343.67 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.33 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.54 336.25 Td (Example ) Tj ET Q q 0 0 0 rg BT 420.41 336.25 Td (below ) Tj ET Q q 0 0 0 rg BT 450.07 336.25 Td (do ) Tj ET Q q 0 0 0 rg BT 463.84 336.25 Td (not ) Tj ET Q q 0 0 0 rg BT 480.68 336.25 Td (include ) Tj ET Q q 0 0 0 rg BT 515.83 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.04 336.25 Td (brokerage ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 323.05 Td (commissions ) Tj ET Q q 0 0 0 rg BT 96.20 323.05 Td (that ) Tj ET Q q 0 0 0 rg BT 115.44 323.05 Td (investors ) Tj ET Q q 0 0 0 rg BT 157.91 323.05 Td (may ) Tj ET Q q 0 0 0 rg BT 179.60 323.05 Td (pay ) Tj ET Q q 0 0 0 rg BT 198.23 323.05 Td (on ) Tj ET Q q 0 0 0 rg BT 211.98 323.05 Td (their ) Tj ET Q q 0 0 0 rg BT 234.89 323.05 Td (purchases ) Tj ET Q q 0 0 0 rg BT 281.01 323.05 Td (and ) Tj ET Q q 0 0 0 rg BT 299.65 323.05 Td (sales ) Tj ET Q q 0 0 0 rg BT 323.78 323.05 Td (of ) Tj ET Q q 0 0 0 rg BT 335.69 323.05 Td (Fund ) Tj ET Q q 0 0 0 rg BT 361.06 323.05 Td (shares.) Tj ET Q 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 303.55 452.00 -26.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 277.55 452.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 262.55 452.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 247.55 452.00 -15.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 36.50 232.55 452.00 -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 36.5 303.54999999999995 m 36.5 277.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 303.54999999999995 m 488.5 277.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 303.54999999999995 m 488.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 277.54999999999995 m 488.5 277.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 303.54999999999995 m 551.5 277.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 303.54999999999995 m 551.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 277.54999999999995 m 551.5 277.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 277.54999999999995 m 36.5 262.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 277.54999999999995 m 488.5 262.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 262.54999999999995 m 488.5 262.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 277.54999999999995 m 551.5 262.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 262.54999999999995 m 551.5 262.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 262.54999999999995 m 36.5 247.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 262.54999999999995 m 488.5 247.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 247.54999999999995 m 488.5 247.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 262.54999999999995 m 551.5 247.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 247.54999999999995 m 551.5 247.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 247.54999999999995 m 36.5 232.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 247.54999999999995 m 488.5 232.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 232.54999999999995 m 488.5 232.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 247.54999999999995 m 551.5 232.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 232.54999999999995 m 551.5 232.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 232.54999999999995 m 36.5 218.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 232.54999999999995 m 488.5 218.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 218.54999999999995 m 488.5 218.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 232.54999999999995 m 551.5 218.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 218.54999999999995 m 551.5 218.54999999999995 l s BT /F2 11.00 Tf ET q 0 0 0 rg BT 42.00 293.60 Td (Annual Fund Operating Expenses) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 201.85 293.60 Td ( \(expenses that you pay each year as a percentage of the value ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 42.00 282.42 Td (of your investment\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 51.00 267.42 Td (Management Fees) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 505.25 267.42 Td (0.60%) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 51.00 252.42 Td (Distribution and/or Service \(12b-1\) Fees) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 507.55 252.42 Td (None) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 51.00 237.42 Td (Other Expenses) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 505.25 237.42 Td (0.00%) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 39.00 222.60 Td (T) Tj ET Q q 0 0 0 rg BT 45.33 222.60 Td (otal ) Tj ET Q q 0 0 0 rg BT 65.19 222.60 Td (Annual Fund Operating Expenses) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 504.35 222.60 Td (0.60%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 196.85 Td (Example) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 183.65 Td (The ) Tj ET Q q 0 0 0 rg BT 55.22 183.65 Td (following ) Tj ET Q q 0 0 0 rg BT 100.12 183.65 Td (example ) Tj ET Q q 0 0 0 rg BT 139.49 183.65 Td (is ) Tj ET Q q 0 0 0 rg BT 148.95 183.65 Td (intended ) Tj ET Q q 0 0 0 rg BT 188.95 183.65 Td (to ) Tj ET Q q 0 0 0 rg BT 199.62 183.65 Td (help ) Tj ET Q q 0 0 0 rg BT 220.68 183.65 Td (retail ) Tj ET Q q 0 0 0 rg BT 245.39 183.65 Td (investors ) Tj ET Q q 0 0 0 rg BT 287.23 183.65 Td (compare ) Tj ET Q q 0 0 0 rg BT 327.22 183.65 Td (the ) Tj ET Q q 0 0 0 rg BT 342.78 183.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 362.61 183.65 Td (of ) Tj ET Q q 0 0 0 rg BT 373.90 183.65 Td (investing ) Tj ET Q q 0 0 0 rg BT 416.35 183.65 Td (in ) Tj ET Q q 0 0 0 rg BT 427.02 183.65 Td (the ) Tj ET Q q 0 0 0 rg BT 442.58 183.65 Td (Fund ) Tj ET Q q 0 0 0 rg BT 467.32 183.65 Td (with ) Tj ET Q q 0 0 0 rg BT 488.99 183.65 Td (the ) Tj ET Q q 0 0 0 rg BT 504.55 183.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 524.39 183.65 Td (of ) Tj ET Q q 0 0 0 rg BT 535.67 183.65 Td (investing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 170.45 Td (in ) Tj ET Q q 0 0 0 rg BT 47.62 170.45 Td (other ) Tj ET Q q 0 0 0 rg BT 73.29 170.45 Td (funds. ) Tj ET Q q 0 0 0 rg BT 103.55 170.45 Td (It ) Tj ET Q q 0 0 0 rg BT 113.34 170.45 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 159.18 170.45 Td (the ) Tj ET Q q 0 0 0 rg BT 175.68 170.45 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 233.12 170.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 275.89 170.45 Td (that ) Tj ET Q q 0 0 0 rg BT 295.46 170.45 Td (such ) Tj ET Q q 0 0 0 rg BT 318.69 170.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 361.47 170.45 Td (would ) Tj ET Q q 0 0 0 rg BT 392.04 170.45 Td (incur ) Tj ET Q q 0 0 0 rg BT 417.71 170.45 Td (over ) Tj ET Q q 0 0 0 rg BT 440.32 170.45 Td (various ) Tj ET Q q 0 0 0 rg BT 475.77 170.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 511.22 170.45 Td (if ) Tj ET Q q 0 0 0 rg BT 521.00 170.45 Td (they ) Tj ET Q q 0 0 0 rg BT 543.01 170.45 Td (were ) Tj ET Q q 0 0 0 rg BT 567.45 170.45 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 157.20 Td (invest ) Tj ET Q q 0 0 0 rg BT 64.99 157.20 Td ($10,000 ) Tj ET Q q 0 0 0 rg BT 103.46 157.20 Td (in ) Tj ET Q q 0 0 0 rg BT 114.73 157.20 Td (the ) Tj ET Q q 0 0 0 rg BT 130.88 157.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 156.21 157.20 Td (for ) Tj ET Q q 0 0 0 rg BT 171.76 157.20 Td (the ) Tj ET Q q 0 0 0 rg BT 187.91 157.20 Td (time ) Tj ET Q q 0 0 0 rg BT 210.18 157.20 Td (periods ) Tj ET Q q 0 0 0 rg BT 245.27 157.20 Td (indicated ) Tj ET Q q 0 0 0 rg BT 288.30 157.20 Td (and ) Tj ET Q q 0 0 0 rg BT 306.90 157.20 Td (then ) Tj ET Q q 0 0 0 rg BT 328.56 157.20 Td (redeem ) Tj ET Q q 0 0 0 rg BT 363.64 157.20 Td (all ) Tj ET Q q 0 0 0 rg BT 377.35 157.20 Td (of ) Tj ET Q q 0 0 0 rg BT 389.23 157.20 Td (the ) Tj ET Q q 0 0 0 rg BT 405.38 157.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 435.58 157.20 Td (at ) Tj ET Q q 0 0 0 rg BT 446.24 157.20 Td (the ) Tj ET Q q 0 0 0 rg BT 462.39 157.20 Td (end ) Tj ET Q q 0 0 0 rg BT 480.99 157.20 Td (of ) Tj ET Q q 0 0 0 rg BT 492.87 157.20 Td (those ) Tj ET Q q 0 0 0 rg BT 518.80 157.20 Td (periods. ) Tj ET Q q 0 0 0 rg BT 556.45 157.20 Td (This ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 144.00 Td (example ) Tj ET Q q 0 0 0 rg BT 75.90 144.00 Td (assumes ) Tj ET Q q 0 0 0 rg BT 115.20 144.00 Td (that ) Tj ET Q q 0 0 0 rg BT 134.33 144.00 Td (the ) Tj ET Q q 0 0 0 rg BT 150.41 144.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 175.67 144.00 Td (provides ) Tj ET Q q 0 0 0 rg BT 216.19 144.00 Td (a ) Tj ET Q q 0 0 0 rg BT 223.71 144.00 Td (return ) Tj ET Q q 0 0 0 rg BT 252.61 144.00 Td (of ) Tj ET Q q 0 0 0 rg BT 264.41 144.00 Td (5% ) Tj ET Q q 0 0 0 rg BT 281.72 144.00 Td (a ) Tj ET Q q 0 0 0 rg BT 289.24 144.00 Td (year ) Tj ET Q q 0 0 0 rg BT 310.80 144.00 Td (and ) Tj ET Q q 0 0 0 rg BT 329.32 144.00 Td (that ) Tj ET Q q 0 0 0 rg BT 348.46 144.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 392.64 144.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 434.98 144.00 Td (remain ) Tj ET Q q 0 0 0 rg BT 468.16 144.00 Td (the ) Tj ET Q q 0 0 0 rg BT 484.24 144.00 Td (same. ) Tj ET Q q 0 0 0 rg BT 511.65 144.00 Td (Although ) Tj ET Q q 0 0 0 rg BT 555.84 144.00 Td (your ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 130.80 Td (actual ) Tj ET Q q 0 0 0 rg BT 65.01 130.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 89.76 130.80 Td (may ) Tj ET Q q 0 0 0 rg BT 111.45 130.80 Td (be ) Tj ET Q q 0 0 0 rg BT 124.58 130.80 Td (higher ) Tj ET Q q 0 0 0 rg BT 155.43 130.80 Td (or ) Tj ET Q q 0 0 0 rg BT 167.34 130.80 Td (lower) Tj ET Q q 0 0 0 rg BT 191.95 130.80 Td (, ) Tj ET Q q 0 0 0 rg BT 197.45 130.80 Td (based ) Tj ET Q q 0 0 0 rg BT 225.25 130.80 Td (on ) Tj ET Q q 0 0 0 rg BT 239.00 130.80 Td (these ) Tj ET Q q 0 0 0 rg BT 264.35 130.80 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 324.24 130.80 Td (your ) Tj ET Q q 0 0 0 rg BT 347.15 130.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 371.90 130.80 Td (would ) Tj ET Q q 0 0 0 rg BT 402.15 130.80 Td (be:) Tj ET Q 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 125.50 111.30 90.00 -14.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 215.50 111.30 90.00 -14.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 305.50 111.30 90.00 -14.00 re f /GS0 gs 0.8980392156862745 0.8980392156862745 0.8980392156862745 rg /GS0 gs 395.50 111.30 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 125.5 111.29999999999995 m 125.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 111.29999999999995 m 215.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 111.29999999999995 m 215.5 111.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 97.29999999999995 m 215.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 111.29999999999995 m 305.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 111.29999999999995 m 305.5 111.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 97.29999999999995 m 305.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 111.29999999999995 m 395.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 111.29999999999995 m 395.5 111.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 97.29999999999995 m 395.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 111.29999999999995 m 485.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 111.29999999999995 m 485.5 111.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 97.29999999999995 m 485.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 97.29999999999995 m 125.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 97.29999999999995 m 215.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 97.29999999999995 m 215.5 97.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 82.29999999999995 m 215.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 97.29999999999995 m 305.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 82.29999999999995 m 305.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 97.29999999999995 m 395.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 82.29999999999995 m 395.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 97.29999999999995 m 485.5 82.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 82.29999999999995 m 485.5 82.29999999999995 l s BT /F2 11.00 Tf ET q 0 0 0 rg BT 155.15 101.35 Td (1) Tj ET Q q 0 0 0 rg BT 163.20 101.35 Td (Y) Tj ET Q q 0 0 0 rg BT 170.33 101.35 Td (ear) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 242.90 101.35 Td (3 ) Tj ET Q q 0 0 0 rg BT 250.74 101.35 Td (Y) Tj ET Q q 0 0 0 rg BT 257.47 101.35 Td (ears) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 332.90 101.35 Td (5 ) Tj ET Q q 0 0 0 rg BT 340.95 101.35 Td (Y) Tj ET Q q 0 0 0 rg BT 348.08 101.35 Td (ears) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 420.15 101.35 Td (10 ) Tj ET Q q 0 0 0 rg BT 433.49 101.35 Td (Y) Tj ET Q q 0 0 0 rg BT 440.22 101.35 Td (ears) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.75 87.17 Td ($61) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 249.00 87.17 Td ($192) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 339.00 87.17 Td ($335) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 429.00 87.17 Td ($750) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 245.00 0 0 54.00 38.00 673.62 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 67.73 686.80 Td (performance. ) Tj ET Q q 0 0 0 rg BT 127.83 686.80 Td (During ) Tj ET Q q 0 0 0 rg BT 160.78 686.80 Td (the ) Tj ET Q q 0 0 0 rg BT 175.99 686.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 201.59 686.80 Td (period ) Tj ET Q q 0 0 0 rg BT 231.47 686.80 Td (July ) Tj ET Q q 0 0 0 rg BT 251.58 686.80 Td (23, ) Tj ET Q q 0 0 0 rg BT 267.11 686.80 Td (2018 ) Tj ET Q q 0 0 0 rg BT 290.89 686.80 Td (\(commencement ) Tj ET Q q 0 0 0 rg BT 365.97 686.80 Td (of ) Tj ET Q q 0 0 0 rg BT 376.91 686.80 Td (operations\) ) Tj ET Q q 0 0 0 rg BT 428.17 686.80 Td (through ) Tj ET Q q 0 0 0 rg BT 463.77 686.80 Td (April ) Tj ET Q q 0 0 0 rg BT 488.77 686.80 Td (30, ) Tj ET Q q 0 0 0 rg BT 504.30 686.80 Td (2019, ) Tj ET Q q 0 0 0 rg BT 530.83 686.80 Td (the ) Tj ET Q q 0 0 0 rg BT 546.04 686.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.72 686.80 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 673.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 77.24 673.60 Td (turnover ) Tj ET Q q 0 0 0 rg BT 117.26 673.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 136.49 673.60 Td (was ) Tj ET Q q 0 0 0 rg BT 156.35 673.60 Td (55% ) Tj ET Q q 0 0 0 rg BT 179.26 673.60 Td (of ) Tj ET Q q 0 0 0 rg BT 191.18 673.60 Td (the ) Tj ET Q q 0 0 0 rg BT 207.36 673.60 Td (average ) Tj ET Q q 0 0 0 rg BT 244.31 673.60 Td (value ) Tj ET Q q 0 0 0 rg BT 270.88 673.60 Td (of ) Tj ET Q q 0 0 0 rg BT 282.79 673.60 Td (its ) Tj ET Q q 0 0 0 rg BT 295.93 673.60 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 Index) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 576.40 Td (The ) Tj ET Q q 0 0 0 rg BT 58.24 576.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 88.41 576.40 Td (uses ) Tj ET Q q 0 0 0 rg BT 112.49 576.40 Td (an ) Tj ET Q q 0 0 0 rg BT 128.01 576.40 Td (objective, ) Tj ET Q q 0 0 0 rg BT 176.21 576.40 Td (rules-based ) Tj ET Q q 0 0 0 rg BT 231.43 576.40 Td (methodology ) Tj ET Q q 0 0 0 rg BT 294.62 576.40 Td (to ) Tj ET Q q 0 0 0 rg BT 308.31 576.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 350.09 576.40 Td (the ) Tj ET Q q 0 0 0 rg BT 368.66 576.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 429.37 576.40 Td (of ) Tj ET Q q 0 0 0 rg BT 443.67 576.40 Td (an ) Tj ET Q q 0 0 0 rg BT 459.18 576.40 Td (equal ) Tj ET Q q 0 0 0 rg BT 488.14 576.40 Td (weight ) Tj ET Q q 0 0 0 rg BT 523.21 576.40 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 566.84 576.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 563.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 102.24 563.20 Td (100 ) Tj ET Q q 0 0 0 rg BT 121.45 563.20 Td (lar) Tj ET Q q 0 0 0 rg BT 132.85 563.20 Td (ge- ) Tj ET Q q 0 0 0 rg BT 149.60 563.20 Td (and ) Tj ET Q q 0 0 0 rg BT 168.19 563.20 Td (mid-capitalization ) Tj ET Q q 0 0 0 rg BT 250.92 563.20 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 273.18 563.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 322.93 563.20 Td (with ) Tj ET Q q 0 0 0 rg BT 345.19 563.20 Td (a ) Tj ET Q q 0 0 0 rg BT 352.78 563.20 Td (high ) Tj ET Q q 0 0 0 rg BT 375.04 563.20 Td (percentage ) Tj ET Q q 0 0 0 rg BT 425.38 563.20 Td (of ) Tj ET Q q 0 0 0 rg BT 437.25 563.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 471.72 563.20 Td (sales ) Tj ET Q q 0 0 0 rg BT 495.80 563.20 Td (and ) Tj ET Q q 0 0 0 rg BT 514.39 563.20 Td (high ) Tj ET Q q 0 0 0 rg BT 536.65 563.20 Td (free ) Tj ET Q q 0 0 0 rg BT 556.45 563.20 Td (cash ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 550.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 58.91 550.00 Td (growth. ) Tj ET Q q 0 0 0 rg BT 95.58 550.00 Td (Free ) Tj ET Q q 0 0 0 rg BT 117.87 550.