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The correct order of the sentences is d, e, b, c and a . Here, d introduces whom we are talking about. Hence, it is the first sentence of the passage. The second sentence is e . It further says who these investors are. The third sentence is b . We can understand that a follows c. c talks about how these people invest indirectly and a follows that passive investment. Before c should be b . It is perfect to follow e .
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