Correspondence is written or electronic communication distributed to 25 or fewer retail investors in any 30-calendar-day period.

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1. Correspondence includes any written or electronic communication that is distributed or made available to

more than 25 retail investors within any 30-calendar-day period

25 or fewer retail investors in any 30-calendar-day period

More than 10 retail investors in any 10-calendar-day period

Between 30 and 45 retail investors in any 60-calendar-day period