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 140.17 550.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 163.08 550.00 Td (is ) Tj ET Q q 0 0 0 rg BT 173.17 550.00 Td (a ) Tj ET Q q 0 0 0 rg BT 180.80 550.00 Td (company) Tj ET Q q 0 0 0 rg BT 224.18 550.00 Td (s ) Tj ET Q q 0 0 0 rg BT 231.21 550.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 253.50 550.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 276.42 550.00 Td (from ) Tj ET Q q 0 0 0 rg BT 300.55 550.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 349.12 550.00 Td (minus ) Tj ET Q q 0 0 0 rg BT 378.76 550.00 Td (its ) Tj ET Q q 0 0 0 rg BT 391.90 550.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 423.97 550.00 Td (expenditures.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 527.80 Td (Construction ) Tj ET Q q 0 0 0 rg BT 94.62 527.80 Td (of ) Tj ET Q q 0 0 0 rg BT 105.57 527.80 Td (the ) Tj ET Q q 0 0 0 rg BT 120.80 527.80 Td (Index ) Tj ET Q q 0 0 0 rg BT 147.64 527.80 Td (begins ) Tj ET Q q 0 0 0 rg BT 178.15 527.80 Td (with ) Tj ET Q q 0 0 0 rg BT 199.49 527.80 Td (an ) Tj ET Q q 0 0 0 rg BT 211.67 527.80 Td (initial ) Tj ET Q q 0 0 0 rg BT 239.12 527.80 Td (universe ) Tj ET Q q 0 0 0 rg BT 278.17 527.80 Td (of ) Tj ET Q q 0 0 0 rg BT 289.13 527.80 Td (the ) Tj ET Q q 0 0 0 rg BT 304.36 527.80 Td (200 ) Tj ET Q q 0 0 0 rg BT 322.65 527.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 371.48 527.80 Td (across ) Tj ET Q q 0 0 0 rg BT 400.76 527.80 Td (the ) Tj ET Q q 0 0 0 rg BT 415.98 527.80 Td (S&P) Tj ET Q q 0 0 0 rg BT 436.37 527.80 Td ( ) Tj ET Q q 0 0 0 rg BT 438.16 527.80 Td (900) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 454.66 532.78 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 460.09 527.80 Td ( ) Tj ET Q q 0 0 0 rg BT 461.88 527.80 Td (Index ) Tj ET Q q 0 0 0 rg BT 488.71 527.80 Td (\(which ) Tj ET Q q 0 0 0 rg BT 521.05 527.80 Td (is ) Tj ET Q q 0 0 0 rg BT 530.18 527.80 Td (comprised ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 514.60 Td (of ) Tj ET Q q 0 0 0 rg BT 47.14 514.60 Td (the ) Tj ET Q q 0 0 0 rg BT 62.55 514.60 Td (S&P) Tj ET Q q 0 0 0 rg BT 82.94 514.60 Td ( ) Tj ET Q q 0 0 0 rg BT 84.91 514.60 Td (500) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 101.41 519.58 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 106.85 514.60 Td ( ) Tj ET Q q 0 0 0 rg BT 108.82 514.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 135.84 514.60 Td (\(S&P) Tj ET Q q 0 0 0 rg BT 164.77 514.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.75 514.60 Td (500\) ) Tj ET Q q 0 0 0 rg BT 193.77 514.60 Td (and ) Tj ET Q q 0 0 0 rg BT 211.63 514.60 Td (S&P) Tj ET Q q 0 0 0 rg BT 232.01 514.60 Td ( ) Tj ET Q q 0 0 0 rg BT 233.99 514.60 Td (MidCap ) Tj ET Q q 0 0 0 rg BT 272.02 514.60 Td (400) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 288.52 519.58 Td () Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 293.96 514.60 Td ( ) Tj ET Q q 0 0 0 rg BT 295.93 514.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 322.95 514.60 Td (\(S&P) Tj ET Q q 0 0 0 rg BT 351.88 514.60 Td ( ) Tj ET Q q 0 0 0 rg BT 353.86 514.60 Td (MidCap ) Tj ET Q q 0 0 0 rg BT 391.89 514.60 Td (400\)\) ) Tj ET Q q 0 0 0 rg BT 422.58 514.60 Td (that ) Tj ET Q q 0 0 0 rg BT 441.05 514.60 Td (have ) Tj ET Q q 0 0 0 rg BT 463.79 514.60 Td (the ) Tj ET Q q 0 0 0 rg BT 479.20 514.60 Td (highest ) Tj ET Q q 0 0 0 rg BT 512.96 514.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 544.25 514.60 Td (foreign ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 501.40 Td (sales ) Tj ET Q q 0 0 0 rg BT 60.13 501.40 Td (as ) Tj ET Q q 0 0 0 rg BT 72.05 501.40 Td (a ) Tj ET Q q 0 0 0 rg BT 79.68 501.40 Td (percentage ) Tj ET Q q 0 0 0 rg BT 130.06 501.40 Td (of ) Tj ET Q q 0 0 0 rg BT 141.97 501.40 Td (total ) Tj ET Q q 0 0 0 rg BT 164.27 501.40 Td (sales.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 479.20 Td (The ) Tj ET Q q 0 0 0 rg BT 55.81 479.20 Td (200 ) Tj ET Q q 0 0 0 rg BT 75.01 479.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 124.76 479.20 Td (are ) Tj ET Q q 0 0 0 rg BT 140.89 479.20 Td (then ) Tj ET Q q 0 0 0 rg BT 162.53 479.20 Td (narrowed ) Tj ET Q q 0 0 0 rg BT 206.77 479.20 Td (to ) Tj ET Q q 0 0 0 rg BT 218.03 479.20 Td (the ) Tj ET Q q 0 0 0 rg BT 234.17 479.20 Td (100 ) Tj ET Q q 0 0 0 rg BT 253.38 479.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 303.12 479.20 Td (with ) Tj ET Q q 0 0 0 rg BT 325.38 479.20 Td (the ) Tj ET Q q 0 0 0 rg BT 341.53 479.20 Td (highest ) Tj ET Q q 0 0 0 rg BT 376.01 479.20 Td (change ) Tj ET Q q 0 0 0 rg BT 409.86 479.20 Td (in ) Tj ET Q q 0 0 0 rg BT 421.12 479.20 Td (free ) Tj ET Q q 0 0 0 rg BT 440.91 479.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 463.16 479.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 486.03 479.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 519.90 479.20 Td (over ) Tj ET Q q 0 0 0 rg BT 542.15 479.20 Td (the ) Tj ET Q q 0 0 0 rg BT 558.29 479.20 Td (past ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 466.00 Td (five ) Tj ET Q q 0 0 0 rg BT 55.85 466.00 Td (years, ) Tj ET Q q 0 0 0 rg BT 84.56 466.00 Td (and ) Tj ET Q q 0 0 0 rg BT 103.19 466.00 Td (those ) Tj ET Q q 0 0 0 rg BT 129.16 466.00 Td (100 ) Tj ET Q q 0 0 0 rg BT 148.41 466.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 198.20 466.00 Td (are ) Tj ET Q q 0 0 0 rg BT 214.38 466.00 Td (equally ) Tj ET Q q 0 0 0 rg BT 249.51 466.00 Td (weighted ) Tj ET Q q 0 0 0 rg BT 292.58 466.00 Td (to ) Tj ET Q q 0 0 0 rg BT 303.88 466.00 Td (create ) Tj ET Q q 0 0 0 rg BT 332.88 466.00 Td (the ) Tj ET Q q 0 0 0 rg BT 349.07 466.00 Td (Index.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 443.80 Td (The ) Tj ET Q q 0 0 0 rg BT 55.85 443.80 Td (Index ) Tj ET Q q 0 0 0 rg BT 83.65 443.80 Td (is ) Tj ET Q q 0 0 0 rg BT 93.73 443.80 Td (reconstituted ) Tj ET Q q 0 0 0 rg BT 153.30 443.80 Td (and ) Tj ET Q q 0 0 0 rg BT 171.93 443.80 Td (rebalanced ) Tj ET Q q 0 0 0 rg BT 222.31 443.80 Td (to ) Tj ET Q q 0 0 0 rg BT 233.62 443.80 Td (equal-weight ) Tj ET Q q 0 0 0 rg BT 293.79 443.80 Td (quarterly) Tj ET Q q 0 0 0 rg BT 332.78 443.80 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 421.60 Td (From ) Tj ET Q q 0 0 0 rg BT 62.69 421.60 Td (time ) Tj ET Q q 0 0 0 rg BT 85.10 421.60 Td (to ) Tj ET Q q 0 0 0 rg BT 96.51 421.60 Td (time, ) Tj ET Q q 0 0 0 rg BT 121.67 421.60 Td (the ) Tj ET Q q 0 0 0 rg BT 137.96 421.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 165.86 421.60 Td (may ) Tj ET Q q 0 0 0 rg BT 187.66 421.60 Td (include ) Tj ET Q q 0 0 0 rg BT 222.89 421.60 Td (more ) Tj ET Q q 0 0 0 rg BT 248.35 421.60 Td (or ) Tj ET Q q 0 0 0 rg BT 260.37 421.60 Td (less ) Tj ET Q q 0 0 0 rg BT 279.72 421.60 Td (than ) Tj ET Q q 0 0 0 rg BT 301.52 421.60 Td (100 ) Tj ET Q q 0 0 0 rg BT 320.87 421.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 370.77 421.60 Td (as ) Tj ET Q q 0 0 0 rg BT 382.79 421.60 Td (a ) Tj ET Q q 0 0 0 rg BT 390.53 421.60 Td (result ) Tj ET Q q 0 0 0 rg BT 417.82 421.60 Td (of ) Tj ET Q q 0 0 0 rg BT 429.84 421.60 Td (events ) Tj ET Q q 0 0 0 rg BT 460.80 421.60 Td (such ) Tj ET Q q 0 0 0 rg BT 483.82 421.60 Td (as ) Tj ET Q q 0 0 0 rg BT 495.84 421.60 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 553.99 421.60 Td (spin-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 408.40 Td (of) Tj ET Q q 0 0 0 rg BT 44.96 408.40 Td (fs ) Tj ET Q q 0 0 0 rg BT 55.66 408.40 Td (and ) Tj ET Q q 0 0 0 rg BT 74.29 408.40 Td (other ) Tj ET Q q 0 0 0 rg BT 99.64 408.40 Td (corporate ) Tj ET Q q 0 0 0 rg BT 143.92 408.40 Td (actions.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 386.20 Td (The ) Tj ET Q q 0 0 0 rg BT 56.65 386.20 Td (S&P) Tj ET Q q 0 0 0 rg BT 77.04 386.20 Td ( ) Tj ET Q q 0 0 0 rg BT 80.59 386.20 Td (500 ) Tj ET Q q 0 0 0 rg BT 100.64 386.20 Td (consists ) Tj ET Q q 0 0 0 rg BT 139.03 386.20 Td (of ) Tj ET Q q 0 0 0 rg BT 151.75 386.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 218.84 386.20 Td (500 ) Tj ET Q q 0 0 0 rg BT 238.89 386.20 Td (leading ) Tj ET Q q 0 0 0 rg BT 274.82 386.20 Td (U.S.-listed ) Tj ET Q q 0 0 0 rg BT 325.43 386.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 376.02 386.20 Td (representing ) Tj ET Q q 0 0 0 rg BT 433.94 386.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 501.03 386.20 Td (80% ) Tj ET Q q 0 0 0 rg BT 524.75 386.20 Td (of ) Tj ET Q q 0 0 0 rg BT 537.46 386.20 Td (the ) Tj ET Q q 0 0 0 rg BT 554.46 386.20 Td (U.S. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 373.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 66.80 373.00 Td (market ) Tj ET Q q 0 0 0 rg BT 100.65 373.00 Td (capitalization. ) Tj ET Q q 0 0 0 rg BT 165.72 373.00 Td (The ) Tj ET Q q 0 0 0 rg BT 186.12 373.00 Td (S&P) Tj ET Q q 0 0 0 rg BT 206.51 373.00 Td ( ) Tj ET Q q 0 0 0 rg BT 209.81 373.00 Td (MidCap ) Tj ET Q q 0 0 0 rg BT 249.18 373.00 Td (400 ) Tj ET Q q 0 0 0 rg BT 268.99 373.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 313.22 373.00 Td (the ) Tj ET Q q 0 0 0 rg BT 329.97 373.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 388.85 373.00 Td (of ) Tj ET Q q 0 0 0 rg BT 401.32 373.00 Td (mid-capitalization ) Tj ET Q q 0 0 0 rg BT 484.65 373.00 Td (stocks ) Tj ET Q q 0 0 0 rg BT 515.46 373.00 Td (in ) Tj ET Q q 0 0 0 rg BT 527.32 373.00 Td (the ) Tj ET Q q 0 0 0 rg BT 544.06 373.00 Td (United ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 359.80 Td (States.) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 337.60 Td (The ) Tj ET Q q 0 0 0 rg BT 55.25 337.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 80.71 337.60 Td (s ) Tj ET Q q 0 0 0 rg BT 87.75 337.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 138.14 337.60 Td (Strategy) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 324.40 Td (Under ) Tj ET Q q 0 0 0 rg BT 65.68 324.40 Td (normal ) Tj ET Q q 0 0 0 rg BT 99.02 324.40 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 166.26 324.40 Td (at ) Tj ET Q q 0 0 0 rg BT 176.39 324.40 Td (least ) Tj ET Q q 0 0 0 rg BT 198.74 324.40 Td (80% ) Tj ET Q q 0 0 0 rg BT 221.09 324.40 Td (of ) Tj ET Q q 0 0 0 rg BT 232.44 324.40 Td (the ) Tj ET Q q 0 0 0 rg BT 248.06 324.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 273.74 324.40 Td (s ) Tj ET Q q 0 0 0 rg BT 280.20 324.40 Td (total ) Tj ET Q q 0 0 0 rg BT 301.94 324.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 329.79 324.40 Td (\(exclusive ) Tj ET Q q 0 0 0 rg BT 377.18 324.40 Td (of ) Tj ET Q q 0 0 0 rg BT 388.53 324.40 Td (collateral ) Tj ET Q q 0 0 0 rg BT 431.64 324.40 Td (held ) Tj ET Q q 0 0 0 rg BT 452.77 324.40 Td (from ) Tj ET Q q 0 0 0 rg BT 476.33 324.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 520.06 324.40 Td (lending\) ) Tj ET Q q 0 0 0 rg BT 558.91 324.40 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 311.20 Td (be ) Tj ET Q q 0 0 0 rg BT 48.68 311.20 Td (invested ) Tj ET Q q 0 0 0 rg BT 87.64 311.20 Td (in ) Tj ET Q q 0 0 0 rg BT 98.50 311.20 Td (the ) Tj ET Q q 0 0 0 rg BT 114.24 311.20 Td (component ) Tj ET Q q 0 0 0 rg BT 165.41 311.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 209.25 311.20 Td (of ) Tj ET Q q 0 0 0 rg BT 220.72 311.20 Td (the ) Tj ET Q q 0 0 0 rg BT 236.46 311.20 Td (Index. ) Tj ET Q q 0 0 0 rg BT 266.38 311.20 Td (The ) Tj ET Q q 0 0 0 rg BT 285.28 311.20 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 322.41 311.20 Td (expects ) Tj ET Q q 0 0 0 rg BT 357.69 311.20 Td (that, ) Tj ET Q q 0 0 0 rg BT 379.23 311.20 Td (over ) Tj ET Q q 0 0 0 rg BT 401.08 311.20 Td (time, ) Tj ET Q q 0 0 0 rg BT 425.68 311.20 Td (the ) Tj ET Q q 0 0 0 rg BT 441.42 311.20 Td (correlation ) Tj ET Q q 0 0 0 rg BT 491.36 311.20 Td (between ) Tj ET Q q 0 0 0 rg BT 530.31 311.20 Td (the ) Tj ET Q q 0 0 0 rg BT 546.05 311.20 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.72 311.20 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 298.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 94.32 298.00 Td (and ) Tj ET Q q 0 0 0 rg BT 112.96 298.00 Td (that ) Tj ET Q q 0 0 0 rg BT 132.20 298.00 Td (of ) Tj ET Q q 0 0 0 rg BT 144.11 298.00 Td (the ) Tj ET Q q 0 0 0 rg BT 160.30 298.00 Td (Index, ) Tj ET Q q 0 0 0 rg BT 190.85 298.00 Td (before ) Tj ET Q q 0 0 0 rg BT 221.69 298.00 Td (fees ) Tj ET Q q 0 0 0 rg BT 242.15 298.00 Td (and ) Tj ET Q q 0 0 0 rg BT 260.78 298.00 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 305.99 298.00 Td (will ) Tj ET Q q 0 0 0 rg BT 325.85 298.00 Td (be ) Tj ET Q q 0 0 0 rg BT 338.98 298.00 Td (95% ) Tj ET Q q 0 0 0 rg BT 361.90 298.00 Td (or ) Tj ET Q q 0 0 0 rg BT 373.81 298.00 Td (better) Tj ET Q q 0 0 0 rg BT 398.24 298.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 275.80 Td (The ) Tj ET Q q 0 0 0 rg BT 55.89 275.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 81.29 275.80 Td (will ) Tj ET Q q 0 0 0 rg BT 101.19 275.80 Td (generally ) Tj ET Q q 0 0 0 rg BT 144.89 275.80 Td (use ) Tj ET Q q 0 0 0 rg BT 162.34 275.80 Td (a ) Tj ET Q q 0 0 0 rg BT 170.01 275.80 Td (replication ) Tj ET Q q 0 0 0 rg BT 229.59 275.80 Td (strategy ) Tj ET Q q 0 0 0 rg BT 267.20 275.80 Td (to ) Tj ET Q q 0 0 0 rg BT 278.54 275.80 Td (achieve ) Tj ET Q q 0 0 0 rg BT 314.91 275.80 Td (its ) Tj ET Q q 0 0 0 rg BT 328.09 275.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 379.15 275.80 Td (objective, ) Tj ET Q q 0 0 0 rg BT 425.00 275.80 Td (meaning ) Tj ET Q q 0 0 0 rg BT 465.66 275.80 Td (it ) Tj ET Q q 0 0 0 rg BT 474.56 275.80 Td (will ) Tj ET Q q 0 0 0 rg BT 494.45 275.80 Td (invest ) Tj ET Q q 0 0 0 rg BT 523.51 275.80 Td (in ) Tj ET Q q 0 0 0 rg BT 534.86 275.80 Td (all ) Tj ET Q q 0 0 0 rg BT 548.64 275.80 Td (of ) Tj ET Q q 0 0 0 rg BT 560.58 275.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 262.60 Td (component ) Tj ET Q q 0 0 0 rg BT 87.63 262.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 131.92 262.60 Td (of ) Tj ET Q q 0 0 0 rg BT 143.83 262.60 Td (the ) Tj ET Q q 0 0 0 rg BT 160.02 262.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 187.81 262.60 Td (in ) Tj ET Q q 0 0 0 rg BT 199.12 262.60 Td (the ) Tj ET Q q 0 0 0 rg BT 215.31 262.60 Td (same ) Tj ET Q q 0 0 0 rg BT 240.66 262.60 Td (approximate ) Tj ET Q q 0 0 0 rg BT 298.39 262.60 Td (proportion ) Tj ET Q q 0 0 0 rg BT 347.58 262.60 Td (as ) Tj ET Q q 0 0 0 rg BT 359.49 262.60 Td (in ) Tj ET Q q 0 0 0 rg BT 370.80 262.60 Td (the ) Tj ET Q q 0 0 0 rg BT 386.98 262.60 Td (Index.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 240.40 Td (The ) Tj ET Q q 0 0 0 rg BT 56.10 240.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 81.72 240.40 Td (will ) Tj ET Q q 0 0 0 rg BT 101.84 240.40 Td (be ) Tj ET Q q 0 0 0 rg BT 115.22 240.40 Td (considered ) Tj ET Q q 0 0 0 rg BT 165.87 240.40 Td (to ) Tj ET Q q 0 0 0 rg BT 177.43 240.40 Td (be ) Tj ET Q q 0 0 0 rg BT 190.82 240.40 Td (non-diversified, ) Tj ET Q q 0 0 0 rg BT 263.77 240.40 Td (which ) Tj ET Q q 0 0 0 rg BT 293.66 240.40 Td (means ) Tj ET Q q 0 0 0 rg BT 324.76 240.40 Td (that ) Tj ET Q q 0 0 0 rg BT 344.26 240.40 Td (it ) Tj ET Q q 0 0 0 rg BT 353.37 240.40 Td (may ) Tj ET Q q 0 0 0 rg BT 375.31 240.40 Td (invest ) Tj ET Q q 0 0 0 rg BT 404.59 240.40 Td (more ) Tj ET Q q 0 0 0 rg BT 430.20 240.40 Td (of ) Tj ET Q q 0 0 0 rg BT 442.36 240.40 Td (its ) Tj ET Q q 0 0 0 rg BT 455.76 240.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 484.42 240.40 Td (in ) Tj ET Q q 0 0 0 rg BT 495.98 240.40 Td (the ) Tj ET Q q 0 0 0 rg BT 512.42 240.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 556.96 240.40 Td (of ) Tj ET Q q 0 0 0 rg BT 569.13 240.40 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 227.20 Td (single ) Tj ET Q q 0 0 0 rg BT 65.03 227.20 Td (issuer ) Tj ET Q q 0 0 0 rg BT 93.44 227.20 Td (or ) Tj ET Q q 0 0 0 rg BT 105.35 227.20 Td (a ) Tj ET Q q 0 0 0 rg BT 112.98 227.20 Td (smaller ) Tj ET Q q 0 0 0 rg BT 148.11 227.20 Td (number ) Tj ET Q q 0 0 0 rg BT 184.46 227.20 Td (of ) Tj ET Q q 0 0 0 rg BT 196.38 227.20 Td (issuers ) Tj ET Q q 0 0 0 rg BT 229.07 227.20 Td (than ) Tj ET Q q 0 0 0 rg BT 250.76 227.20 Td (if ) Tj ET Q q 0 0 0 rg BT 260.23 227.20 Td (it ) Tj ET Q q 0 0 0 rg BT 269.09 227.20 Td (were ) Tj ET Q q 0 0 0 rg BT 293.21 227.20 Td (a ) Tj ET Q q 0 0 0 rg BT 300.84 227.20 Td (diversified ) Tj ET Q q 0 0 0 rg BT 350.63 227.20 Td (fund.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 205.00 Td (Principal ) Tj ET Q q 0 0 0 rg BT 82.14 205.00 Td (Risks ) Tj ET Q q 0 0 0 rg BT 110.57 205.00 Td (of ) Tj ET Q q 0 0 0 rg BT 122.48 205.00 Td (Investing ) Tj ET Q q 0 0 0 rg BT 168.63 205.00 Td (in ) Tj ET Q q 0 0 0 rg BT 180.55 205.00 Td (the ) Tj ET Q q 0 0 0 rg BT 197.97 205.00 Td (Fund) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 191.80 Td (Y) Tj ET Q q 0 0 0 rg BT 42.84 191.80 Td (ou ) Tj ET Q q 0 0 0 rg BT 56.61 191.80 Td (can ) Tj ET Q q 0 0 0 rg BT 74.64 191.80 Td (lose ) Tj ET Q q 0 0 0 rg BT 95.13 191.80 Td (money ) Tj ET Q q 0 0 0 rg BT 127.83 191.80 Td (on ) Tj ET Q q 0 0 0 rg BT 141.60 191.80 Td (your ) Tj ET Q q 0 0 0 rg BT 164.52 191.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 215.56 191.80 Td (in ) Tj ET Q q 0 0 0 rg BT 226.88 191.80 Td (the ) Tj ET Q q 0 0 0 rg BT 243.09 191.80 Td (Fund. ) Tj ET Q q 0 0 0 rg BT 271.02 191.80 Td (The ) Tj ET Q q 0 0 0 rg BT 290.89 191.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 316.27 191.80 Td (is ) Tj ET Q q 0 0 0 rg BT 326.38 191.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 360.30 191.80 Td (to ) Tj ET Q q 0 0 0 rg BT 371.62 191.80 Td (the ) Tj ET Q q 0 0 0 rg BT 387.83 191.80 Td (risks ) Tj ET Q q 0 0 0 rg BT 411.37 191.80 Td (described ) Tj ET Q q 0 0 0 rg BT 456.29 191.80 Td (below) Tj ET Q q 0 0 0 rg BT 482.46 191.80 Td (. ) Tj ET Q q 0 0 0 rg BT 487.97 191.80 Td (Some ) Tj ET Q q 0 0 0 rg BT 515.79 191.80 Td (or ) Tj ET Q q 0 0 0 rg BT 527.72 191.80 Td (all ) Tj ET Q q 0 0 0 rg BT 541.48 191.80 Td (of ) Tj ET Q q 0 0 0 rg BT 553.41 191.80 Td (these ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 178.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 59.97 178.60 Td (may ) Tj ET Q q 0 0 0 rg BT 82.09 178.60 Td (adversely ) Tj ET Q q 0 0 0 rg BT 127.43 178.60 Td (af) Tj ET Q q 0 0 0 rg BT 135.77 178.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 155.44 178.60 Td (the ) Tj ET Q q 0 0 0 rg BT 172.07 178.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 197.74 178.60 Td (s ) Tj ET Q q 0 0 0 rg BT 205.21 178.60 Td (net ) Tj ET Q q 0 0 0 rg BT 221.83 178.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 246.40 178.60 Td (value ) Tj ET Q q 0 0 0 rg BT 273.41 178.60 Td (per ) Tj ET Q q 0 0 0 rg BT 290.64 178.60 Td (share ) Tj ET Q q 0 0 0 rg BT 317.04 178.60 Td (\(NA) Tj ET Q q 0 0 0 rg BT 340.05 178.60 Td (V\), ) Tj ET Q q 0 0 0 rg BT 362.48 178.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 396.82 178.60 Td (price, ) Tj ET Q q 0 0 0 rg BT 424.74 178.60 Td (yield, ) Tj ET Q q 0 0 0 rg BT 452.67 178.60 Td (total ) Tj ET Q q 0 0 0 rg BT 475.41 178.60 Td (return ) Tj ET Q q 0 0 0 rg BT 504.86 178.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 536.15 178.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 567.44 178.60 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 165.40 Td (meet ) Tj ET Q q 0 0 0 rg BT 60.43 165.40 Td (its ) Tj ET Q q 0 0 0 rg BT 73.87 165.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 125.19 165.40 Td (objective. ) Tj ET Q q 0 0 0 rg BT 171.30 165.40 Td (For ) Tj ET Q q 0 0 0 rg BT 189.63 165.40 Td (more ) Tj ET Q q 0 0 0 rg BT 215.28 165.40 Td (information ) Tj ET Q q 0 0 0 rg BT 270.27 165.40 Td (about ) Tj ET Q q 0 0 0 rg BT 297.75 165.40 Td (the ) Tj ET Q q 0 0 0 rg BT 314.24 165.40 Td (risks ) Tj ET Q q 0 0 0 rg BT 338.07 165.40 Td (of ) Tj ET Q q 0 0 0 rg BT 350.28 165.40 Td (investing ) Tj ET Q q 0 0 0 rg BT 393.67 165.40 Td (in ) Tj ET Q q 0 0 0 rg BT 405.27 165.40 Td (the ) Tj ET Q q 0 0 0 rg BT 421.76 165.40 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 450.18 165.40 Td (see ) Tj ET Q q 0 0 0 rg BT 467.27 165.40 Td (the ) Tj ET Q q 0 0 0 rg BT 483.76 165.40 Td (section ) Tj ET Q q 0 0 0 rg BT 517.96 165.40 Td (in ) Tj ET Q q 0 0 0 rg BT 529.57 165.40 Td (the ) Tj ET Q q 0 0 0 rg BT 546.06 165.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.73 165.40 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 152.20 Td (Prospectus, ) Tj ET Q q 0 0 0 rg BT 89.16 152.20 Td (titled ) Tj ET Q q 0 0 0 rg BT 114.52 152.20 Td (Additional ) Tj ET Q q 0 0 0 rg BT 169.20 152.20 Td (Information ) Tj ET Q q 0 0 0 rg BT 224.49 152.20 Td (about ) Tj ET Q q 0 0 0 rg BT 251.68 152.20 Td (the ) Tj ET Q q 0 0 0 rg BT 267.87 152.20 Td (Principal ) Tj ET Q q 0 0 0 rg BT 310.33 152.20 Td (Risks ) Tj ET Q q 0 0 0 rg BT 337.54 152.20 Td (of ) Tj ET Q q 0 0 0 rg BT 349.45 152.20 Td (Investing ) Tj ET Q q 0 0 0 rg BT 393.14 152.20 Td (in ) Tj ET Q q 0 0 0 rg BT 404.45 152.20 Td (the ) Tj ET Q q 0 0 0 rg BT 420.63 152.20 Td (Funds.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 4.00 0 0 11.00 36.00 127.63 cm /I2 Do Q q 0 0 0 rg BT 40.00 130.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 130.00 Td (Calculation ) Tj ET Q q 0 0 0 rg BT 106.97 130.00 Td (Methodology ) Tj ET Q q 0 0 0 rg BT 171.77 130.00 Td (Risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.92 130.00 Td ( ) Tj ET Q q 0 0 0 rg BT 198.77 130.00 Td (The ) Tj ET Q q 0 0 0 rg BT 218.95 130.00 Td (Index ) Tj ET Q q 0 0 0 rg BT 247.07 130.00 Td (relies ) Tj ET Q q 0 0 0 rg BT 273.97 130.00 Td (directly ) Tj ET Q q 0 0 0 rg BT 310.65 130.00 Td (or ) Tj ET Q q 0 0 0 rg BT 322.89 130.00 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 368.12 130.00 Td (on ) Tj ET Q q 0 0 0 rg BT 382.19 130.00 Td (various ) Tj ET Q q 0 0 0 rg BT 417.65 130.00 Td (sources ) Tj ET Q q 0 0 0 rg BT 453.72 130.00 Td (of ) Tj ET Q q 0 0 0 rg BT 465.96 130.00 Td (information ) Tj ET Q q 0 0 0 rg BT 520.97 130.00 Td (to ) Tj ET Q q 0 0 0 rg BT 532.61 130.00 Td (assess ) Tj ET Q q 0 0 0 rg BT 562.57 130.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 116.80 Td (criteria ) Tj ET Q q 0 0 0 rg BT 83.36 116.80 Td (of ) Tj ET Q q 0 0 0 rg BT 95.25 116.80 Td (issuers ) Tj ET Q q 0 0 0 rg BT 127.92 116.80 Td (included ) Tj ET Q q 0 0 0 rg BT 168.52 116.80 Td (in ) Tj ET Q q 0 0 0 rg BT 179.80 116.80 Td (the ) Tj ET Q q 0 0 0 rg BT 195.96 116.80 Td (Index, ) Tj ET Q q 0 0 0 rg BT 226.48 116.80 Td (including ) Tj ET Q q 0 0 0 rg BT 270.75 116.80 Td (information ) Tj ET Q q 0 0 0 rg BT 325.41 116.80 Td (that ) Tj ET Q q 0 0 0 rg BT 344.63 116.80 Td (may ) Tj ET Q q 0 0 0 rg BT 366.29 116.80 Td (be ) Tj ET Q q 0 0 0 rg BT 379.39 116.80 Td (based ) Tj ET Q q 0 0 0 rg BT 407.16 116.80 Td (on ) Tj ET Q q 0 0 0 rg BT 420.88 116.80 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 478.00 116.80 Td (and ) Tj ET Q q 0 0 0 rg BT 496.61 116.80 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 543.01 116.80 Td (Neither ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 65.65 103.60 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 93.73 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 109.87 103.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 137.63 103.60 Td (Provider) Tj ET Q q 0 0 0 rg BT 175.07 103.60 Td (, ) Tj ET Q q 0 0 0 rg BT 180.53 103.60 Td (or ) Tj ET Q q 0 0 0 rg BT 192.40 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 207.96 103.60 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 245.49 103.60 Td (can ) Tj ET Q q 0 0 0 rg BT 263.47 103.60 Td (of) Tj ET Q q 0 0 0 rg BT 272.43 103.60 Td (fer ) Tj ET Q q 0 0 0 rg BT 287.35 103.60 Td (assurances ) Tj ET Q q 0 0 0 rg BT 337.09 103.60 Td (that ) Tj ET Q q 0 0 0 rg BT 356.30 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 372.45 103.60 Td (Index) Tj ET Q q 0 0 0 rg BT 400.55 103.60 Td (s ) Tj ET Q q 0 0 0 rg BT 407.54 103.60 Td (calculation ) Tj ET Q q 0 0 0 rg BT 458.50 103.60 Td (methodology ) Tj ET Q q 0 0 0 rg BT 519.26 103.60 Td (or ) Tj ET Q q 0 0 0 rg BT 531.14 103.60 Td (sources ) Tj ET Q q 0 0 0 rg BT 566.84 103.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 90.40 Td (information ) Tj ET Q q 0 0 0 rg BT 105.15 90.40 Td (will ) Tj ET Q q 0 0 0 rg BT 125.98 90.40 Td (provide ) Tj ET Q q 0 0 0 rg BT 163.29 90.40 Td (an ) Tj ET Q q 0 0 0 rg BT 177.39 90.40 Td (accurate ) Tj ET Q q 0 0 0 rg BT 217.74 90.40 Td (assessment ) Tj ET Q q 0 0 0 rg BT 270.33 90.40 Td (of ) Tj ET Q q 0 0 0 rg BT 283.21 90.40 Td (included ) Tj ET Q q 0 0 0 rg BT 324.81 90.40 Td (issuers ) Tj ET Q q 0 0 0 rg BT 358.46 90.40 Td (or ) Tj ET Q q 0 0 0 rg BT 371.34 90.40 Td (a ) Tj ET Q q 0 0 0 rg BT 379.94 90.40 Td (correct ) Tj ET Q q 0 0 0 rg BT 414.19 90.40 Td (valuation ) Tj ET Q q 0 0 0 rg BT 458.83 90.40 Td (of ) Tj ET Q q 0 0 0 rg BT 471.71 90.40 Td (securities, ) Tj ET Q q 0 0 0 rg BT 519.72 90.40 Td (nor ) Tj ET Q q 0 0 0 rg BT 538.10 90.40 Td (can ) Tj ET Q q 0 0 0 rg BT 557.08 90.40 Td (they ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 77.20 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 95.00 77.20 Td (the ) Tj ET Q q 0 0 0 rg BT 111.19 77.20 Td (availability ) Tj ET Q q 0 0 0 rg BT 163.42 77.20 Td (or ) Tj ET Q q 0 0 0 rg BT 175.33 77.20 Td (timeliness ) Tj ET Q q 0 0 0 rg BT 222.69 77.20 Td (of ) Tj ET Q q 0 0 0 rg BT 234.60 77.20 Td (the ) Tj ET Q q 0 0 0 rg BT 250.79 77.20 Td (production ) Tj ET Q q 0 0 0 rg BT 301.20 77.20 Td (of ) Tj ET Q q 0 0 0 rg BT 313.11 77.20 Td (the ) Tj ET Q q 0 0 0 rg BT 329.30 77.20 Td (Index.) 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 /GS0 gs q 4.00 0 0 10.82 36.00 737.23 cm /I3 Do Q /GS0 gs q 9.50 0 0 10.82 40.00 737.23 cm /I4 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 739.60 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 121.09 739.60 Td (Risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 145.24 739.60 Td ( ) Tj ET Q q 0 0 0 rg BT 149.00 739.60 Td (If ) Tj ET Q q 0 0 0 rg BT 160.09 739.60 Td (the ) Tj ET Q q 0 0 0 rg BT 177.29 739.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 206.10 739.60 Td (concentrates ) Tj ET Q q 0 0 0 rg BT 264.83 739.60 Td (in ) Tj ET Q q 0 0 0 rg BT 277.15 739.60 Td (an ) Tj ET Q q 0 0 0 rg BT 291.30 739.60 Td (industry ) Tj ET Q q 0 0 0 rg BT 331.12 739.60 Td (or ) Tj ET Q q 0 0 0 rg BT 344.05 739.60 Td (group ) Tj ET Q q 0 0 0 rg BT 373.47 739.60 Td (of ) Tj ET Q q 0 0 0 rg BT 386.40 739.60 Td (industries, ) Tj ET Q q 0 0 0 rg BT 435.69 739.60 Td (the ) Tj ET Q q 0 0 0 rg BT 452.89 739.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 478.57 739.60 Td (s ) Tj ET Q q 0 0 0 rg BT 486.61 739.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 542.92 739.60 Td (may ) Tj ET Q q 0 0 0 rg BT 565.63 739.60 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 726.40 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 108.22 726.40 Td (accordingly) Tj ET Q q 0 0 0 rg BT 159.43 726.40 Td (. ) Tj ET Q q 0 0 0 rg BT 164.71 726.40 Td (In ) Tj ET Q q 0 0 0 rg BT 176.41 726.40 Td (such ) Tj ET Q q 0 0 0 rg BT 199.10 726.40 Td (event, ) Tj ET Q q 0 0 0 rg BT 228.21 726.40 Td (the ) Tj ET Q q 0 0 0 rg BT 244.18 726.40 Td (value ) Tj ET Q q 0 0 0 rg BT 270.53 726.40 Td (of ) Tj ET Q q 0 0 0 rg BT 282.23 726.40 Td (the ) Tj ET Q q 0 0 0 rg BT 298.20 726.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 323.87 726.40 Td (s ) Tj ET Q q 0 0 0 rg BT 330.68 726.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 360.71 726.40 Td (may ) Tj ET Q q 0 0 0 rg BT 382.18 726.40 Td (rise ) Tj ET Q q 0 0 0 rg BT 400.59 726.40 Td (and ) Tj ET Q q 0 0 0 rg BT 419.01 726.40 Td (fall ) Tj ET Q q 0 0 0 rg BT 436.20 726.40 Td (more ) Tj ET Q q 0 0 0 rg BT 461.33 726.40 Td (than ) Tj ET Q q 0 0 0 rg BT 482.80 726.40 Td (the ) Tj ET Q q 0 0 0 rg BT 498.77 726.40 Td (value ) Tj ET Q q 0 0 0 rg BT 525.13 726.40 Td (of ) Tj ET Q q 0 0 0 rg BT 536.82 726.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 566.85 726.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 713.20 Td (a ) Tj ET Q q 0 0 0 rg BT 57.16 713.20 Td (fund ) Tj ET Q q 0 0 0 rg BT 80.09 713.20 Td (that ) Tj ET Q q 0 0 0 rg BT 99.36 713.20 Td (invests ) Tj ET Q q 0 0 0 rg BT 132.69 713.20 Td (in ) Tj ET Q q 0 0 0 rg BT 144.02 713.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 188.33 713.20 Td (of ) Tj ET Q q 0 0 0 rg BT 200.27 713.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 250.08 713.20 Td (in ) Tj ET Q q 0 0 0 rg BT 261.41 713.20 Td (a ) Tj ET Q q 0 0 0 rg BT 269.06 713.20 Td (broader ) Tj ET Q q 0 0 0 rg BT 305.43 713.20 Td (range ) Tj ET Q q 0 0 0 rg BT 332.63 713.20 Td (of ) Tj ET Q q 0 0 0 rg BT 344.56 713.20 Td (industries. ) Tj ET Q q 0 0 0 rg BT 392.86 713.20 Td (In ) Tj ET Q q 0 0 0 rg BT 404.80 713.20 Td (addition, ) Tj ET Q q 0 0 0 rg BT 446.37 713.20 Td (at ) Tj ET Q q 0 0 0 rg BT 457.08 713.20 Td (times, ) Tj ET Q q 0 0 0 rg BT 486.44 713.20 Td (an ) Tj ET Q q 0 0 0 rg BT 499.59 713.20 Td (industry ) Tj ET Q q 0 0 0 rg BT 538.42 713.20 Td (or ) Tj ET Q q 0 0 0 rg BT 550.36 713.20 Td (group ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 700.00 Td (of ) Tj ET Q q 0 0 0 rg BT 62.55 700.00 Td (industries ) Tj ET Q q 0 0 0 rg BT 109.21 700.00 Td (in ) Tj ET Q q 0 0 0 rg BT 121.65 700.00 Td (which ) Tj ET Q q 0 0 0 rg BT 152.42 700.00 Td (the ) Tj ET Q q 0 0 0 rg BT 169.74 700.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 196.24 700.00 Td (is ) Tj ET Q q 0 0 0 rg BT 207.46 700.00 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 267.54 700.00 Td (may ) Tj ET Q q 0 0 0 rg BT 290.36 700.00 Td (be ) Tj ET Q q 0 0 0 rg BT 304.63 700.00 Td (out ) Tj ET Q q 0 0 0 rg BT 322.57 700.00 Td (of ) Tj ET Q q 0 0 0 rg BT 335.61 700.00 Td (favor ) Tj ET Q q 0 0 0 rg BT 362.71 700.00 Td (and ) Tj ET Q q 0 0 0 rg BT 382.47 700.00 Td (underperform ) Tj ET Q q 0 0 0 rg BT 446.83 700.00 Td (other ) Tj ET Q q 0 0 0 rg BT 473.32 700.00 Td (industries ) Tj ET Q q 0 0 0 rg BT 519.98 700.00 Td (or ) Tj ET Q q 0 0 0 rg BT 533.03 700.00 Td (groups ) Tj ET Q q 0 0 0 rg BT 566.86 700.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 686.80 Td (industries.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 662.23 cm /I5 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 662.23 cm /I6 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 664.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 84.18 664.60 Td (Market ) Tj ET Q q 0 0 0 rg BT 122.50 664.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.55 664.60 Td (The ) Tj ET Q q 0 0 0 rg BT 169.54 664.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 199.93 664.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 244.36 664.60 Td (held ) Tj ET Q q 0 0 0 rg BT 266.19 664.60 Td (in ) Tj ET Q q 0 0 0 rg BT 277.64 664.60 Td (the ) Tj ET Q q 0 0 0 rg BT 293.97 664.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 319.64 664.60 Td (s ) Tj ET Q q 0 0 0 rg BT 326.82 664.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 368.20 664.60 Td (may ) Tj ET Q q 0 0 0 rg BT 390.04 664.60 Td (experience ) Tj ET Q q 0 0 0 rg BT 440.56 664.60 Td (sudden, ) Tj ET Q q 0 0 0 rg BT 477.36 664.60 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 540.12 664.60 Td (drops ) Tj ET Q q 0 0 0 rg BT 567.45 664.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 651.40 Td (value ) Tj ET Q q 0 0 0 rg BT 76.54 651.40 Td (or ) Tj ET Q q 0 0 0 rg BT 88.92 651.40 Td (long ) Tj ET Q q 0 0 0 rg BT 111.70 651.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 147.30 651.40 Td (of ) Tj ET Q q 0 0 0 rg BT 159.69 651.40 Td (decline ) Tj ET Q q 0 0 0 rg BT 194.67 651.40 Td (in ) Tj ET Q q 0 0 0 rg BT 206.44 651.40 Td (value. ) Tj ET Q q 0 0 0 rg BT 236.00 651.40 Td (This ) Tj ET Q q 0 0 0 rg BT 258.78 651.40 Td (may ) Tj ET Q q 0 0 0 rg BT 280.94 651.40 Td (occur ) Tj ET Q q 0 0 0 rg BT 308.58 651.40 Td (because ) Tj ET Q q 0 0 0 rg BT 346.61 651.40 Td (of ) Tj ET Q q 0 0 0 rg BT 359.00 651.40 Td (factors ) Tj ET Q q 0 0 0 rg BT 392.15 651.40 Td (that ) Tj ET Q q 0 0 0 rg BT 411.86 651.40 Td (af) Tj ET Q q 0 0 0 rg BT 420.21 651.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 439.91 651.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 484.67 651.40 Td (markets ) Tj ET Q q 0 0 0 rg BT 522.71 651.40 Td (generally ) Tj ET Q q 0 0 0 rg BT 566.85 651.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 638.20 Td (factors ) Tj ET Q q 0 0 0 rg BT 82.37 638.20 Td (af) Tj ET Q q 0 0 0 rg BT 90.72 638.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 124.20 638.20 Td (specific ) Tj ET Q q 0 0 0 rg BT 161.35 638.20 Td (industries, ) Tj ET Q q 0 0 0 rg BT 209.82 638.20 Td (sectors ) Tj ET Q q 0 0 0 rg BT 243.31 638.20 Td (or ) Tj ET Q q 0 0 0 rg BT 255.41 638.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 305.40 638.20 Td (in ) Tj ET Q q 0 0 0 rg BT 316.89 638.20 Td (which ) Tj ET Q q 0 0 0 rg BT 346.72 638.20 Td (the ) Tj ET Q q 0 0 0 rg BT 363.10 638.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 388.66 638.20 Td (invests. ) Tj ET Q q 0 0 0 rg BT 424.91 638.20 Td (Common ) Tj ET Q q 0 0 0 rg BT 468.81 638.20 Td (stocks ) Tj ET Q q 0 0 0 rg BT 499.25 638.20 Td (are ) Tj ET Q q 0 0 0 rg BT 515.62 638.20 Td (susceptible ) Tj ET Q q 0 0 0 rg BT 567.44 638.20 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 625.00 Td (general ) Tj ET Q q 0 0 0 rg BT 84.06 625.00 Td (stock ) Tj ET Q q 0 0 0 rg BT 109.47 625.00 Td (market ) Tj ET Q q 0 0 0 rg BT 142.20 625.00 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 196.32 625.00 Td (and ) Tj ET Q q 0 0 0 rg BT 214.39 625.00 Td (to ) Tj ET Q q 0 0 0 rg BT 225.14 625.00 Td (volatile ) Tj ET Q q 0 0 0 rg BT 260.32 625.00 Td (increases ) Tj ET Q q 0 0 0 rg BT 302.82 625.00 Td (and ) Tj ET Q q 0 0 0 rg BT 320.89 625.00 Td (decreases ) Tj ET Q q 0 0 0 rg BT 365.21 625.00 Td (in ) Tj ET Q q 0 0 0 rg BT 375.96 625.00 Td (value ) Tj ET Q q 0 0 0 rg BT 401.97 625.00 Td (as ) Tj ET Q q 0 0 0 rg BT 413.32 625.00 Td (market ) Tj ET Q q 0 0 0 rg BT 446.05 625.00 Td (confidence ) Tj ET Q q 0 0 0 rg BT 496.49 625.00 Td (in ) Tj ET Q q 0 0 0 rg BT 507.24 625.00 Td (and ) Tj ET Q q 0 0 0 rg BT 525.31 625.00 Td (perceptions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 611.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 611.80 Td (their ) Tj ET Q q 0 0 0 rg BT 84.32 611.80 Td (issuers ) Tj ET Q q 0 0 0 rg BT 117.01 611.80 Td (change.) Tj ET Q BT /F1 11.00 Tf ET /GS0 gs q 4.00 0 0 11.00 36.00 587.23 cm /I7 Do Q q 0 0 0 rg BT 40.00 589.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 589.60 Td (ETF) Tj ET Q q 0 0 0 rg BT 70.48 589.60 Td ( ) Tj ET Q q 0 0 0 rg BT 73.23 589.60 Td (Risks.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 101.66 589.60 Td ( ) Tj ET Q q 0 0 0 rg BT 104.22 589.60 Td (The ) Tj ET Q q 0 0 0 rg BT 124.07 589.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 149.43 589.60 Td (is ) Tj ET Q q 0 0 0 rg BT 159.52 589.60 Td (an ) Tj ET Q q 0 0 0 rg BT 172.65 589.60 Td (ETF ) Tj ET Q q 0 0 0 rg BT 194.96 589.60 Td (and, ) Tj ET Q q 0 0 0 rg BT 216.34 589.60 Td (as ) Tj ET Q q 0 0 0 rg BT 228.26 589.60 Td (a ) Tj ET Q q 0 0 0 rg BT 235.89 589.60 Td (result ) Tj ET Q q 0 0 0 rg BT 263.08 589.60 Td (of ) Tj ET Q q 0 0 0 rg BT 274.99 589.60 Td (an ) Tj ET Q q 0 0 0 rg BT 288.12 589.60 Td (ETF) Tj ET Q q 0 0 0 rg BT 310.73 589.60 Td (s ) Tj ET Q q 0 0 0 rg BT 317.76 589.60 Td (structure, ) Tj ET Q q 0 0 0 rg BT 361.75 589.60 Td (is ) Tj ET Q q 0 0 0 rg BT 371.84 589.60 Td (exposed ) Tj ET Q q 0 0 0 rg BT 410.63 589.60 Td (to ) Tj ET Q q 0 0 0 rg BT 421.94 589.60 Td (the ) Tj ET Q q 0 0 0 rg BT 438.13 589.60 Td (following ) Tj ET Q q 0 0 0 rg BT 483.65 589.60 Td (risks:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 565.03 cm /I8 Do Q q 0 0 0 rg BT 58.00 567.40 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 567.40 Td (Authorized ) Tj ET Q q 0 0 0 rg BT 124.13 567.40 Td (Participants ) Tj ET Q q 0 0 0 rg BT 182.37 567.40 Td (\(APs\), ) Tj ET Q q 0 0 0 rg BT 226.26 567.40 Td (Market ) Tj ET Q q 0 0 0 rg BT 261.87 567.40 Td (Makers, ) Tj ET Q q 0 0 0 rg BT 301.47 567.40 Td (and ) Tj ET Q q 0 0 0 rg BT 321.82 567.40 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 365.40 567.40 Td (Pr) Tj ET Q q 0 0 0 rg BT 375.99 567.40 Td (oviders ) Tj ET Q q 0 0 0 rg BT 412.23 567.40 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 479.63 567.40 Td (Risk.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 501.32 567.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 505.18 567.40 Td (The ) Tj ET Q q 0 0 0 rg BT 526.13 567.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 552.60 567.40 Td (has ) Tj ET Q q 0 0 0 rg BT 571.12 567.40 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 554.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 106.12 554.20 Td (number ) Tj ET Q q 0 0 0 rg BT 142.68 554.20 Td (of ) Tj ET Q q 0 0 0 rg BT 154.81 554.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.24 554.20 Td (institutions ) Tj ET Q q 0 0 0 rg BT 248.10 554.20 Td (that ) Tj ET Q q 0 0 0 rg BT 267.56 554.20 Td (may ) Tj ET Q q 0 0 0 rg BT 289.45 554.20 Td (act ) Tj ET Q q 0 0 0 rg BT 305.23 554.20 Td (as ) Tj ET Q q 0 0 0 rg BT 316.70 554.20 Td (APs. ) Tj ET Q q 0 0 0 rg BT 340.76 554.20 Td (In ) Tj ET Q q 0 0 0 rg BT 352.88 554.20 Td (addition, ) Tj ET Q q 0 0 0 rg BT 394.64 554.20 Td (there ) Tj ET Q q 0 0 0 rg BT 419.58 554.20 Td (may ) Tj ET Q q 0 0 0 rg BT 441.48 554.20 Td (be ) Tj ET Q q 0 0 0 rg BT 454.82 554.20 Td (a ) Tj ET Q q 0 0 0 rg BT 462.66 554.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 496.79 554.20 Td (number ) Tj ET Q q 0 0 0 rg BT 533.35 554.20 Td (of ) Tj ET Q q 0 0 0 rg BT 545.47 554.20 Td (market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 541.00 Td (makers ) Tj ET Q q 0 0 0 rg BT 106.90 541.00 Td (and/or ) Tj ET Q q 0 0 0 rg BT 138.15 541.00 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 178.57 541.00 Td (providers ) Tj ET Q q 0 0 0 rg BT 223.25 541.00 Td (in ) Tj ET Q q 0 0 0 rg BT 234.95 541.00 Td (the ) Tj ET Q q 0 0 0 rg BT 251.52 541.00 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 310.93 541.00 Td (T) Tj ET Q q 0 0 0 rg BT 316.88 541.00 Td (o ) Tj ET Q q 0 0 0 rg BT 325.52 541.00 Td (the ) Tj ET Q q 0 0 0 rg BT 342.10 541.00 Td (extent ) Tj ET Q q 0 0 0 rg BT 372.12 541.00 Td (either ) Tj ET Q q 0 0 0 rg BT 400.30 541.00 Td (of ) Tj ET Q q 0 0 0 rg BT 412.60 541.00 Td (the ) Tj ET Q q 0 0 0 rg BT 429.18 541.00 Td (following ) Tj ET Q q 0 0 0 rg BT 475.09 541.00 Td (events ) Tj ET Q q 0 0 0 rg BT 506.33 541.00 Td (occur) Tj ET Q q 0 0 0 rg BT 530.32 541.00 Td (, ) Tj ET Q q 0 0 0 rg BT 536.21 541.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 566.84 541.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 527.80 Td (the ) Tj ET Q q 0 0 0 rg BT 87.98 527.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 113.14 527.80 Td (may ) Tj ET Q q 0 0 0 rg BT 134.62 527.80 Td (trade ) Tj ET Q q 0 0 0 rg BT 159.15 527.80 Td (at ) Tj ET Q q 0 0 0 rg BT 169.63 527.80 Td (a ) Tj ET Q q 0 0 0 rg BT 177.05 527.80 Td (material ) Tj ET Q q 0 0 0 rg BT 215.63 527.80 Td (discount ) Tj ET Q q 0 0 0 rg BT 255.45 527.80 Td (to ) Tj ET Q q 0 0 0 rg BT 266.54 527.80 Td (NA) Tj ET Q q 0 0 0 rg BT 281.01 527.80 Td (V) Tj ET Q q 0 0 0 rg BT 288.76 527.80 Td ( ) Tj ET Q q 0 0 0 rg BT 291.30 527.80 Td (and ) Tj ET Q q 0 0 0 rg BT 309.72 527.80 Td (possibly ) Tj ET Q q 0 0 0 rg BT 348.94 527.80 Td (face ) Tj ET Q q 0 0 0 rg BT 369.79 527.80 Td (delisting: ) Tj ET Q q 0 0 0 rg BT 413.28 527.80 Td (\(i\)) Tj ET Q q 0 0 0 rg BT 425.80 527.80 Td (APs ) Tj ET Q q 0 0 0 rg BT 446.69 527.80 Td (exit ) Tj ET Q q 0 0 0 rg BT 465.72 527.80 Td (the ) Tj ET Q q 0 0 0 rg BT 481.71 527.80 Td (business ) Tj ET Q q 0 0 0 rg BT 521.53 527.80 Td (or ) Tj ET Q q 0 0 0 rg BT 533.23 527.80 Td (otherwise ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 514.60 Td (become ) Tj ET Q q 0 0 0 rg BT 108.15 514.60 Td (unable ) Tj ET Q q 0 0 0 rg BT 139.42 514.60 Td (to ) Tj ET Q q 0 0 0 rg BT 149.92 514.60 Td (process ) Tj ET Q q 0 0 0 rg BT 184.86 514.60 Td (creation ) Tj ET Q q 0 0 0 rg BT 222.23 514.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 252.28 514.60 Td (redemption ) Tj ET Q q 0 0 0 rg BT 304.33 514.60 Td (orders ) Tj ET Q q 0 0 0 rg BT 333.76 514.60 Td (and ) Tj ET Q q 0 0 0 rg BT 351.60 514.60 Td (no ) Tj ET Q q 0 0 0 rg BT 364.54 514.60 Td (other ) Tj ET Q q 0 0 0 rg BT 388.66 514.60 Td (APs ) Tj ET Q q 0 0 0 rg BT 408.95 514.60 Td (step ) Tj ET Q q 0 0 0 rg BT 428.62 514.60 Td (forward ) Tj ET Q q 0 0 0 rg BT 465.39 514.60 Td (to ) Tj ET Q q 0 0 0 rg BT 475.89 514.60 Td (perform ) Tj ET Q q 0 0 0 rg BT 513.27 514.60 Td (these ) Tj ET Q q 0 0 0 rg BT 537.82 514.60 Td (services, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 501.40 Td (or ) Tj ET Q q 0 0 0 rg BT 83.54 501.40 Td (\(ii\)market ) Tj ET Q q 0 0 0 rg BT 132.65 501.40 Td (makers ) Tj ET Q q 0 0 0 rg BT 166.80 501.40 Td (and/or ) Tj ET Q q 0 0 0 rg BT 197.28 501.40 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 236.94 501.40 Td (providers ) Tj ET Q q 0 0 0 rg BT 280.87 501.40 Td (exit ) Tj ET Q q 0 0 0 rg BT 299.74 501.40 Td (the ) Tj ET Q q 0 0 0 rg BT 315.56 501.40 Td (business ) Tj ET Q q 0 0 0 rg BT 355.23 501.40 Td (or ) Tj ET Q q 0 0 0 rg BT 366.77 501.40 Td (significantly ) Tj ET Q q 0 0 0 rg BT 424.14 501.40 Td (reduce ) Tj ET Q q 0 0 0 rg BT 455.83 501.40 Td (their ) Tj ET Q q 0 0 0 rg BT 478.37 501.40 Td (business ) Tj ET Q q 0 0 0 rg BT 518.03 501.40 Td (activities ) Tj ET Q q 0 0 0 rg BT 560.12 501.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 488.20 Td (no ) Tj ET Q q 0 0 0 rg BT 85.75 488.20 Td (other ) Tj ET Q q 0 0 0 rg BT 111.10 488.20 Td (entities ) Tj ET Q q 0 0 0 rg BT 145.62 488.20 Td (step ) Tj ET Q q 0 0 0 rg BT 166.09 488.20 Td (forward ) Tj ET Q q 0 0 0 rg BT 203.66 488.20 Td (to ) Tj ET Q q 0 0 0 rg BT 214.96 488.20 Td (perform ) Tj ET Q q 0 0 0 rg BT 253.14 488.20 Td (their ) Tj ET Q q 0 0 0 rg BT 276.05 488.20 Td (functions. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 463.63 cm /I9 Do Q q 0 0 0 rg BT 58.00 466.00 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 466.00 Td (Costs ) Tj ET Q q 0 0 0 rg BT 99.52 466.00 Td (of ) Tj ET Q q 0 0 0 rg BT 111.15 466.00 Td (Buying ) Tj ET Q q 0 0 0 rg BT 145.38 466.00 Td (or ) Tj ET Q q 0 0 0 rg BT 158.23 466.00 Td (Selling ) Tj ET Q q 0 0 0 rg BT 191.85 466.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 212.22 466.00 Td (es ) Tj ET Q q 0 0 0 rg BT 224.45 466.00 Td (of ) Tj ET Q q 0 0 0 rg BT 236.08 466.00 Td (the ) Tj ET Q q 0 0 0 rg BT 252.59 466.00 Td (Fund.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 278.56 466.00 Td ( ) Tj ET Q q 0 0 0 rg BT 281.63 466.00 Td (Due ) Tj ET Q q 0 0 0 rg BT 303.02 466.00 Td (to ) Tj ET Q q 0 0 0 rg BT 314.65 466.00 Td (the ) Tj ET Q q 0 0 0 rg BT 331.16 466.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 356.23 466.00 Td (of ) Tj ET Q q 0 0 0 rg BT 368.46 466.00 Td (buying ) Tj ET Q q 0 0 0 rg BT 402.09 466.00 Td (or ) Tj ET Q q 0 0 0 rg BT 414.32 466.00 Td (selling ) Tj ET Q q 0 0 0 rg BT 446.72 466.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 477.28 466.00 Td (of ) Tj ET Q q 0 0 0 rg BT 489.51 466.00 Td (the ) Tj ET Q q 0 0 0 rg BT 506.02 466.00 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 534.46 466.00 Td (including ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 452.80 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 120.59 452.80 Td (commissions ) Tj ET Q q 0 0 0 rg BT 182.66 452.80 Td (imposed ) Tj ET Q q 0 0 0 rg BT 224.56 452.80 Td (by ) Tj ET Q q 0 0 0 rg BT 240.18 452.80 Td (brokers ) Tj ET Q q 0 0 0 rg BT 277.79 452.80 Td (and ) Tj ET Q q 0 0 0 rg BT 298.29 452.80 Td (bid/ask ) Tj ET Q q 0 0 0 rg BT 334.69 452.80 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 375.04 452.80 Td (frequent ) Tj ET Q q 0 0 0 rg BT 416.31 452.80 Td (trading ) Tj ET Q q 0 0 0 rg BT 452.09 452.80 Td (of ) Tj ET Q q 0 0 0 rg BT 465.87 452.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 497.98 452.80 Td (of ) Tj ET Q q 0 0 0 rg BT 511.77 452.80 Td (the ) Tj ET Q q 0 0 0 rg BT 529.82 452.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 557.06 452.80 Td (may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 439.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 129.90 439.60 Td (reduce ) Tj ET Q q 0 0 0 rg BT 162.12 439.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 213.30 439.60 Td (results ) Tj ET Q q 0 0 0 rg BT 244.93 439.60 Td (and ) Tj ET Q q 0 0 0 rg BT 263.72 439.60 Td (an ) Tj ET Q q 0 0 0 rg BT 277.01 439.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 328.19 439.60 Td (in ) Tj ET Q q 0 0 0 rg BT 339.66 439.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 370.06 439.60 Td (of ) Tj ET Q q 0 0 0 rg BT 382.13 439.60 Td (the ) Tj ET Q q 0 0 0 rg BT 398.48 439.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 424.00 439.60 Td (may ) Tj ET Q q 0 0 0 rg BT 445.85 439.60 Td (not ) Tj ET Q q 0 0 0 rg BT 462.82 439.60 Td (be ) Tj ET Q q 0 0 0 rg BT 476.11 439.60 Td (advisable ) Tj ET Q q 0 0 0 rg BT 520.56 439.60 Td (for ) Tj ET Q q 0 0 0 rg BT 536.30 439.60 Td (investors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 426.40 Td (who ) Tj ET Q q 0 0 0 rg BT 93.69 426.40 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 139.20 426.40 Td (regularly ) Tj ET Q q 0 0 0 rg BT 181.65 426.40 Td (making ) Tj ET Q q 0 0 0 rg BT 217.40 426.40 Td (small ) Tj ET Q q 0 0 0 rg BT 243.98 426.40 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 401.83 cm /I10 Do Q q 0 0 0 rg BT 58.00 404.20 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 404.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 92.37 404.20 Td (es ) Tj ET Q q 0 0 0 rg BT 104.28 404.20 Td (of ) Tj ET Q q 0 0 0 rg BT 115.58 404.20 Td (the ) Tj ET Q q 0 0 0 rg BT 131.76 404.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 157.72 404.20 Td (May ) Tj ET Q q 0 0 0 rg BT 180.01 404.20 Td (T) Tj ET Q q 0 0 0 rg BT 185.52 404.20 Td (rade ) Tj ET Q q 0 0 0 rg BT 208.42 404.20 Td (at ) Tj ET Q q 0 0 0 rg BT 219.72 404.20 Td (Prices ) Tj ET Q q 0 0 0 rg BT 250.56 404.20 Td (Other ) Tj ET Q q 0 0 0 rg BT 278.97 404.20 Td (Than ) Tj ET Q q 0 0 0 rg BT 304.33 404.20 Td (NA) Tj ET Q q 0 0 0 rg BT 317.84 404.20 Td (V) Tj ET Q q 0 0 0 rg BT 323.14 404.20 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 325.89 404.20 Td ( ) Tj ET Q q 0 0 0 rg BT 328.03 404.20 Td (As ) Tj ET Q q 0 0 0 rg BT 342.99 404.20 Td (with ) Tj ET Q q 0 0 0 rg BT 365.29 404.20 Td (all ) Tj ET Q q 0 0 0 rg BT 379.03 404.20 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 408.36 404.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 438.59 404.20 Td (of ) Tj ET Q q 0 0 0 rg BT 450.49 404.20 Td (the ) Tj ET Q q 0 0 0 rg BT 466.67 404.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 492.03 404.20 Td (may ) Tj ET Q q 0 0 0 rg BT 513.71 404.20 Td (be ) Tj ET Q q 0 0 0 rg BT 526.84 404.20 Td (bought ) Tj ET Q q 0 0 0 rg BT 560.14 404.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 391.00 Td (sold ) Tj ET Q q 0 0 0 rg BT 92.89 391.00 Td (in ) Tj ET Q q 0 0 0 rg BT 104.01 391.00 Td (the ) Tj ET Q q 0 0 0 rg BT 120.00 391.00 Td (secondary ) Tj ET Q q 0 0 0 rg BT 167.15 391.00 Td (market ) Tj ET Q q 0 0 0 rg BT 200.25 391.00 Td (at ) Tj ET Q q 0 0 0 rg BT 210.74 391.00 Td (market ) Tj ET Q q 0 0 0 rg BT 243.84 391.00 Td (prices. ) Tj ET Q q 0 0 0 rg BT 275.22 391.00 Td (The ) Tj ET Q q 0 0 0 rg BT 294.88 391.00 Td (price ) Tj ET Q q 0 0 0 rg BT 319.42 391.00 Td (of ) Tj ET Q q 0 0 0 rg BT 331.14 391.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 361.19 391.00 Td (of ) Tj ET Q q 0 0 0 rg BT 372.91 391.00 Td (the ) Tj ET Q q 0 0 0 rg BT 388.90 391.00 Td (Fund, ) Tj ET Q q 0 0 0 rg BT 416.83 391.00 Td (like ) Tj ET Q q 0 0 0 rg BT 435.88 391.00 Td (the ) Tj ET Q q 0 0 0 rg BT 451.87 391.00 Td (price ) Tj ET Q q 0 0 0 rg BT 476.41 391.00 Td (of ) Tj ET Q q 0 0 0 rg BT 488.13 391.00 Td (all ) Tj ET Q q 0 0 0 rg BT 501.69 391.00 Td (traded ) Tj ET Q q 0 0 0 rg BT 531.73 391.00 Td (securities, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 377.80 Td (will ) Tj ET Q q 0 0 0 rg BT 91.98 377.80 Td (be ) Tj ET Q q 0 0 0 rg BT 105.23 377.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 139.26 377.80 Td (to ) Tj ET Q q 0 0 0 rg BT 150.69 377.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 183.48 377.80 Td (such ) Tj ET Q q 0 0 0 rg BT 206.52 377.80 Td (as ) Tj ET Q q 0 0 0 rg BT 218.55 377.80 Td (supply ) Tj ET Q q 0 0 0 rg BT 250.76 377.80 Td (and ) Tj ET Q q 0 0 0 rg BT 269.51 377.80 Td (demand, ) Tj ET Q q 0 0 0 rg BT 309.95 377.80 Td (as ) Tj ET Q q 0 0 0 rg BT 321.98 377.80 Td (well ) Tj ET Q q 0 0 0 rg BT 343.79 377.80 Td (as ) Tj ET Q q 0 0 0 rg BT 355.82 377.80 Td (the ) Tj ET Q q 0 0 0 rg BT 372.13 377.80 Td (current ) Tj ET Q q 0 0 0 rg BT 406.15 377.80 Td (value ) Tj ET Q q 0 0 0 rg BT 432.84 377.80 Td (of ) Tj ET Q q 0 0 0 rg BT 444.87 377.80 Td (the ) Tj ET Q q 0 0 0 rg BT 461.18 377.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 486.85 377.80 Td (s ) Tj ET Q q 0 0 0 rg BT 494.00 377.80 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 535.37 377.80 Td (holdings. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 364.60 Td (Although ) Tj ET Q q 0 0 0 rg BT 116.16 364.60 Td (it ) Tj ET Q q 0 0 0 rg BT 124.87 364.60 Td (is ) Tj ET Q q 0 0 0 rg BT 134.80 364.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 176.49 364.60 Td (that ) Tj ET Q q 0 0 0 rg BT 195.58 364.60 Td (the ) Tj ET Q q 0 0 0 rg BT 211.62 364.60 Td (market ) Tj ET Q q 0 0 0 rg BT 244.76 364.60 Td (price ) Tj ET Q q 0 0 0 rg BT 269.34 364.60 Td (of ) Tj ET Q q 0 0 0 rg BT 281.11 364.60 Td (the ) Tj ET Q q 0 0 0 rg BT 297.15 364.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 327.23 364.60 Td (of ) Tj ET Q q 0 0 0 rg BT 339.00 364.60 Td (the ) Tj ET Q q 0 0 0 rg BT 355.04 364.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 380.25 364.60 Td (will ) Tj ET Q q 0 0 0 rg BT 399.96 364.60 Td (approximate ) Tj ET Q q 0 0 0 rg BT 457.54 364.60 Td (the ) Tj ET Q q 0 0 0 rg BT 473.58 364.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 499.25 364.60 Td (s ) Tj ET Q q 0 0 0 rg BT 506.13 364.60 Td (NA) Tj ET Q q 0 0 0 rg BT 520.60 364.60 Td (V) Tj ET Q q 0 0 0 rg BT 527.13 364.60 Td (, ) Tj ET Q q 0 0 0 rg BT 532.48 364.60 Td (there ) Tj ET Q q 0 0 0 rg BT 557.06 364.60 Td (may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 351.40 Td (be ) Tj ET Q q 0 0 0 rg BT 84.98 351.40 Td (times ) Tj ET Q q 0 0 0 rg BT 111.41 351.40 Td (when ) Tj ET Q q 0 0 0 rg BT 137.83 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 153.87 351.40 Td (market ) Tj ET Q q 0 0 0 rg BT 187.01 351.40 Td (price ) Tj ET Q q 0 0 0 rg BT 211.59 351.40 Td (of ) Tj ET Q q 0 0 0 rg BT 223.35 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 239.39 351.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 269.48 351.40 Td (is ) Tj ET Q q 0 0 0 rg BT 279.41 351.40 Td (more ) Tj ET Q q 0 0 0 rg BT 304.61 351.40 Td (than ) Tj ET Q q 0 0 0 rg BT 326.15 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 342.18 351.40 Td (NA) Tj ET Q q 0 0 0 rg BT 356.65 351.40 Td (V) Tj ET Q q 0 0 0 rg BT 364.40 351.40 Td ( ) Tj ET Q q 0 0 0 rg BT 367.00 351.40 Td (intra-day ) Tj ET Q q 0 0 0 rg BT 409.30 351.40 Td (\(premium\) ) Tj ET Q q 0 0 0 rg BT 458.94 351.40 Td (or ) Tj ET Q q 0 0 0 rg BT 470.70 351.40 Td (less ) Tj ET Q q 0 0 0 rg BT 489.80 351.40 Td (than ) Tj ET Q q 0 0 0 rg BT 511.33 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 527.37 351.40 Td (NA) Tj ET Q q 0 0 0 rg BT 541.84 351.40 Td (V) Tj ET Q q 0 0 0 rg BT 549.58 351.40 Td ( ) Tj ET Q q 0 0 0 rg BT 552.18 351.40 Td (intra-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 338.20 Td (day ) Tj ET Q q 0 0 0 rg BT 91.04 338.20 Td (\(discount\). ) Tj ET Q q 0 0 0 rg BT 141.33 338.20 Td (This ) Tj ET Q q 0 0 0 rg BT 164.05 338.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 183.71 338.20 Td (is ) Tj ET Q q 0 0 0 rg BT 194.21 338.20 Td (heightened ) Tj ET Q q 0 0 0 rg BT 245.63 338.20 Td (in ) Tj ET Q q 0 0 0 rg BT 257.35 338.20 Td (times ) Tj ET Q q 0 0 0 rg BT 284.34 338.20 Td (of ) Tj ET Q q 0 0 0 rg BT 296.67 338.20 Td (market ) Tj ET Q q 0 0 0 rg BT 330.37 338.20 Td (volatility) Tj ET Q q 0 0 0 rg BT 369.37 338.20 Td (, ) Tj ET Q q 0 0 0 rg BT 375.29 338.20 Td (periods ) Tj ET Q q 0 0 0 rg BT 410.83 338.20 Td (of ) Tj ET Q q 0 0 0 rg BT 423.16 338.20 Td (steep ) Tj ET Q q 0 0 0 rg BT 448.92 338.20 Td (market ) Tj ET Q q 0 0 0 rg BT 482.62 338.20 Td (declines, ) Tj ET Q q 0 0 0 rg BT 524.57 338.20 Td (and ) Tj ET Q q 0 0 0 rg BT 543.62 338.20 Td (periods ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 325.00 Td (when ) Tj ET Q q 0 0 0 rg BT 98.39 325.00 Td (there ) Tj ET Q q 0 0 0 rg BT 122.93 325.00 Td (is ) Tj ET Q q 0 0 0 rg BT 132.83 325.00 Td (limited ) Tj ET Q q 0 0 0 rg BT 166.56 325.00 Td (trading ) Tj ET Q q 0 0 0 rg BT 200.28 325.00 Td (activity ) Tj ET Q q 0 0 0 rg BT 235.83 325.00 Td (for ) Tj ET Q q 0 0 0 rg BT 251.22 325.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 281.27 325.00 Td (in ) Tj ET Q q 0 0 0 rg BT 292.39 325.00 Td (the ) Tj ET Q q 0 0 0 rg BT 308.39 325.00 Td (secondary ) Tj ET Q q 0 0 0 rg BT 355.54 325.00 Td (market, ) Tj ET Q q 0 0 0 rg BT 391.39 325.00 Td (in ) Tj ET Q q 0 0 0 rg BT 402.51 325.00 Td (which ) Tj ET Q q 0 0 0 rg BT 431.95 325.00 Td (case ) Tj ET Q q 0 0 0 rg BT 453.44 325.00 Td (such ) Tj ET Q q 0 0 0 rg BT 476.17 325.00 Td (premiums ) Tj ET Q q 0 0 0 rg BT 522.73 325.00 Td (or ) Tj ET Q q 0 0 0 rg BT 534.45 325.00 Td (discounts ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 311.80 Td (may ) Tj ET Q q 0 0 0 rg BT 93.69 311.80 Td (be ) Tj ET Q q 0 0 0 rg BT 106.82 311.80 Td (significant. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 11.01 54.00 287.23 cm /I11 Do Q q 0 0 0 rg BT 58.00 289.60 Td ( ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 289.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.51 289.60 Td (rading.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 109.60 289.60 Td ( ) Tj ET Q q 0 0 0 rg BT 111.89 289.60 Td (Although ) Tj ET Q q 0 0 0 rg BT 156.38 289.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 186.81 289.60 Td (of ) Tj ET Q q 0 0 0 rg BT 198.91 289.60 Td (the ) Tj ET Q q 0 0 0 rg BT 215.29 289.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 240.84 289.60 Td (are ) Tj ET Q q 0 0 0 rg BT 257.21 289.60 Td (listed ) Tj ET Q q 0 0 0 rg BT 283.98 289.60 Td (for ) Tj ET Q q 0 0 0 rg BT 299.74 289.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 333.84 289.60 Td (on ) Tj ET Q q 0 0 0 rg BT 347.77 289.60 Td (a ) Tj ET Q q 0 0 0 rg BT 355.60 289.60 Td (national ) Tj ET Q q 0 0 0 rg BT 393.97 289.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 438.44 289.60 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 485.66 289.60 Td (such ) Tj ET Q q 0 0 0 rg BT 508.76 289.60 Td (as ) Tj ET Q q 0 0 0 rg BT 520.86 289.60 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 551.88 289.60 Td (Arca, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 276.40 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 91.03 276.40 Td (\(the ) Tj ET Q q 0 0 0 rg BT 110.37 276.40 Td (Exchange\), ) Tj ET Q q 0 0 0 rg BT 172.16 276.40 Td (and ) Tj ET Q q 0 0 0 rg BT 190.28 276.40 Td (may ) Tj ET Q q 0 0 0 rg BT 211.45 276.40 Td (be ) Tj ET Q q 0 0 0 rg BT 224.07 276.40 Td (traded ) Tj ET Q q 0 0 0 rg BT 253.80 276.40 Td (on ) Tj ET Q q 0 0 0 rg BT 267.03 276.40 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 288.83 276.40 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 336.88 276.40 Td (other ) Tj ET Q q 0 0 0 rg BT 361.72 276.40 Td (than ) Tj ET Q q 0 0 0 rg BT 382.90 276.40 Td (the ) Tj ET Q q 0 0 0 rg BT 398.58 276.40 Td (Exchange, ) Tj ET Q q 0 0 0 rg BT 446.93 276.40 Td (there ) Tj ET Q q 0 0 0 rg BT 471.15 276.40 Td (can ) Tj ET Q q 0 0 0 rg BT 488.66 276.40 Td (be ) Tj ET Q q 0 0 0 rg BT 501.28 276.40 Td (no ) Tj ET Q q 0 0 0 rg BT 514.51 276.40 Td (assurance ) Tj ET Q q 0 0 0 rg BT 559.51 276.40 Td (that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 263.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 102.45 263.20 Td (of ) Tj ET Q q 0 0 0 rg BT 114.58 263.20 Td (the ) Tj ET Q q 0 0 0 rg BT 130.98 263.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 156.56 263.20 Td (will ) Tj ET Q q 0 0 0 rg BT 176.63 263.20 Td (trade ) Tj ET Q q 0 0 0 rg BT 201.58 263.20 Td (with ) Tj ET Q q 0 0 0 rg BT 224.10 263.20 Td (any ) Tj ET Q q 0 0 0 rg BT 242.94 263.20 Td (volume, ) Tj ET Q q 0 0 0 rg BT 281.65 263.20 Td (or ) Tj ET Q q 0 0 0 rg BT 293.77 263.20 Td (at ) Tj ET Q q 0 0 0 rg BT 304.68 263.20 Td (all, ) Tj ET Q q 0 0 0 rg BT 321.38 263.20 Td (on ) Tj ET Q q 0 0 0 rg BT 335.35 263.20 Td (any ) Tj ET Q q 0 0 0 rg BT 354.19 263.20 Td (stock ) Tj ET Q q 0 0 0 rg BT 380.37 263.20 Td (exchange. ) Tj ET Q q 0 0 0 rg BT 427.61 263.20 Td (In ) Tj ET Q q 0 0 0 rg BT 439.74 263.20 Td (stressed ) Tj ET Q q 0 0 0 rg BT 477.53 263.20 Td (market ) Tj ET Q q 0 0 0 rg BT 511.03 263.20 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 562.57 263.20 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 250.00 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 111.94 250.00 Td (of ) Tj ET Q q 0 0 0 rg BT 123.76 250.00 Td (shares ) Tj ET Q q 0 0 0 rg BT 153.91 250.00 Td (of ) Tj ET Q q 0 0 0 rg BT 165.73 250.00 Td (the ) Tj ET Q q 0 0 0 rg BT 181.83 250.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 207.10 250.00 Td (may ) Tj ET Q q 0 0 0 rg BT 228.70 250.00 Td (begin ) Tj ET Q q 0 0 0 rg BT 255.80 250.00 Td (to ) Tj ET Q q 0 0 0 rg BT 267.01 250.00 Td (mirror ) Tj ET Q q 0 0 0 rg BT 297.77 250.00 Td (the ) Tj ET Q q 0 0 0 rg BT 313.87 250.00 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 353.81 250.00 Td (of ) Tj ET Q q 0 0 0 rg BT 365.63 250.00 Td (the ) Tj ET Q q 0 0 0 rg BT 381.73 250.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 407.40 250.00 Td (s ) Tj ET Q q 0 0 0 rg BT 414.34 250.00 Td (underlying ) Tj ET Q q 0 0 0 rg BT 464.66 250.00 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 505.81 250.00 Td (holdings, ) Tj ET Q q 0 0 0 rg BT 549.11 250.00 Td (which ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 236.80 Td (can ) Tj ET Q q 0 0 0 rg BT 90.01 236.80 Td (be ) Tj ET Q q 0 0 0 rg BT 103.15 236.80 Td (significantly ) Tj ET Q q 0 0 0 rg BT 160.89 236.80 Td (less ) Tj ET Q q 0 0 0 rg BT 180.14 236.80 Td (liquid ) Tj ET Q q 0 0 0 rg BT 208.55 236.80 Td (than ) Tj ET Q q 0 0 0 rg BT 230.24 236.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.48 236.80 Td (of ) Tj ET Q q 0 0 0 rg BT 272.40 236.80 Td (the ) Tj ET Q q 0 0 0 rg BT 288.58 236.80 Td (Fund.) Tj ET Q /GS0 gs q 4.00 0 0 10.82 36.00 212.23 cm /I12 Do Q /GS0 gs q 9.50 0 0 10.82 40.00 212.23 cm /I13 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 214.60 Td (For) Tj ET Q q 0 0 0 rg BT 66.40 214.60 Td (eign ) Tj ET Q q 0 0 0 rg BT 88.34 214.60 Td (Sales ) Tj ET Q q 0 0 0 rg BT 114.55 214.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 141.08 214.60 Td (The ) Tj ET Q q 0 0 0 rg BT 160.55 214.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 185.55 214.60 Td (invests ) Tj ET Q q 0 0 0 rg BT 218.48 214.60 Td (in ) Tj ET Q q 0 0 0 rg BT 229.41 214.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 278.83 214.60 Td (that ) Tj ET Q q 0 0 0 rg BT 297.70 214.60 Td (derive ) Tj ET Q q 0 0 0 rg BT 327.56 214.60 Td (a ) Tj ET Q q 0 0 0 rg BT 334.82 214.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 383.63 214.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 417.79 214.60 Td (of ) Tj ET Q q 0 0 0 rg BT 429.33 214.60 Td (their ) Tj ET Q q 0 0 0 rg BT 451.86 214.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 475.62 214.60 Td (to ) Tj ET Q q 0 0 0 rg BT 486.55 214.60 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 528.65 214.60 Td (customers. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 201.40 Td (Consequently) Tj ET Q q 0 0 0 rg BT 109.28 201.40 Td (, ) Tj ET Q q 0 0 0 rg BT 115.82 201.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 172.16 201.40 Td (in ) Tj ET Q q 0 0 0 rg BT 184.51 201.40 Td (such ) Tj ET Q q 0 0 0 rg BT 208.46 201.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 259.29 201.40 Td (may ) Tj ET Q q 0 0 0 rg BT 282.02 201.40 Td (be ) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 296.19 209.03 282.56 -10.00 re f /GS0 gs q 0 0 0 rg BT 296.19 201.40 Td (subject ) Tj ET Q q 0 0 0 rg BT 331.14 201.40 Td (to ) Tj ET Q q 0 0 0 rg BT 343.48 201.40 Td (risk ) Tj ET Q q 0 0 0 rg BT 363.77 201.40 Td (of ) Tj ET Q q 0 0 0 rg BT 376.72 201.40 Td (loss ) Tj ET Q q 0 0 0 rg BT 397.63 201.40 Td (due ) Tj ET Q q 0 0 0 rg BT 417.30 201.40 Td (to ) Tj ET Q q 0 0 0 rg BT 429.65 201.40 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 485.97 201.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 525.18 201.40 Td (in ) Tj ET Q q 0 0 0 rg BT 537.53 201.40 Td (currency ) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 49.50 195.83 529.25 -10.00 re f /GS0 gs q 0 0 0 rg BT 49.50 188.20 Td (exchange ) Tj ET Q q 0 0 0 rg BT 95.33 188.20 Td (rates, ) Tj ET Q q 0 0 0 rg BT 123.15 188.20 Td (political, ) Tj ET Q q 0 0 0 rg BT 166.25 188.20 Td (economic ) Tj ET Q q 0 0 0 rg BT 213.31 188.20 Td (or ) Tj ET Q q 0 0 0 rg BT 226.78 188.20 Td (social ) Tj ET Q q 0 0 0 rg BT 256.74 188.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 296.47 188.20 Td (or ) Tj ET Q q 0 0 0 rg BT 309.94 188.20 Td (instability ) Tj ET Q q 0 0 0 rg BT 358.24 188.20 Td (in ) Tj ET Q q 0 0 0 rg BT 371.10 188.20 Td (such ) Tj ET Q q 0 0 0 rg BT 395.56 188.20 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 439.59 188.20 Td (countries, ) Tj ET Q q 0 0 0 rg BT 486.97 188.20 Td (events ) Tj ET Q q 0 0 0 rg BT 519.37 188.20 Td (af) Tj ET Q q 0 0 0 rg BT 527.72 188.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 562.56 188.20 Td (the ) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 49.50 182.63 529.26 -10.00 re f /GS0 gs q 0 0 0 rg BT 49.50 175.00 Td (transportation, ) Tj ET Q q 0 0 0 rg BT 115.05 175.00 Td (shipping ) Tj ET Q q 0 0 0 rg BT 154.64 175.00 Td (or ) Tj ET Q q 0 0 0 rg BT 165.50 175.00 Td (delivery ) Tj ET Q q 0 0 0 rg BT 203.24 175.00 Td (of ) Tj ET Q q 0 0 0 rg BT 214.11 175.00 Td (goods ) Tj ET Q q 0 0 0 rg BT 242.09 175.00 Td (to ) Tj ET Q q 0 0 0 rg BT 252.34 175.00 Td (such ) Tj ET Q q 0 0 0 rg BT 274.21 175.00 Td (customers, ) Tj ET Q q 0 0 0 rg BT 323.26 175.00 Td (and ) Tj ET Q q 0 0 0 rg BT 340.84 175.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 377.97 175.00 Td (in ) Tj ET Q q 0 0 0 rg BT 388.23 175.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 409.49 175.00 Td (or ) Tj ET Q q 0 0 0 rg BT 420.35 175.00 Td (foreign ) Tj ET Q q 0 0 0 rg BT 453.82 175.00 Td (laws ) Tj ET Q q 0 0 0 rg BT 475.68 175.00 Td (or ) Tj ET Q q 0 0 0 rg BT 486.54 175.00 Td (regulations ) Tj ET Q q 0 0 0 rg BT 537.12 175.00 Td (af) Tj ET Q q 0 0 0 rg BT 545.47 175.00 Td (fecting ) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 49.50 169.43 35.13 -10.00 re f /GS0 gs q 0 0 0 rg BT 49.50 161.80 Td (exports.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 137.23 cm /I14 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 137.23 cm /I15 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 139.60 Td (Large-Capitalization ) Tj ET Q q 0 0 0 rg BT 151.60 139.60 Td (Investing ) Tj ET Q q 0 0 0 rg BT 198.73 139.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 226.61 139.60 Td (The ) Tj ET Q q 0 0 0 rg BT 247.44 139.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 273.78 139.60 Td (may ) Tj ET Q q 0 0 0 rg BT 296.45 139.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 326.45 139.60 Td (in ) Tj ET Q q 0 0 0 rg BT 338.73 139.60 Td (the ) Tj ET Q q 0 0 0 rg BT 355.90 139.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 401.17 139.60 Td (of ) Tj ET Q q 0 0 0 rg BT 414.06 139.60 Td (lar) Tj ET Q q 0 0 0 rg BT 425.46 139.60 Td (ge-capitalization ) Tj ET Q q 0 0 0 rg BT 502.48 139.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 555.18 139.60 Td (As ) Tj ET Q q 0 0 0 rg BT 571.13 139.60 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 126.40 Td (result, ) Tj ET Q q 0 0 0 rg BT 80.08 126.40 Td (the ) Tj ET Q q 0 0 0 rg BT 96.90 126.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 122.58 126.40 Td (s ) Tj ET Q q 0 0 0 rg BT 130.24 126.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.21 126.40 Td (may ) Tj ET Q q 0 0 0 rg BT 211.53 126.40 Td (be ) Tj ET Q q 0 0 0 rg BT 225.30 126.40 Td (adversely ) Tj ET Q q 0 0 0 rg BT 270.84 126.40 Td (af) Tj ET Q q 0 0 0 rg BT 279.18 126.40 Td (fected ) Tj ET Q q 0 0 0 rg BT 309.44 126.40 Td (if ) Tj ET Q q 0 0 0 rg BT 319.55 126.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.47 126.40 Td (of ) Tj ET Q q 0 0 0 rg BT 377.02 126.40 Td (lar) Tj ET Q q 0 0 0 rg BT 388.43 126.40 Td (ge-capitalization ) Tj ET Q q 0 0 0 rg BT 465.11 126.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 515.54 126.40 Td (underperform ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 113.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 93.72 113.20 Td (of ) Tj ET Q q 0 0 0 rg BT 105.56 113.20 Td (smaller) Tj ET Q q 0 0 0 rg BT 137.72 113.20 Td (-capitalization ) Tj ET Q q 0 0 0 rg BT 203.31 113.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 253.03 113.20 Td (or ) Tj ET Q q 0 0 0 rg BT 264.88 113.20 Td (the ) Tj ET Q q 0 0 0 rg BT 280.99 113.20 Td (market ) Tj ET Q q 0 0 0 rg BT 314.21 113.20 Td (as ) Tj ET Q q 0 0 0 rg BT 326.06 113.20 Td (a ) Tj ET Q q 0 0 0 rg BT 333.62 113.20 Td (whole. ) Tj ET Q q 0 0 0 rg BT 365.74 113.20 Td (The ) Tj ET Q q 0 0 0 rg BT 385.52 113.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 429.74 113.20 Td (of ) Tj ET Q q 0 0 0 rg BT 441.58 113.20 Td (lar) Tj ET Q q 0 0 0 rg BT 452.99 113.20 Td (ge-capitalization ) Tj ET Q q 0 0 0 rg BT 528.96 113.20 Td (companies ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 100.00 Td (may ) Tj ET Q q 0 0 0 rg BT 70.41 100.00 Td (be ) Tj ET Q q 0 0 0 rg BT 82.76 100.00 Td (relatively ) Tj ET Q q 0 0 0 rg BT 126.27 100.00 Td (mature ) Tj ET Q q 0 0 0 rg BT 158.78 100.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 204.12 100.00 Td (to ) Tj ET Q q 0 0 0 rg BT 214.65 100.00 Td (smaller ) Tj ET Q q 0 0 0 rg BT 248.99 100.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 298.00 100.00 Td (and ) Tj ET Q q 0 0 0 rg BT 315.86 100.00 Td (therefore ) Tj ET Q q 0 0 0 rg BT 357.52 100.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 390.65 100.00 Td (to ) Tj ET Q q 0 0 0 rg BT 401.18 100.00 Td (slower ) Tj ET Q q 0 0 0 rg BT 432.48 100.00 Td (growth ) Tj ET Q q 0 0 0 rg BT 465.61 100.00 Td (during ) Tj ET Q q 0 0 0 rg BT 496.30 100.00 Td (times ) Tj ET Q q 0 0 0 rg BT 522.10 100.00 Td (of ) Tj ET Q q 0 0 0 rg BT 533.24 100.00 Td (economic ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 86.80 Td (expansion.) 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 /I16 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 737.03 cm /I17 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 739.40 Td (Limited ) Tj ET Q q 0 0 0 rg BT 89.76 739.40 Td (Operating ) Tj ET Q q 0 0 0 rg BT 141.02 739.40 Td (History) Tj ET Q q 0 0 0 rg BT 175.85 739.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 178.60 739.40 Td ( ) Tj ET Q q 0 0 0 rg BT 181.36 739.40 Td (The ) Tj ET Q q 0 0 0 rg BT 201.45 739.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 227.05 739.40 Td (is ) Tj ET Q q 0 0 0 rg BT 237.37 739.40 Td (a ) Tj ET Q q 0 0 0 rg BT 245.23 739.40 Td (recently ) Tj ET Q q 0 0 0 rg BT 283.64 739.40 Td (or) Tj ET Q q 0 0 0 rg BT 292.60 739.40 Td (ganized, ) Tj ET Q q 0 0 0 rg BT 332.54 739.40 Td (non-diversified ) Tj ET Q q 0 0 0 rg BT 402.72 739.40 Td (management ) Tj ET Q q 0 0 0 rg BT 461.90 739.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 513.15 739.40 Td (company ) Tj ET Q q 0 0 0 rg BT 556.46 739.40 Td (with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 726.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 83.21 726.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 127.29 726.20 Td (history) Tj ET Q q 0 0 0 rg BT 157.13 726.20 Td (. ) Tj ET Q q 0 0 0 rg BT 161.86 726.20 Td (As ) Tj ET Q q 0 0 0 rg BT 176.63 726.20 Td (a ) Tj ET Q q 0 0 0 rg BT 184.05 726.20 Td (result, ) Tj ET Q q 0 0 0 rg BT 213.78 726.20 Td (prospective ) Tj ET Q q 0 0 0 rg BT 267.03 726.20 Td (investors ) Tj ET Q q 0 0 0 rg BT 309.29 726.20 Td (have ) Tj ET Q q 0 0 0 rg BT 332.59 726.20 Td (a ) Tj ET Q q 0 0 0 rg BT 340.02 726.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 373.72 726.20 Td (track ) Tj ET Q q 0 0 0 rg BT 398.25 726.20 Td (record ) Tj ET Q q 0 0 0 rg BT 428.88 726.20 Td (on ) Tj ET Q q 0 0 0 rg BT 442.42 726.20 Td (which ) Tj ET Q q 0 0 0 rg BT 471.85 726.20 Td (to ) Tj ET Q q 0 0 0 rg BT 482.95 726.20 Td (base ) Tj ET Q q 0 0 0 rg BT 505.03 726.20 Td (their ) Tj ET Q q 0 0 0 rg BT 527.73 726.20 Td (investment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 713.00 Td (decision. ) Tj ET Q q 0 0 0 rg BT 91.02 713.00 Td (An ) Tj ET Q q 0 0 0 rg BT 107.18 713.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 158.16 713.00 Td (in ) Tj ET Q q 0 0 0 rg BT 169.42 713.00 Td (the ) Tj ET Q q 0 0 0 rg BT 185.57 713.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 210.90 713.00 Td (may ) Tj ET Q q 0 0 0 rg BT 232.55 713.00 Td (therefore ) Tj ET Q q 0 0 0 rg BT 274.95 713.00 Td (involve ) Tj ET Q q 0 0 0 rg BT 310.66 713.00 Td (greater ) Tj ET Q q 0 0 0 rg BT 343.90 713.00 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 396.09 713.00 Td (than ) Tj ET Q q 0 0 0 rg BT 417.74 713.00 Td (an ) Tj ET Q q 0 0 0 rg BT 430.83 713.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 481.81 713.00 Td (in ) Tj ET Q q 0 0 0 rg BT 493.08 713.00 Td (a ) Tj ET Q q 0 0 0 rg BT 500.67 713.00 Td (fund ) Tj ET Q q 0 0 0 rg BT 523.55 713.00 Td (with ) Tj ET Q q 0 0 0 rg BT 545.81 713.00 Td (a ) Tj ET Q q 0 0 0 rg BT 553.41 713.00 Td (more ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 699.80 Td (established ) Tj ET Q q 0 0 0 rg BT 101.13 699.80 Td (record ) Tj ET Q q 0 0 0 rg BT 131.97 699.80 Td (of ) Tj ET Q q 0 0 0 rg BT 143.88 699.80 Td (performance.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 675.23 cm /I18 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 675.23 cm /I19 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 677.60 Td (Mid-Capitalization ) Tj ET Q q 0 0 0 rg BT 141.86 677.60 Td (Investing ) Tj ET Q q 0 0 0 rg BT 187.79 677.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 214.47 677.60 Td (The ) Tj ET Q q 0 0 0 rg BT 234.10 677.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 259.25 677.60 Td (may ) Tj ET Q q 0 0 0 rg BT 280.71 677.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 309.52 677.60 Td (in ) Tj ET Q q 0 0 0 rg BT 320.61 677.60 Td (the ) Tj ET Q q 0 0 0 rg BT 336.57 677.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 380.64 677.60 Td (of ) Tj ET Q q 0 0 0 rg BT 392.34 677.60 Td (mid-capitalization ) Tj ET Q q 0 0 0 rg BT 474.89 677.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 526.65 677.60 Td (As ) Tj ET Q q 0 0 0 rg BT 541.41 677.60 Td (a ) Tj ET Q q 0 0 0 rg BT 548.82 677.60 Td (result, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 664.40 Td (the ) Tj ET Q q 0 0 0 rg BT 65.58 664.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 91.25 664.40 Td (s ) Tj ET Q q 0 0 0 rg BT 98.18 664.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.40 664.40 Td (may ) Tj ET Q q 0 0 0 rg BT 177.98 664.40 Td (be ) Tj ET Q q 0 0 0 rg BT 191.00 664.40 Td (adversely ) Tj ET Q q 0 0 0 rg BT 235.79 664.40 Td (af) Tj ET Q q 0 0 0 rg BT 244.14 664.40 Td (fected ) Tj ET Q q 0 0 0 rg BT 273.65 664.40 Td (if ) Tj ET Q q 0 0 0 rg BT 283.01 664.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 327.19 664.40 Td (of ) Tj ET Q q 0 0 0 rg BT 339.00 664.40 Td (mid-capitalization ) Tj ET Q q 0 0 0 rg BT 421.66 664.40 Td (companies ) Tj ET Q q 0 0 0 rg BT 471.35 664.40 Td (underperform ) Tj ET Q q 0 0 0 rg BT 534.46 664.40 Td (securities ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 651.20 Td (of ) Tj ET Q q 0 0 0 rg BT 61.22 651.20 Td (other ) Tj ET Q q 0 0 0 rg BT 86.37 651.20 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 148.17 651.20 Td (ranges ) Tj ET Q q 0 0 0 rg BT 179.43 651.20 Td (or ) Tj ET Q q 0 0 0 rg BT 191.15 651.20 Td (the ) Tj ET Q q 0 0 0 rg BT 207.14 651.20 Td (market ) Tj ET Q q 0 0 0 rg BT 240.23 651.20 Td (as ) Tj ET Q q 0 0 0 rg BT 251.95 651.20 Td (a ) Tj ET Q q 0 0 0 rg BT 259.38 651.20 Td (whole. ) Tj ET Q q 0 0 0 rg BT 291.57 651.20 Td (Securities ) Tj ET Q q 0 0 0 rg BT 337.50 651.20 Td (of ) Tj ET Q q 0 0 0 rg BT 349.21 651.20 Td (smaller ) Tj ET Q q 0 0 0 rg BT 384.14 651.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 433.74 651.20 Td (trade ) Tj ET Q q 0 0 0 rg BT 458.27 651.20 Td (in ) Tj ET Q q 0 0 0 rg BT 469.38 651.20 Td (smaller ) Tj ET Q q 0 0 0 rg BT 504.31 651.20 Td (volumes ) Tj ET Q q 0 0 0 rg BT 544.14 651.20 Td (and ) Tj ET Q q 0 0 0 rg BT 562.57 651.20 Td (are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 638.00 Td (often ) Tj ET Q q 0 0 0 rg BT 74.85 638.00 Td (more ) Tj ET Q q 0 0 0 rg BT 100.20 638.00 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 149.38 638.00 Td (to ) Tj ET Q q 0 0 0 rg BT 160.68 638.00 Td (market ) Tj ET Q q 0 0 0 rg BT 193.97 638.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 236.44 638.00 Td (than ) Tj ET Q q 0 0 0 rg BT 258.13 638.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 302.42 638.00 Td (of ) Tj ET Q q 0 0 0 rg BT 314.33 638.00 Td (lar) Tj ET Q q 0 0 0 rg BT 325.74 638.00 Td (ger ) Tj ET Q q 0 0 0 rg BT 342.53 638.00 Td (companies.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 613.43 cm /I20 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 613.43 cm /I21 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 615.80 Td (Non-Diversification ) Tj ET Q q 0 0 0 rg BT 144.63 615.80 Td (Risk.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.78 615.80 Td ( ) Tj ET Q q 0 0 0 rg BT 171.01 615.80 Td (Although ) Tj ET Q q 0 0 0 rg BT 215.43 615.80 Td (the ) Tj ET Q q 0 0 0 rg BT 231.73 615.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 257.21 615.80 Td (intends ) Tj ET Q q 0 0 0 rg BT 291.85 615.80 Td (to ) Tj ET Q q 0 0 0 rg BT 303.27 615.80 Td (invest ) Tj ET Q q 0 0 0 rg BT 332.41 615.80 Td (in ) Tj ET Q q 0 0 0 rg BT 343.83 615.80 Td (a ) Tj ET Q q 0 0 0 rg BT 351.58 615.80 Td (variety ) Tj ET Q q 0 0 0 rg BT 384.99 615.80 Td (of ) Tj ET Q q 0 0 0 rg BT 397.01 615.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 441.42 615.80 Td (and ) Tj ET Q q 0 0 0 rg BT 460.16 615.80 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 517.11 615.80 Td (the ) Tj ET Q q 0 0 0 rg BT 533.41 615.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 558.89 615.80 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 602.60 Td (be ) Tj ET Q q 0 0 0 rg BT 62.71 602.60 Td (considered ) Tj ET Q q 0 0 0 rg BT 113.19 602.60 Td (to ) Tj ET Q q 0 0 0 rg BT 124.58 602.60 Td (be ) Tj ET Q q 0 0 0 rg BT 137.79 602.60 Td (non-diversified, ) Tj ET Q q 0 0 0 rg BT 210.57 602.60 Td (which ) Tj ET Q q 0 0 0 rg BT 240.29 602.60 Td (means ) Tj ET Q q 0 0 0 rg BT 271.22 602.60 Td (that ) Tj ET Q q 0 0 0 rg BT 290.54 602.60 Td (it ) Tj ET Q q 0 0 0 rg BT 299.49 602.60 Td (may ) Tj ET Q q 0 0 0 rg BT 321.26 602.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 350.36 602.60 Td (more ) Tj ET Q q 0 0 0 rg BT 375.79 602.60 Td (of ) Tj ET Q q 0 0 0 rg BT 387.79 602.60 Td (its ) Tj ET Q q 0 0 0 rg BT 401.01 602.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 429.50 602.60 Td (in ) Tj ET Q q 0 0 0 rg BT 440.89 602.60 Td (the ) Tj ET Q q 0 0 0 rg BT 457.16 602.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.53 602.60 Td (of ) Tj ET Q q 0 0 0 rg BT 513.52 602.60 Td (a ) Tj ET Q q 0 0 0 rg BT 521.24 602.60 Td (single ) Tj ET Q q 0 0 0 rg BT 550.34 602.60 Td (issuer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 589.40 Td (or ) Tj ET Q q 0 0 0 rg BT 61.54 589.40 Td (a ) Tj ET Q q 0 0 0 rg BT 69.29 589.40 Td (smaller ) Tj ET Q q 0 0 0 rg BT 104.54 589.40 Td (number ) Tj ET Q q 0 0 0 rg BT 141.01 589.40 Td (of ) Tj ET Q q 0 0 0 rg BT 153.05 589.40 Td (issuers ) Tj ET Q q 0 0 0 rg BT 185.86 589.40 Td (than ) Tj ET Q q 0 0 0 rg BT 207.67 589.40 Td (if ) Tj ET Q q 0 0 0 rg BT 217.27 589.40 Td (it ) Tj ET Q q 0 0 0 rg BT 226.25 589.40 Td (were ) Tj ET Q q 0 0 0 rg BT 250.49 589.40 Td (a ) Tj ET Q q 0 0 0 rg BT 258.25 589.40 Td (diversified ) Tj ET Q q 0 0 0 rg BT 308.16 589.40 Td (fund. ) Tj ET Q q 0 0 0 rg BT 333.31 589.40 Td (As ) Tj ET Q q 0 0 0 rg BT 348.41 589.40 Td (a ) Tj ET Q q 0 0 0 rg BT 356.16 589.40 Td (result, ) Tj ET Q q 0 0 0 rg BT 386.22 589.40 Td (the ) Tj ET Q q 0 0 0 rg BT 402.53 589.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 428.02 589.40 Td (may ) Tj ET Q q 0 0 0 rg BT 449.83 589.40 Td (be ) Tj ET Q q 0 0 0 rg BT 463.09 589.40 Td (more ) Tj ET Q q 0 0 0 rg BT 488.56 589.40 Td (exposed ) Tj ET Q q 0 0 0 rg BT 527.48 589.40 Td (to ) Tj ET Q q 0 0 0 rg BT 538.91 589.40 Td (the ) Tj ET Q q 0 0 0 rg BT 555.22 589.40 Td (risks ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 576.20 Td (associated ) Tj ET Q q 0 0 0 rg BT 97.76 576.20 Td (with ) Tj ET Q q 0 0 0 rg BT 120.38 576.20 Td (and ) Tj ET Q q 0 0 0 rg BT 139.32 576.20 Td (developments ) Tj ET Q q 0 0 0 rg BT 203.47 576.20 Td (af) Tj ET Q q 0 0 0 rg BT 211.82 576.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 245.42 576.20 Td (an ) Tj ET Q q 0 0 0 rg BT 258.86 576.20 Td (individual ) Tj ET Q q 0 0 0 rg BT 306.53 576.20 Td (issuer ) Tj ET Q q 0 0 0 rg BT 335.25 576.20 Td (or ) Tj ET Q q 0 0 0 rg BT 347.47 576.20 Td (a ) Tj ET Q q 0 0 0 rg BT 355.41 576.20 Td (smaller ) Tj ET Q q 0 0 0 rg BT 390.85 576.20 Td (number ) Tj ET Q q 0 0 0 rg BT 427.51 576.20 Td (of ) Tj ET Q q 0 0 0 rg BT 439.73 576.20 Td (issuers ) Tj ET Q q 0 0 0 rg BT 472.73 576.20 Td (than ) Tj ET Q q 0 0 0 rg BT 494.73 576.20 Td (a ) Tj ET Q q 0 0 0 rg BT 502.67 576.20 Td (fund ) Tj ET Q q 0 0 0 rg BT 525.90 576.20 Td (that ) Tj ET Q q 0 0 0 rg BT 545.45 576.20 Td (invests ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 563.00 Td (more ) Tj ET Q q 0 0 0 rg BT 74.57 563.00 Td (widely) Tj ET Q q 0 0 0 rg BT 103.80 563.00 Td (. ) Tj ET Q q 0 0 0 rg BT 108.84 563.00 Td (This ) Tj ET Q q 0 0 0 rg BT 130.87 563.00 Td (may ) Tj ET Q q 0 0 0 rg BT 152.27 563.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 190.77 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 206.68 563.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 232.36 563.00 Td (s ) Tj ET Q q 0 0 0 rg BT 239.11 563.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 281.30 563.00 Td (and ) Tj ET Q q 0 0 0 rg BT 299.65 563.00 Td (cause ) Tj ET Q q 0 0 0 rg BT 326.55 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 342.46 563.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 400.50 563.00 Td (of ) Tj ET Q q 0 0 0 rg BT 412.14 563.00 Td (a ) Tj ET Q q 0 0 0 rg BT 419.49 563.00 Td (relatively ) Tj ET Q q 0 0 0 rg BT 463.50 563.00 Td (smaller ) Tj ET Q q 0 0 0 rg BT 498.34 563.00 Td (number ) Tj ET Q q 0 0 0 rg BT 534.42 563.00 Td (of ) Tj ET Q q 0 0 0 rg BT 546.05 563.00 Td (issuers ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 549.80 Td (to ) Tj ET Q q 0 0 0 rg BT 60.81 549.80 Td (have ) Tj ET Q q 0 0 0 rg BT 84.32 549.80 Td (a ) Tj ET Q q 0 0 0 rg BT 91.95 549.80 Td (greater ) Tj ET Q q 0 0 0 rg BT 125.23 549.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 157.92 549.80 Td (on ) Tj ET Q q 0 0 0 rg BT 171.67 549.80 Td (the ) Tj ET Q q 0 0 0 rg BT 187.85 549.80 Td (Fund) Tj ET Q q 0 0 0 rg BT 213.53 549.80 Td (s ) Tj ET Q q 0 0 0 rg BT 220.56 549.80 Td (performance.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 525.23 cm /I22 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 525.23 cm /I23 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 527.60 Td (Passive ) Tj ET Q q 0 0 0 rg BT 86.48 527.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 141.78 527.60 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.69 527.60 Td (The ) Tj ET Q q 0 0 0 rg BT 188.55 527.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 213.92 527.60 Td (is ) Tj ET Q q 0 0 0 rg BT 224.02 527.60 Td (not ) Tj ET Q q 0 0 0 rg BT 240.83 527.60 Td (actively ) Tj ET Q q 0 0 0 rg BT 278.40 527.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 320.86 527.60 Td (and ) Tj ET Q q 0 0 0 rg BT 339.50 527.60 Td (the ) Tj ET Q q 0 0 0 rg BT 355.09 527.60 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 392.67 527.60 Td (would ) Tj ET Q q 0 0 0 rg BT 422.93 527.60 Td (not ) Tj ET Q q 0 0 0 rg BT 439.74 527.60 Td (sell ) Tj ET Q q 0 0 0 rg BT 457.77 527.60 Td (a ) Tj ET Q q 0 0 0 rg BT 465.41 527.60 Td (security ) Tj ET Q q 0 0 0 rg BT 502.99 527.60 Td (due ) Tj ET Q q 0 0 0 rg BT 521.63 527.60 Td (to ) Tj ET Q q 0 0 0 rg BT 532.94 527.60 Td (current ) Tj ET Q q 0 0 0 rg BT 566.84 527.60 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 514.40 Td (projected ) Tj ET Q q 0 0 0 rg BT 92.86 514.40 Td (underperformance ) Tj ET Q q 0 0 0 rg BT 175.91 514.40 Td (of ) Tj ET Q q 0 0 0 rg BT 187.51 514.40 Td (a ) Tj ET Q q 0 0 0 rg BT 194.83 514.40 Td (security) Tj ET Q q 0 0 0 rg BT 228.94 514.40 Td (, ) Tj ET Q q 0 0 0 rg BT 234.12 514.40 Td (industry ) Tj ET Q q 0 0 0 rg BT 272.62 514.40 Td (or ) Tj ET Q q 0 0 0 rg BT 284.22 514.40 Td (sector) Tj ET Q q 0 0 0 rg BT 310.04 514.40 Td (, ) Tj ET Q q 0 0 0 rg BT 315.23 514.40 Td (unless ) Tj ET Q q 0 0 0 rg BT 345.16 514.40 Td (that ) Tj ET Q q 0 0 0 rg BT 364.09 514.40 Td (security ) Tj ET Q q 0 0 0 rg BT 401.35 514.40 Td (is ) Tj ET Q q 0 0 0 rg BT 411.12 514.40 Td (removed ) Tj ET Q q 0 0 0 rg BT 452.04 514.40 Td (from ) Tj ET Q q 0 0 0 rg BT 475.86 514.40 Td (the ) Tj ET Q q 0 0 0 rg BT 491.74 514.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 519.22 514.40 Td (or ) Tj ET Q q 0 0 0 rg BT 530.82 514.40 Td (the ) Tj ET Q q 0 0 0 rg BT 546.69 514.40 Td (selling ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 501.20 Td (of ) Tj ET Q q 0 0 0 rg BT 60.32 501.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.46 501.20 Td (of ) Tj ET Q q 0 0 0 rg BT 100.28 501.20 Td (that ) Tj ET Q q 0 0 0 rg BT 118.43 501.20 Td (security ) Tj ET Q q 0 0 0 rg BT 154.91 501.20 Td (is ) Tj ET Q q 0 0 0 rg BT 163.90 501.20 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 208.32 501.20 Td (required ) Tj ET Q q 0 0 0 rg BT 246.63 501.20 Td (upon ) Tj ET Q q 0 0 0 rg BT 270.28 501.20 Td (a ) Tj ET Q q 0 0 0 rg BT 276.82 501.20 Td (reconstitution ) Tj ET Q q 0 0 0 rg BT 338.96 501.20 Td (of ) Tj ET Q q 0 0 0 rg BT 349.78 501.20 Td (the ) Tj ET Q q 0 0 0 rg BT 364.88 501.20 Td (Index ) Tj ET Q q 0 0 0 rg BT 391.58 501.20 Td (in ) Tj ET Q q 0 0 0 rg BT 401.79 501.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 452.90 501.20 Td (with ) Tj ET Q q 0 0 0 rg BT 474.12 501.20 Td (the ) Tj ET Q q 0 0 0 rg BT 489.21 501.20 Td (Index ) Tj ET Q q 0 0 0 rg BT 515.91 501.20 Td (methodology) Tj ET Q q 0 0 0 rg BT 573.25 501.20 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 488.00 Td (The ) Tj ET Q q 0 0 0 rg BT 68.27 488.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 92.56 488.00 Td (invests ) Tj ET Q q 0 0 0 rg BT 124.79 488.00 Td (in ) Tj ET Q q 0 0 0 rg BT 135.02 488.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.23 488.00 Td (included ) Tj ET Q q 0 0 0 rg BT 217.78 488.00 Td (in ) Tj ET Q q 0 0 0 rg BT 228.01 488.00 Td (the ) Tj ET Q q 0 0 0 rg BT 243.12 488.00 Td (Index, ) Tj ET Q q 0 0 0 rg BT 272.59 488.00 Td (regardless ) Tj ET Q q 0 0 0 rg BT 318.85 488.00 Td (of ) Tj ET Q q 0 0 0 rg BT 329.68 488.00 Td (their ) Tj ET Q q 0 0 0 rg BT 351.51 488.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.45 488.00 Td (merits. ) Tj ET Q q 0 0 0 rg BT 433.25 488.00 Td (The ) Tj ET Q q 0 0 0 rg BT 452.02 488.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 476.31 488.00 Td (does ) Tj ET Q q 0 0 0 rg BT 498.15 488.00 Td (not ) Tj ET Q q 0 0 0 rg BT 513.88 488.00 Td (take ) Tj ET Q q 0 0 0 rg BT 533.87 488.00 Td (defensive ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 474.80 Td (positions ) Tj ET Q q 0 0 0 rg BT 91.98 474.80 Td (under ) Tj ET Q q 0 0 0 rg BT 119.78 474.80 Td (any ) Tj ET Q q 0 0 0 rg BT 138.41 474.80 Td (market ) Tj ET Q q 0 0 0 rg BT 171.70 474.80 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 223.03 474.80 Td (including ) Tj ET Q q 0 0 0 rg BT 267.33 474.80 Td (conditions ) Tj ET Q q 0 0 0 rg BT 315.91 474.80 Td (that ) Tj ET Q q 0 0 0 rg BT 335.16 474.80 Td (are ) Tj ET Q q 0 0 0 rg BT 351.33 474.80 Td (adverse ) Tj ET Q q 0 0 0 rg BT 387.67 474.80 Td (to ) Tj ET Q q 0 0 0 rg BT 398.98 474.80 Td (the ) Tj ET Q q 0 0 0 rg BT 415.17 474.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 473.49 474.80 Td (of ) Tj ET Q q 0 0 0 rg BT 485.41 474.80 Td (the ) Tj ET Q q 0 0 0 rg BT 501.60 474.80 Td (Fund.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 450.23 cm /I24 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 450.23 cm /I25 Do Q BT /F2 11.00 Tf ET 1 1 1 rg /GS0 gs 49.50 460.05 57.03 -10.00 re f /GS0 gs q 0 0 0 rg BT 49.50 452.60 Td (Sector) Tj ET Q q 0 0 0 rg BT 79.23 452.60 Td ( ) Tj ET Q q 0 0 0 rg BT 82.38 452.60 Td (Risk.) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 106.53 460.23 472.22 -10.00 re f /GS0 gs q 0 0 0 rg BT 106.53 452.60 Td ( ) Tj ET Q q 0 0 0 rg BT 109.45 452.60 Td (T) Tj ET Q q 0 0 0 rg BT 115.40 452.60 Td (o ) Tj ET Q q 0 0 0 rg BT 124.05 452.60 Td (the ) Tj ET Q q 0 0 0 rg BT 140.64 452.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 170.66 452.60 Td (the ) Tj ET Q q 0 0 0 rg BT 187.25 452.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 213.02 452.60 Td (invests ) Tj ET Q q 0 0 0 rg BT 246.72 452.60 Td (more ) Tj ET Q q 0 0 0 rg BT 272.47 452.60 Td (heavily ) Tj ET Q q 0 0 0 rg BT 308.00 452.60 Td (in ) Tj ET Q q 0 0 0 rg BT 319.70 452.60 Td (particular ) Tj ET Q q 0 0 0 rg BT 364.99 452.60 Td (sectors ) Tj ET Q q 0 0 0 rg BT 398.69 452.60 Td (of ) Tj ET Q q 0 0 0 rg BT 411.00 452.60 Td (the ) Tj ET Q q 0 0 0 rg BT 427.59 452.60 Td (economy) Tj ET Q q 0 0 0 rg BT 467.19 452.60 Td (, ) Tj ET Q q 0 0 0 rg BT 473.09 452.60 Td (its ) Tj ET Q q 0 0 0 rg BT 486.63 452.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 545.36 452.60 Td (will ) Tj ET Q q 0 0 0 rg BT 565.62 452.60 Td (be ) Tj ET Q BT /F1 11.00 Tf ET 1 1 1 rg /GS0 gs 49.50 447.03 326.95 -10.00 re f /GS0 gs q 0 0 0 rg BT 49.50 439.40 Td (especially ) Tj ET Q q 0 0 0 rg BT 96.23 439.40 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 137.47 439.40 Td (to ) Tj ET Q q 0 0 0 rg BT 148.78 439.40 Td (developments ) Tj ET Q q 0 0 0 rg BT 212.63 439.40 Td (that ) Tj ET Q q 0 0 0 rg BT 231.87 439.40 Td (significantly ) Tj ET Q q 0 0 0 rg BT 289.61 439.40 Td (af) Tj ET Q q 0 0 0 rg BT 297.96 439.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 317.19 439.40 Td (those ) Tj ET Q q 0 0 0 rg BT 343.16 439.40 Td (sectors.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 54.00 417.20 Td (o ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 417.20 Td (Information ) Tj ET Q q 0 0 0 rg BT 127.06 417.20 Td (T) Tj ET Q q 0 0 0 rg BT 132.16 417.20 Td (echnology ) Tj ET Q q 0 0 0 rg BT 179.87 417.20 Td (Sector ) Tj ET Q q 0 0 0 rg BT 210.47 417.20 Td (Risk.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 232.16 417.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 234.66 417.20 Td (Market ) Tj ET Q q 0 0 0 rg BT 268.92 417.20 Td (or ) Tj ET Q q 0 0 0 rg BT 280.59 417.20 Td (economic ) Tj ET Q q 0 0 0 rg BT 325.85 417.20 Td (factors ) Tj ET Q q 0 0 0 rg BT 358.28 417.20 Td (impacting ) Tj ET Q q 0 0 0 rg BT 404.77 417.20 Td (information ) Tj ET Q q 0 0 0 rg BT 459.20 417.20 Td (technology ) Tj ET Q q 0 0 0 rg BT 510.58 417.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 560.12 417.20 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 404.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 122.47 404.00 Td (that ) Tj ET Q q 0 0 0 rg BT 142.39 404.00 Td (rely ) Tj ET Q q 0 0 0 rg BT 162.92 404.00 Td (heavily ) Tj ET Q q 0 0 0 rg BT 198.72 404.00 Td (on ) Tj ET Q q 0 0 0 rg BT 213.15 404.00 Td (technological ) Tj ET Q q 0 0 0 rg BT 275.83 404.00 Td (advances ) Tj ET Q q 0 0 0 rg BT 319.56 404.00 Td (could ) Tj ET Q q 0 0 0 rg BT 347.43 404.00 Td (have ) Tj ET Q q 0 0 0 rg BT 371.62 404.00 Td (a ) Tj ET Q q 0 0 0 rg BT 379.93 404.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 429.79 404.00 Td (ef) Tj ET Q q 0 0 0 rg BT 438.14 404.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 458.05 404.00 Td (on ) Tj ET Q q 0 0 0 rg BT 472.47 404.00 Td (the ) Tj ET Q q 0 0 0 rg BT 489.34 404.00 Td (value ) Tj ET Q q 0 0 0 rg BT 516.59 404.00 Td (of ) Tj ET Q q 0 0 0 rg BT 529.18 404.00 Td (the ) Tj ET Q q 0 0 0 rg BT 546.04 404.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.72 404.00 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 390.80 Td (investments. ) Tj ET Q q 0 0 0 rg BT 128.88 390.80 Td (The ) Tj ET Q q 0 0 0 rg BT 147.67 390.80 Td (value ) Tj ET Q q 0 0 0 rg BT 173.19 390.80 Td (of ) Tj ET Q q 0 0 0 rg BT 184.05 390.80 Td (stocks ) Tj ET Q q 0 0 0 rg BT 213.25 390.80 Td (of ) Tj ET Q q 0 0 0 rg BT 224.11 390.80 Td (information ) Tj ET Q q 0 0 0 rg BT 277.74 390.80 Td (technology ) Tj ET Q q 0 0 0 rg BT 328.31 390.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 377.05 390.80 Td (and ) Tj ET Q q 0 0 0 rg BT 394.63 390.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 443.37 390.80 Td (that ) Tj ET Q q 0 0 0 rg BT 461.56 390.80 Td (rely ) Tj ET Q q 0 0 0 rg BT 480.36 390.80 Td (heavily ) Tj ET Q q 0 0 0 rg BT 514.43 390.80 Td (on ) Tj ET Q q 0 0 0 rg BT 527.13 390.80 Td (technology ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 377.60 Td (is ) Tj ET Q q 0 0 0 rg BT 82.58 377.60 Td (particularly ) Tj ET Q q 0 0 0 rg BT 136.52 377.60 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 186.19 377.60 Td (to ) Tj ET Q q 0 0 0 rg BT 197.99 377.60 Td (rapid ) Tj ET Q q 0 0 0 rg BT 223.84 377.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 262.51 377.60 Td (in ) Tj ET Q q 0 0 0 rg BT 274.31 377.60 Td (technology ) Tj ET Q q 0 0 0 rg BT 326.43 377.60 Td (product ) Tj ET Q q 0 0 0 rg BT 363.27 377.60 Td (cycles, ) Tj ET Q q 0 0 0 rg BT 396.75 377.60 Td (rapid ) Tj ET Q q 0 0 0 rg BT 422.60 377.60 Td (product ) Tj ET Q q 0 0 0 rg BT 459.44 377.60 Td (obsolescence, ) Tj ET Q q 0 0 0 rg BT 523.47 377.60 Td (government ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 364.40 Td (regulation ) Tj ET Q q 0 0 0 rg BT 119.44 364.40 Td (and ) Tj ET Q q 0 0 0 rg BT 138.16 364.40 Td (competition, ) Tj ET Q q 0 0 0 rg BT 196.29 364.40 Td (both ) Tj ET Q q 0 0 0 rg BT 218.69 364.40 Td (domestically ) Tj ET Q q 0 0 0 rg BT 277.73 364.40 Td (and ) Tj ET Q q 0 0 0 rg BT 296.45 364.40 Td (internationally) Tj ET Q q 0 0 0 rg BT 359.89 364.40 Td (, ) Tj ET Q q 0 0 0 rg BT 365.48 364.40 Td (including ) Tj ET Q q 0 0 0 rg BT 409.87 364.40 Td (competition ) Tj ET Q q 0 0 0 rg BT 465.25 364.40 Td (from ) Tj ET Q q 0 0 0 rg BT 489.47 364.40 Td (foreign ) Tj ET Q q 0 0 0 rg BT 524.07 364.40 Td (competitors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 351.20 Td (with ) Tj ET Q q 0 0 0 rg BT 95.90 351.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 125.28 351.20 Td (production ) Tj ET Q q 0 0 0 rg BT 177.28 351.20 Td (costs. ) Tj ET Q q 0 0 0 rg BT 206.36 351.20 Td (Stocks ) Tj ET Q q 0 0 0 rg BT 240.04 351.20 Td (of ) Tj ET Q q 0 0 0 rg BT 253.54 351.20 Td (information ) Tj ET Q q 0 0 0 rg BT 309.81 351.20 Td (technology ) Tj ET Q q 0 0 0 rg BT 363.03 351.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 414.41 351.20 Td (and ) Tj ET Q q 0 0 0 rg BT 434.63 351.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 486.01 351.20 Td (that ) Tj ET Q q 0 0 0 rg BT 506.84 351.20 Td (rely ) Tj ET Q q 0 0 0 rg BT 528.28 351.20 Td (heavily ) Tj ET Q q 0 0 0 rg BT 565.00 351.20 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 338.00 Td (technology) Tj ET Q q 0 0 0 rg BT 120.16 338.00 Td (, ) Tj ET Q q 0 0 0 rg BT 125.76 338.00 Td (especially ) Tj ET Q q 0 0 0 rg BT 172.58 338.00 Td (those ) Tj ET Q q 0 0 0 rg BT 198.65 338.00 Td (of ) Tj ET Q q 0 0 0 rg BT 210.66 338.00 Td (smaller) Tj ET Q q 0 0 0 rg BT 242.60 338.00 Td (, ) Tj ET Q q 0 0 0 rg BT 248.19 338.00 Td (less-seasoned ) Tj ET Q q 0 0 0 rg BT 310.91 338.00 Td (companies, ) Tj ET Q q 0 0 0 rg BT 363.55 338.00 Td (tend ) Tj ET Q q 0 0 0 rg BT 385.33 338.00 Td (to ) Tj ET Q q 0 0 0 rg BT 396.74 338.00 Td (be ) Tj ET Q q 0 0 0 rg BT 409.97 338.00 Td (more ) Tj ET Q q 0 0 0 rg BT 435.41 338.00 Td (volatile ) Tj ET Q q 0 0 0 rg BT 471.25 338.00 Td (than ) Tj ET Q q 0 0 0 rg BT 493.03 338.00 Td (the ) Tj ET Q q 0 0 0 rg BT 509.32 338.00 Td (overall ) Tj ET Q q 0 0 0 rg BT 542.71 338.00 Td (market. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 324.80 Td (Information ) Tj ET Q q 0 0 0 rg BT 128.62 324.80 Td (technology ) Tj ET Q q 0 0 0 rg BT 181.58 324.80 Td (companies ) Tj ET Q q 0 0 0 rg BT 232.70 324.80 Td (are ) Tj ET Q q 0 0 0 rg BT 250.21 324.80 Td (heavily ) Tj ET Q q 0 0 0 rg BT 286.66 324.80 Td (dependent ) Tj ET Q q 0 0 0 rg BT 335.95 324.80 Td (on ) Tj ET Q q 0 0 0 rg BT 351.03 324.80 Td (patent ) Tj ET Q q 0 0 0 rg BT 381.99 324.80 Td (and ) Tj ET Q q 0 0 0 rg BT 401.95 324.80 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 454.90 324.80 Td (property ) Tj ET Q q 0 0 0 rg BT 496.24 324.80 Td (rights, ) Tj ET Q q 0 0 0 rg BT 528.13 324.80 Td (the ) Tj ET Q q 0 0 0 rg BT 545.65 324.80 Td (loss ) Tj ET Q q 0 0 0 rg BT 566.85 324.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 311.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 125.46 311.60 Td (of ) Tj ET Q q 0 0 0 rg BT 137.37 311.60 Td (which ) Tj ET Q q 0 0 0 rg BT 167.00 311.60 Td (may ) Tj ET Q q 0 0 0 rg BT 188.69 311.60 Td (adversely ) Tj ET Q q 0 0 0 rg BT 233.59 311.60 Td (af) Tj ET Q q 0 0 0 rg BT 241.94 311.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 261.17 311.60 Td (profitability) Tj ET Q q 0 0 0 rg BT 313.00 311.60 Td (.) Tj ET Q /GS0 gs q 4.00 0 0 11.00 36.00 287.03 cm /I26 Do Q /GS0 gs q 9.50 0 0 11.00 40.00 287.03 cm /I27 Do Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 49.50 289.40 Td (T) Tj ET Q q 0 0 0 rg BT 56.02 289.40 Td (racking ) Tj ET Q q 0 0 0 rg BT 94.77 289.40 Td (Risk. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.61 289.40 Td (The ) Tj ET Q q 0 0 0 rg BT 141.41 289.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 167.08 289.40 Td (s ) Tj ET Q q 0 0 0 rg BT 174.06 289.40 Td (return ) Tj ET Q q 0 0 0 rg BT 203.02 289.40 Td (may ) Tj ET Q q 0 0 0 rg BT 224.65 289.40 Td (not ) Tj ET Q q 0 0 0 rg BT 241.40 289.40 Td (track ) Tj ET Q q 0 0 0 rg BT 266.08 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 282.21 289.40 Td (return ) Tj ET Q q 0 0 0 rg BT 311.17 289.40 Td (of ) Tj ET Q q 0 0 0 rg BT 323.02 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 339.16 289.40 Td (Index ) Tj ET Q q 0 0 0 rg BT 366.89 289.40 Td (for ) Tj ET Q q 0 0 0 rg BT 382.41 289.40 Td (a ) Tj ET Q q 0 0 0 rg BT 389.99 289.40 Td (number ) Tj ET Q q 0 0 0 rg BT 426.29 289.40 Td (of ) Tj ET Q q 0 0 0 rg BT 438.14 289.40 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 476.58 289.40 Td (For ) Tj ET Q q 0 0 0 rg BT 494.55 289.40 Td (example, ) Tj ET Q q 0 0 0 rg BT 537.25 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 553.39 289.40 Td (Fund ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 276.20 Td (incurs ) Tj ET Q q 0 0 0 rg BT 80.18 276.20 Td (a ) Tj ET Q q 0 0 0 rg BT 88.85 276.20 Td (number ) Tj ET Q q 0 0 0 rg BT 126.25 276.20 Td (of ) Tj ET Q q 0 0 0 rg BT 139.21 276.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.54 276.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 228.05 276.20 Td (not ) Tj ET Q q 0 0 0 rg BT 245.90 276.20 Td (applicable ) Tj ET Q q 0 0 0 rg BT 294.89 276.20 Td (to ) Tj ET Q q 0 0 0 rg BT 307.24 276.20 Td (the ) Tj ET Q q 0 0 0 rg BT 324.48 276.20 Td (Index, ) Tj ET Q q 0 0 0 rg BT 356.07 276.20 Td (and ) Tj ET Q q 0 0 0 rg BT 375.74 276.20 Td (incurs ) Tj ET Q q 0 0 0 rg BT 406.42 276.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 432.22 276.20 Td (in ) Tj ET Q q 0 0 0 rg BT 444.57 276.20 Td (buying ) Tj ET Q q 0 0 0 rg BT 478.92 276.20 Td (and ) Tj ET Q q 0 0 0 rg BT 498.59 276.20 Td (selling ) Tj ET Q q 0 0 0 rg BT 531.72 276.20 Td (securities, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 263.00 Td (especially ) Tj ET Q q 0 0 0 rg BT 95.70 263.00 Td (when ) Tj ET Q q 0 0 0 rg BT 121.75 263.00 Td (rebalancing ) Tj ET Q q 0 0 0 rg BT 175.27 263.00 Td (the ) Tj ET Q q 0 0 0 rg BT 190.93 263.00 Td (Fund) Tj ET Q q 0 0 0 rg BT 216.61 263.00 Td (s ) Tj ET Q q 0 0 0 rg BT 223.11 263.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 266.87 263.00 Td (holdings ) Tj ET Q q 0 0 0 rg BT 306.98 263.00 Td (to ) Tj ET Q q 0 0 0 rg BT 317.76 263.00 Td (reflect ) Tj ET Q q 0 0 0 rg BT 348.07 263.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 385.72 263.00 Td (in ) Tj ET Q q 0 0 0 rg BT 396.49 263.00 Td (the ) Tj ET Q q 0 0 0 rg BT 412.15 263.00 Td (composition ) Tj ET Q q 0 0 0 rg BT 468.76 263.00 Td (of ) Tj ET Q q 0 0 0 rg BT 480.15 263.00 Td (the ) Tj ET Q q 0 0 0 rg BT 495.81 263.00 Td (Index. ) Tj ET Q q 0 0 0 rg BT 525.82 263.00 Td (In ) Tj ET Q q 0 0 0 rg BT 537.21 263.00 Td (addition, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 249.80 Td (when ) Tj ET Q q 0 0 0 rg BT 76.54 249.80 Td (the ) Tj ET Q q 0 0 0 rg BT 93.20 249.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 119.03 249.80 Td (uses ) Tj ET Q q 0 0 0 rg BT 141.20 249.80 Td (a ) Tj ET Q q 0 0 0 rg BT 149.29 249.80 Td (representative ) Tj ET Q q 0 0 0 rg BT 214.20 249.80 Td (sampling ) Tj ET Q q 0 0 0 rg BT 257.75 249.80 Td (approach, ) Tj ET Q q 0 0 0 rg BT 304.03 249.80 Td (the ) Tj ET Q q 0 0 0 rg BT 320.68 249.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 346.52 249.80 Td (may ) Tj ET Q q 0 0 0 rg BT 368.67 249.80 Td (not ) Tj ET Q q 0 0 0 rg BT 385.95 249.80 Td (be ) Tj ET Q q 0 0 0 rg BT 399.54 249.80 Td (as ) Tj ET Q q 0 0 0 rg BT 411.93 249.80 Td (well ) Tj ET Q q 0 0 0 rg BT 434.08 249.80 Td (correlated ) Tj ET Q q 0 0 0 rg BT 481.27 249.80 Td (with ) Tj ET Q q 0 0 0 rg BT 504.04 249.80 Td (the ) Tj ET Q q 0 0 0 rg BT 520.70 249.80 Td (return ) Tj ET Q q 0 0 0 rg BT 550.18 249.80 Td (of ) Tj ET Q q 0 0 0 rg BT 562.56 249.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 236.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 76.99 236.60 Td (as ) Tj ET Q q 0 0 0 rg BT 88.59 236.60 Td (when ) Tj ET Q q 0 0 0 rg BT 114.85 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 130.73 236.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 155.79 236.60 Td (purchases ) Tj ET Q q 0 0 0 rg BT 201.60 236.60 Td (all ) Tj ET Q q 0 0 0 rg BT 215.04 236.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.64 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 242.52 236.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 286.50 236.60 Td (in ) Tj ET Q q 0 0 0 rg BT 297.49 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 313.37 236.60 Td (Index ) Tj ET Q q 0 0 0 rg BT 340.86 236.60 Td (in ) Tj ET Q q 0 0 0 rg BT 351.85 236.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.73 236.60 Td (proportions ) Tj ET Q q 0 0 0 rg BT 420.89 236.60 Td (in ) Tj ET Q q 0 0 0 rg BT 431.89 236.60 Td (which ) Tj ET Q q 0 0 0 rg BT 461.21 236.60 Td (they ) Tj ET Q q 0 0 0 rg BT 482.59 236.60 Td (are ) Tj ET Q q 0 0 0 rg BT 498.46 236.60 Td (represented ) Tj ET Q q 0 0 0 rg BT 551.59 236.60 Td (in ) Tj ET Q q 0 0 0 rg BT 562.58 236.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 49.50 223.40 Td (Index.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 201.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 63.82 201.20 Td (Performance) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 188.00 Td (Performance ) Tj ET Q q 0 0 0 rg BT 95.50 188.00 Td (information ) Tj ET Q q 0 0 0 rg BT 150.75 188.00 Td (for ) Tj ET Q q 0 0 0 rg BT 166.89 188.00 Td (the ) Tj ET Q q 0 0 0 rg BT 183.64 188.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 209.57 188.00 Td (is ) Tj ET Q q 0 0 0 rg BT 220.21 188.00 Td (not ) Tj ET Q q 0 0 0 rg BT 237.58 188.00 Td (included ) Tj ET Q q 0 0 0 rg BT 278.77 188.00 Td (because ) Tj ET Q q 0 0 0 rg BT 316.89 188.00 Td (the ) Tj ET Q q 0 0 0 rg BT 333.64 188.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 359.57 188.00 Td (did ) Tj ET Q q 0 0 0 rg BT 376.94 188.00 Td (not ) Tj ET Q q 0 0 0 rg BT 394.31 188.00 Td (have ) Tj ET Q q 0 0 0 rg BT 418.38 188.00 Td (a ) Tj ET Q q 0 0 0 rg BT 426.58 188.00 Td (full ) Tj ET Q q 0 0 0 rg BT 445.16 188.00 Td (calendar ) Tj ET Q q 0 0 0 rg BT 485.72 188.00 Td (year ) Tj ET Q q 0 0 0 rg BT 507.96 188.00 Td (of ) Tj ET Q q 0 0 0 rg BT 520.44 188.00 Td (performance ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 174.80 Td (prior ) Tj ET Q q 0 0 0 rg BT 60.72 174.80 Td (to ) Tj ET Q q 0 0 0 rg BT 72.62 174.80 Td (the ) Tj ET Q q 0 0 0 rg BT 89.40 174.80 Td (date ) Tj ET Q q 0 0 0 rg BT 111.07 174.80 Td (of ) Tj ET Q q 0 0 0 rg BT 123.57 174.80 Td (this ) Tj ET Q q 0 0 0 rg BT 142.81 174.80 Td (Prospectus. ) Tj ET Q q 0 0 0 rg BT 196.56 174.80 Td (In ) Tj ET Q q 0 0 0 rg BT 209.07 174.80 Td (the ) Tj ET Q q 0 0 0 rg BT 225.85 174.80 Td (future, ) Tj ET Q q 0 0 0 rg BT 258.21 174.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 317.12 174.80 Td (information ) Tj ET Q q 0 0 0 rg BT 372.40 174.80 Td (for ) Tj ET Q q 0 0 0 rg BT 388.57 174.80 Td (the ) Tj ET Q q 0 0 0 rg BT 405.35 174.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 431.31 174.80 Td (will ) Tj ET Q q 0 0 0 rg BT 451.76 174.80 Td (be ) Tj ET Q q 0 0 0 rg BT 465.49 174.80 Td (presented ) Tj ET Q q 0 0 0 rg BT 510.98 174.80 Td (in ) Tj ET Q q 0 0 0 rg BT 522.87 174.80 Td (this ) Tj ET Q q 0 0 0 rg BT 542.11 174.80 Td (section. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 161.60 Td (Updated ) Tj ET Q q 0 0 0 rg BT 75.98 161.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 134.27 161.60 Td (information ) Tj ET Q q 0 0 0 rg BT 188.92 161.60 Td (is ) Tj ET Q q 0 0 0 rg BT 198.97 161.60 Td (available ) Tj ET Q q 0 0 0 rg BT 241.38 161.60 Td (on ) Tj ET Q q 0 0 0 rg BT 255.10 161.60 Td (the ) Tj ET Q q 0 0 0 rg BT 271.25 161.60 Td (Fund) Tj ET Q q 0 0 0 rg BT 296.93 161.60 Td (s ) Tj ET Q q 0 0 0 rg BT 303.92 161.60 Td (website ) Tj ET Q q 0 0 0 rg BT 340.24 161.60 Td (at ) Tj ET Q q 0 0 0 rg BT 350.89 161.60 Td (www) Tj ET Q q 0 0 0 rg BT 374.01 161.60 Td (.paceretfs.com ) Tj ET Q q 0 0 0 rg BT 440.86 161.60 Td (or ) Tj ET Q q 0 0 0 rg BT 452.74 161.60 Td (by ) Tj ET Q q 0 0 0 rg BT 466.45 161.60 Td (calling ) Tj ET Q q 0 0 0 rg BT 499.10 161.60 Td (the ) Tj ET Q q 0 0 0 rg BT 515.25 161.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 540.59 161.60 Td (toll-free ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 148.40 Td (at ) Tj ET Q q 0 0 0 rg BT 46.69 148.40 Td (1-877-337-0500.) 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 /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 739.60 Td (Management) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 717.40 Td (Investment ) Tj ET Q q 0 0 0 rg BT 86.20 717.40 Td (Adviser) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 704.20 Td (Pacer ) Tj ET Q q 0 0 0 rg BT 62.57 704.20 Td (Advisors, ) Tj ET Q q 0 0 0 rg BT 107.80 704.20 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 127.34 704.20 Td (serves ) Tj ET Q q 0 0 0 rg BT 157.58 704.20 Td (as ) Tj ET Q q 0 0 0 rg BT 169.49 704.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.51 704.20 Td (adviser ) Tj ET Q q 0 0 0 rg BT 255.03 704.20 Td (to ) Tj ET Q q 0 0 0 rg BT 266.33 704.20 Td (the ) Tj ET Q q 0 0 0 rg BT 282.52 704.20 Td (Fund.) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 36.00 682.00 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 78.47 682.00 Td (Managers) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 668.80 Td (The ) Tj ET Q q 0 0 0 rg BT 55.17 668.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 79.85 668.80 Td (employs ) Tj ET Q q 0 0 0 rg BT 119.20 668.80 Td (a ) Tj ET Q q 0 0 0 rg BT 126.15 668.80 Td (rules-based, ) Tj ET Q q 0 0 0 rg BT 181.06 668.80 Td (passive ) Tj ET Q q 0 0 0 rg BT 215.51 668.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 265.85 668.80 Td (strategy) Tj ET Q q 0 0 0 rg BT 299.95 668.80 Td (. ) Tj ET Q q 0 0 0 rg BT 304.62 668.80 Td (The ) Tj ET Q q 0 0 0 rg BT 323.33 668.80 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 360.23 668.80 Td (uses ) Tj ET Q q 0 0 0 rg BT 381.24 668.80 Td (a ) Tj ET Q q 0 0 0 rg BT 388.19 668.80 Td (committee ) Tj ET Q q 0 0 0 rg BT 436.68 668.80 Td (approach ) Tj ET Q q 0 0 0 rg BT 479.06 668.80 Td (to ) Tj ET Q q 0 0 0 rg BT 489.69 668.80 Td (managing ) Tj ET Q q 0 0 0 rg BT 535.13 668.80 Td (the ) Tj ET Q q 0 0 0 rg BT 550.64 668.80 Td (Fund. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 655.60 Td (Bruce ) Tj ET Q q 0 0 0 rg BT 66.08 655.60 Td (Kavanaugh, ) Tj ET Q q 0 0 0 rg BT 122.47 655.60 Td (V) Tj ET Q q 0 0 0 rg BT 129.75 655.60 Td (ice ) Tj ET Q q 0 0 0 rg BT 146.39 655.60 Td (President ) Tj ET Q q 0 0 0 rg BT 191.15 655.60 Td (of ) Tj ET Q q 0 0 0 rg BT 204.14 655.60 Td (the ) Tj ET Q q 0 0 0 rg BT 220.55 655.60 Td (Adviser) Tj ET Q q 0 0 0 rg BT 254.94 655.60 Td (, ) Tj ET Q q 0 0 0 rg BT 261.51 655.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.21 655.60 Td (Michael ) Tj ET Q q 0 0 0 rg BT 321.07 655.60 Td (Mack, ) Tj ET Q q 0 0 0 rg BT 352.69 655.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 404.54 655.60 Td (Analyst ) Tj ET Q q 0 0 0 rg BT 442.58 655.60 Td (for ) Tj ET Q q 0 0 0 rg BT 459.23 655.60 Td (the ) Tj ET Q q 0 0 0 rg BT 475.64 655.60 Td (Adviser) Tj ET Q q 0 0 0 rg BT 510.03 655.60 Td (, ) Tj ET Q q 0 0 0 rg BT 516.60 655.60 Td (have ) Tj ET Q q 0 0 0 rg BT 541.18 655.60 Td (primary ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 642.40 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 99.48 642.40 Td (for ) Tj ET Q q 0 0 0 rg BT 115.89 642.40 Td (the ) Tj ET Q q 0 0 0 rg BT 132.92 642.40 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 184.16 642.40 Td (management ) Tj ET Q q 0 0 0 rg BT 243.94 642.40 Td (of ) Tj ET Q q 0 0 0 rg BT 256.70 642.40 Td (the ) Tj ET Q q 0 0 0 rg BT 273.72 642.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 299.93 642.40 Td (and ) Tj ET Q q 0 0 0 rg BT 319.40 642.40 Td (have ) Tj ET Q q 0 0 0 rg BT 343.76 642.40 Td (served ) Tj ET Q q 0 0 0 rg BT 376.05 642.40 Td (as ) Tj ET Q q 0 0 0 rg BT 388.81 642.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 415.01 642.40 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 457.10 642.40 Td (managers ) Tj ET Q q 0 0 0 rg BT 502.83 642.40 Td (since ) Tj ET Q q 0 0 0 rg BT 529.03 642.40 Td (the ) Tj ET Q q 0 0 0 rg BT 546.05 642.40 Td (Fund) Tj ET Q q 0 0 0 rg BT 571.73 642.40 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 629.20 Td (inception.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 607.00 Td (Buying ) Tj ET Q q 0 0 0 rg BT 72.38 607.00 Td (and ) Tj ET Q q 0 0 0 rg BT 92.86 607.00 Td (Selling ) Tj ET Q q 0 0 0 rg BT 127.40 607.00 Td (Fund ) Tj ET Q q 0 0 0 rg BT 155.22 607.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 177.64 607.00 Td (es) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 593.80 Td (The ) Tj ET Q q 0 0 0 rg BT 55.49 593.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 80.51 593.80 Td (is ) Tj ET Q q 0 0 0 rg BT 90.24 593.80 Td (an ) Tj ET Q q 0 0 0 rg BT 103.01 593.80 Td (ETF) Tj ET Q q 0 0 0 rg BT 121.69 593.80 Td (. ) Tj ET Q q 0 0 0 rg BT 126.66 593.80 Td (This ) Tj ET Q q 0 0 0 rg BT 148.60 593.80 Td (means ) Tj ET Q q 0 0 0 rg BT 179.10 593.80 Td (that ) Tj ET Q q 0 0 0 rg BT 197.99 593.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 227.87 593.80 Td (of ) Tj ET Q q 0 0 0 rg BT 239.43 593.80 Td (the ) Tj ET Q q 0 0 0 rg BT 255.26 593.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 280.27 593.80 Td (are ) Tj ET Q q 0 0 0 rg BT 296.09 593.80 Td (listed ) Tj ET Q q 0 0 0 rg BT 322.31 593.80 Td (on ) Tj ET Q q 0 0 0 rg BT 335.71 593.80 Td (a ) Tj ET Q q 0 0 0 rg BT 342.98 593.80 Td (national ) Tj ET Q q 0 0 0 rg BT 380.81 593.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.74 593.80 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 471.41 593.80 Td (the ) Tj ET Q q 0 0 0 rg BT 487.25 593.80 Td (Exchange, ) Tj ET Q q 0 0 0 rg BT 535.75 593.80 Td (and ) Tj ET Q q 0 0 0 rg BT 554.03 593.80 Td (trade ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 580.60 Td (at ) Tj ET Q q 0 0 0 rg BT 46.71 580.60 Td (market ) Tj ET Q q 0 0 0 rg BT 80.03 580.60 Td (prices. ) Tj ET Q q 0 0 0 rg BT 111.82 580.60 Td (Most ) Tj ET Q q 0 0 0 rg BT 137.21 580.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 179.71 580.60 Td (will ) Tj ET Q q 0 0 0 rg BT 199.59 580.60 Td (buy ) Tj ET Q q 0 0 0 rg BT 218.87 580.60 Td (and ) Tj ET Q q 0 0 0 rg BT 237.53 580.60 Td (sell ) Tj ET Q q 0 0 0 rg BT 255.58 580.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 285.84 580.60 Td (of ) Tj ET Q q 0 0 0 rg BT 297.78 580.60 Td (the ) Tj ET Q q 0 0 0 rg BT 314.00 580.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 339.39 580.60 Td (through ) Tj ET Q q 0 0 0 rg BT 376.38 580.60 Td (brokers. ) Tj ET Q q 0 0 0 rg BT 414.90 580.60 Td (Because ) Tj ET Q q 0 0 0 rg BT 454.32 580.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 479.71 580.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 509.98 580.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 534.74 580.60 Td (at ) Tj ET Q q 0 0 0 rg BT 545.45 580.60 Td (market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 567.40 Td (prices ) Tj ET Q q 0 0 0 rg BT 65.01 567.40 Td (rather ) Tj ET Q q 0 0 0 rg BT 93.41 567.40 Td (than ) Tj ET Q q 0 0 0 rg BT 115.10 567.40 Td (NA) Tj ET Q q 0 0 0 rg BT 129.57 567.40 Td (V) Tj ET Q q 0 0 0 rg BT 136.10 567.40 Td (, ) Tj ET Q q 0 0 0 rg BT 141.60 567.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 171.83 567.40 Td (may ) Tj ET Q q 0 0 0 rg BT 193.52 567.40 Td (trade ) Tj ET Q q 0 0 0 rg BT 218.26 567.40 Td (at ) Tj ET Q q 0 0 0 rg BT 228.95 567.40 Td (a ) Tj ET Q q 0 0 0 rg BT 236.58 567.40 Td (price ) Tj ET Q q 0 0 0 rg BT 261.31 567.40 Td (greater ) Tj ET Q q 0 0 0 rg BT 294.59 567.40 Td (than ) Tj ET Q q 0 0 0 rg BT 316.28 567.40 Td (NA) Tj ET Q q 0 0 0 rg BT 330.75 567.40 Td (V) Tj ET Q q 0 0 0 rg BT 338.49 567.40 Td ( ) Tj ET Q q 0 0 0 rg BT 341.24 567.40 Td (\(premium\) ) Tj ET Q q 0 0 0 rg BT 391.03 567.40 Td (or ) Tj ET Q q 0 0 0 rg BT 402.95 567.40 Td (less ) Tj ET Q q 0 0 0 rg BT 422.20 567.40 Td (than ) Tj ET Q q 0 0 0 rg BT 443.89 567.40 Td (NA) Tj ET Q q 0 0 0 rg BT 458.36 567.40 Td (V) Tj ET Q q 0 0 0 rg BT 466.10 567.40 Td ( ) Tj ET Q q 0 0 0 rg BT 468.85 567.40 Td (\(discount\).) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 545.20 Td (The ) Tj ET Q q 0 0 0 rg BT 56.39 545.20 Td (Fund ) Tj ET Q q 0 0 0 rg BT 82.30 545.20 Td (issues ) Tj ET Q q 0 0 0 rg BT 111.87 545.20 Td (and ) Tj ET Q q 0 0 0 rg BT 131.04 545.20 Td (redeems ) Tj ET Q q 0 0 0 rg BT 170.98 545.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 201.76 545.20 Td (at ) Tj ET Q q 0 0 0 rg BT 212.99 545.20 Td (NA) Tj ET Q q 0 0 0 rg BT 227.46 545.20 Td (V) Tj ET Q q 0 0 0 rg BT 235.20 545.20 Td ( ) Tj ET Q q 0 0 0 rg BT 238.49 545.20 Td (only ) Tj ET Q q 0 0 0 rg BT 261.34 545.20 Td (in ) Tj ET Q q 0 0 0 rg BT 273.18 545.20 Td (lar) Tj ET Q q 0 0 0 rg BT 284.59 545.20 Td (ge ) Tj ET Q q 0 0 0 rg BT 298.26 545.20 Td (blocks ) Tj ET Q q 0 0 0 rg BT 330.27 545.20 Td (of ) Tj ET Q q 0 0 0 rg BT 342.72 545.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 373.50 545.20 Td (\(Creation ) Tj ET Q q 0 0 0 rg BT 423.21 545.20 Td (Units\), ) Tj ET Q q 0 0 0 rg BT 461.64 545.20 Td (which ) Tj ET Q q 0 0 0 rg BT 491.81 545.20 Td (only ) Tj ET Q q 0 0 0 rg BT 514.65 545.20 Td (institutions ) Tj ET Q q 0 0 0 rg BT 566.84 545.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 532.00 Td (lar) Tj ET Q q 0 0 0 rg BT 47.40 532.00 Td (ge ) Tj ET Q q 0 0 0 rg BT 59.70 532.00 Td (investors ) Tj ET Q q 0 0 0 rg BT 101.34 532.00 Td (may ) Tj ET Q q 0 0 0 rg BT 122.20 532.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 163.21 532.00 Td (or ) Tj ET Q q 0 0 0 rg BT 174.29 532.00 Td (redeem. ) Tj ET Q q 0 0 0 rg BT 211.33 532.00 Td (Currently) Tj ET Q q 0 0 0 rg BT 252.77 532.00 Td (, ) Tj ET Q q 0 0 0 rg BT 257.44 532.00 Td (Creation ) Tj ET Q q 0 0 0 rg BT 297.23 532.00 Td (Units ) Tj ET Q q 0 0 0 rg BT 322.99 532.00 Td (generally ) Tj ET Q q 0 0 0 rg BT 365.83 532.00 Td (consist ) Tj ET Q q 0 0 0 rg BT 398.31 532.00 Td (of ) Tj ET Q q 0 0 0 rg BT 409.39 532.00 Td (50,000 ) Tj ET Q q 0 0 0 rg BT 441.56 532.00 Td (shares, ) Tj ET Q q 0 0 0 rg BT 473.72 532.00 Td (though ) Tj ET Q q 0 0 0 rg BT 506.19 532.00 Td (this ) Tj ET Q q 0 0 0 rg BT 524.00 532.00 Td (may ) Tj ET Q q 0 0 0 rg BT 544.86 532.00 Td (change ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 518.80 Td (from ) Tj ET Q q 0 0 0 rg BT 59.08 518.80 Td (time ) Tj ET Q q 0 0 0 rg BT 80.33 518.80 Td (to ) Tj ET Q q 0 0 0 rg BT 90.59 518.80 Td (time. ) Tj ET Q q 0 0 0 rg BT 114.46 518.80 Td (The ) Tj ET Q q 0 0 0 rg BT 133.26 518.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 157.58 518.80 Td (generally ) Tj ET Q q 0 0 0 rg BT 200.20 518.80 Td (issues ) Tj ET Q q 0 0 0 rg BT 228.18 518.80 Td (and ) Tj ET Q q 0 0 0 rg BT 245.76 518.80 Td (redeems ) Tj ET Q q 0 0 0 rg BT 284.11 518.80 Td (Creation ) Tj ET Q q 0 0 0 rg BT 323.68 518.80 Td (Units ) Tj ET Q q 0 0 0 rg BT 349.22 518.80 Td (in ) Tj ET Q q 0 0 0 rg BT 359.47 518.80 Td (exchange ) Tj ET Q q 0 0 0 rg BT 402.70 518.80 Td (for ) Tj ET Q q 0 0 0 rg BT 417.23 518.80 Td (a ) Tj ET Q q 0 0 0 rg BT 423.81 518.80 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 464.00 518.80 Td (of ) Tj ET Q q 0 0 0 rg BT 474.86 518.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 518.10 518.80 Td (\(the ) Tj ET Q q 0 0 0 rg BT 536.90 518.80 Td (Deposit ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 505.60 Td (Securities\) ) Tj ET Q q 0 0 0 rg BT 90.67 505.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 121.52 505.60 Td (a ) Tj ET Q q 0 0 0 rg BT 129.16 505.60 Td (designated ) Tj ET Q q 0 0 0 rg BT 178.95 505.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 214.69 505.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.60 505.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 248.92 505.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.21 505.60 Td (that ) Tj ET Q q 0 0 0 rg BT 290.46 505.60 Td (the ) Tj ET Q q 0 0 0 rg BT 306.64 505.60 Td (Fund ) Tj ET Q q 0 0 0 rg BT 332.01 505.60 Td (specifies ) Tj ET Q q 0 0 0 rg BT 373.25 505.60 Td (each ) Tj ET Q q 0 0 0 rg BT 396.14 505.60 Td (day) Tj ET Q q 0 0 0 rg BT 411.31 505.60 Td (.) 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Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 36.00 421.60 Td (Payments to Br) Tj ET Q q 0 0 0 rg BT 108.51 421.60 Td (oker) Tj ET Q q 0 0 0 rg BT 129.48 421.60 Td (-Dealers and Other) Tj ET Q q 0 0 0 rg BT 219.71 421.60 Td ( Financial Intermediaries) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 408.40 Td (If ) Tj ET Q q 0 0 0 rg BT 47.20 408.40 Td (you ) Tj ET Q q 0 0 0 rg BT 67.58 408.40 Td (purchase ) Tj ET Q q 0 0 0 rg BT 110.54 408.40 Td (the ) Tj ET Q q 0 0 0 rg BT 127.86 408.40 Td (Fund ) Tj ET Q q 0 0 0 rg BT 154.35 408.40 Td (through ) Tj ET Q q 0 0 0 rg BT 192.45 408.40 Td (a ) Tj ET Q q 0 0 0 rg BT 201.20 408.40 Td (broker ) Tj ET Q q 0 0 0 rg BT 233.79 408.40 Td (or ) Tj ET Q q 0 0 0 rg BT 246.83 408.40 Td (other ) Tj ET Q q 0 0 0 rg BT 273.30 408.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 315.66 408.40 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 375.73 408.40 Td (\(such ) Tj ET Q q 0 0 0 rg BT 403.43 408.40 Td (as ) Tj ET Q q 0 0 0 rg BT 416.47 408.40 Td (a ) Tj ET Q q 0 0 0 rg BT 425.23 408.40 Td (bank\), ) Tj ET Q q 0 0 0 rg BT 456.90 408.40 Td (the ) Tj ET Q q 0 0 0 rg BT 473.36 408.40 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 512.06 408.40 Td (and ) Tj ET Q q 0 0 0 rg BT 531.82 408.40 Td (its ) Tj ET Q q 0 0 0 rg BT 546.09 408.40 Td (related ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 395.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 85.41 395.20 Td (may ) Tj ET Q q 0 0 0 rg BT 106.71 395.20 Td (pay ) Tj ET Q q 0 0 0 rg BT 124.96 395.20 Td (the ) Tj ET Q q 0 0 0 rg BT 140.76 395.20 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 199.33 395.20 Td (for ) Tj ET Q q 0 0 0 rg BT 214.52 395.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 256.60 395.20 Td (related ) Tj ET Q q 0 0 0 rg BT 288.88 395.20 Td (to ) Tj ET Q q 0 0 0 rg BT 299.81 395.20 Td (the ) Tj ET Q q 0 0 0 rg BT 315.61 395.20 Td (marketing ) Tj ET Q q 0 0 0 rg BT 362.57 395.20 Td (and ) Tj ET Q q 0 0 0 rg BT 380.82 395.20 Td (promotion ) Tj ET Q q 0 0 0 rg BT 429.02 395.20 Td (of ) Tj ET Q q 0 0 0 rg BT 440.55 395.20 Td (the ) Tj ET Q q 0 0 0 rg BT 456.35 395.20 Td (Fund. ) Tj ET Q q 0 0 0 rg BT 483.92 395.20 Td (These ) Tj ET Q q 0 0 0 rg BT 512.55 395.20 Td (payments ) Tj ET Q q 0 0 0 rg BT 557.07 395.20 Td (may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 382.00 Td (create ) Tj ET Q q 0 0 0 rg BT 65.11 382.00 Td (a ) Tj ET Q q 0 0 0 rg BT 72.86 382.00 Td (conflict ) Tj ET Q q 0 0 0 rg BT 109.32 382.00 Td (of ) Tj ET Q q 0 0 0 rg BT 121.35 382.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 156.59 382.00 Td (by ) Tj ET Q q 0 0 0 rg BT 170.45 382.00 Td (influencing ) Tj ET Q q 0 0 0 rg BT 223.41 382.00 Td (the ) Tj ET Q q 0 0 0 rg BT 239.72 382.00 Td (broker) Tj ET Q q 0 0 0 rg BT 268.20 382.00 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 301.60 382.00 Td (or ) Tj ET Q q 0 0 0 rg BT 313.63 382.00 Td (other ) Tj ET Q q 0 0 0 rg BT 339.09 382.00 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 398.15 382.00 Td (and ) Tj ET Q q 0 0 0 rg BT 416.90 382.00 Td (your ) Tj ET Q q 0 0 0 rg BT 439.93 382.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 464.17 382.00 Td (person ) Tj ET Q q 0 0 0 rg BT 496.36 382.00 Td (to ) Tj ET Q q 0 0 0 rg BT 507.78 382.00 Td (recommend ) Tj ET Q q 0 0 0 rg BT 562.57 382.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 368.80 Td (Fund ) Tj ET Q q 0 0 0 rg BT 61.37 368.80 Td (over ) Tj ET Q q 0 0 0 rg BT 83.66 368.80 Td (another ) Tj ET Q q 0 0 0 rg BT 119.40 368.80 Td (investment. ) Tj ET Q q 0 0 0 rg BT 172.56 368.80 Td (Ask ) Tj ET Q q 0 0 0 rg BT 193.03 368.80 Td (your ) Tj ET Q q 0 0 0 rg BT 215.95 368.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 240.08 368.80 Td (person ) Tj ET Q q 0 0 0 rg BT 272.16 368.80 Td (or ) Tj ET Q q 0 0 0 rg BT 284.07 368.80 Td (visit ) Tj ET Q q 0 0 0 rg BT 305.77 368.80 Td (your ) Tj ET Q q 0 0 0 rg BT 328.68 368.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.91 368.80 Td (intermediary) Tj ET Q q 0 0 0 rg BT 429.16 368.80 Td (s ) Tj ET Q q 0 0 0 rg BT 436.19 368.80 Td (website ) Tj ET Q q 0 0 0 rg BT 472.55 368.80 Td (for ) Tj ET Q q 0 0 0 rg BT 488.12 368.80 Td (more ) Tj ET Q q 0 0 0 rg BT 513.47 368.80 Td (information.) 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